American 'Vibescession' Lingers & Nvidia Sales Triple in AI Boom

This episode explores the disconnect between public perception and actual economic indicators, alongside Nvidia's significant sales increase due to AI technology advancements.

1. Many Americans believe the economy is in a recession despite positive economic growth indicators.
2. Nvidia has experienced a massive increase in sales, primarily driven by its AI technology, significantly impacting its market valuation and influence in the tech industry.
3. Media reporting tends to emphasize negative aspects, potentially skewing public perception of economic health.
4. The concept of 'vibescession' illustrates a gap between actual economic data and the public’s emotional response to economic conditions.
5. Nvidia's strategic developments and innovations continue to position it as a leader in the AI technology sector.

1. Economic Vibescession

The hosts discuss the large gap between public economic sentiment and actual economic data, highlighting misconceptions about the U.S. economy's health. Neil Freiman: "People are just really bad at taking polls."

2. Nvidia's AI Boom

Nvidia's sales have tripled due to its significant role in AI development, showing impressive growth in their latest financial reports. Neil Freiman: "Nvidia is rewriting the rules again and again."

3. Impact of Media on Perception

The influence of media on public perception is analyzed, with insights into how negative news can disproportionately affect public opinion. Toby Howell: "More negative headlines do get more clicks."

4. Global Air Turbulence Incident

A discussion on a severe turbulence event that raised questions about air travel safety and the impact of climate change on flight stability. Neil Freiman: "It's rare that people get injured from turbulence, but it can be very dangerous."

1. Verify Economic Data: Regularly check reliable sources for economic indicators to form an informed perspective.
2. Media Literacy: Be critical of the media’s portrayal of economic news; consider multiple sources to get a balanced view.
3. Investment Awareness: Understand the market performance, especially if owning stocks, to make informed financial decisions.
4. Safety First in Travel: Always adhere to safety protocols during flights, especially by using seat belts to mitigate risks from unexpected turbulence.
5. Explore AI Investments: Consider the potential of AI technology for investment, recognizing companies like Nvidia that are leading in innovation.

Episode 329: Neal and Toby discuss the latest poll that shows a majority of Americans believing the economy is worsening despite data showing the contrary. Then, Nvidia shows a strong earnings report that says AI is still riding high. Next, a scary turbulent Singapore Air flight reveals the most bumpy flights in the world and why it could get worse. Plus, Neal shares his favorite numbers of Graceland, California homes, and a feather. Lastly, Vivek Ramaswamy buys stake in Buzzfeed hoping to give it a revamp.

People

Neil Freiman, Toby Howell

Companies

Nvidia, Microsoft, Google, Amazon

Content Warnings:

None

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With discover limitations, apply see terms creditcard. Good morning, brew daily show. I'm Neil Freiman. And I'm Toby Howell. Today Graceland is up for auction, but its sellers may not be who we thought they were.

Toby Howell
Then why is there such a big gap between how well the public thinks the economy is doing and how well the economy is actually doing? It's Thursday, May 23. Let's ride.

Neil Freiman
Today kicks off the annual Memorial Day weekend pilgrimage, and it seems a lot of you are hitting the lake house this year. An estimated 43.8 million people are going to travel at least 50 miles from today through Monday, up 4% from last year and nearly hitting the 44 million record from 2005, according to Triple A. We haven't seen Memorial Day weekend travel numbers like this in almost 20 years, the organization said, toby, you're one of the most competitive people I know. You must have a road trip game that our readers can play while they're driving this. Oh, do I have a road trip game for you.

Toby Howell
So the goal of the game is to accrue the most cows. If you see a cow, shout cow. And you earn the amount of cows that are in that particular pasture. If you see a church, you shout church and it doubles your cows. If you see a bank, shout out bank.

And you can bank your cows, store them for later. And if you see a graveyard, shout it out. Pick an opponent and it kills their cows, sending them back to zero. So whoever has the most total cows at the end of the road trip wins. There's some variations.

I get McDonald's involved turning them into patties, but that's a little advanced. Just to start, look for cows. Look for banks, churches and graveyards. It's very fun, actually. So when you see a cow pasture and you say cow, do you get one cow or do you get the entirety of the block?

It depends. The herd? It depends on how advanced you want the math to become. Some people play, you just get one point. But I like playing where you get the entirety of the amount of cows in the pasture.

So then by the end of the trip, sometimes you're in the thousands of cows. So it's very fun, and it's a good way to pass the time. And if you're not in cow country, play it with cybertrucks or something. Something else. Now let's hear a word from our sponsor, sage.

Not the herb, but a tool that saves finance professionals a lot of time and money. So Stephen King is one of my favorite authors, and he has this quote where he describes writing a book as driving in the night with headlights on. You can only see so far out ahead of you. The rest is dark and unknown. It's kind of like running a business, right?

Neil Freiman
All you can do is make the best decision you have with the information you have, which is why Sage is so valuable to business owners. Sage is like those ultra bright led headlights that light up everything. Getting full visibility of the financial health of your business makes navigating the road ahead a lot easier. No unwelcome surprises when Sage is around. So what would a Stephen King horror novel about Sage be focused on?

Toby Howell
I mean, Sage would be the hero, obviously, while the villain is just data anomalies. Man, that would not be a good book. I'll just let Stephen King worry about that. If you are interested in getting some headlights for your business, head to sage.com Morningbrew Sage helping businesses flow a new Harris poll published in the Guardian has revealed some interesting things about the current psyche of the american people when it comes to the economy. Headlining the poll is this number.

Nearly three in five americans believe the us economy is in a recession, even though we aren't digging into the specifics. 55% of respondents think the economy is shrinking, despite the fact that GDP has been growing for six quarters in a row. People are even confused about the stock market. Right? Around half believe the S and P 500 is down for the year, even though it rose 24% last year and is up 12% so far this year.

And 49% think that unemployment is at a 50 year high, even though it's near a 50 year low. So what is going on here? Maybe the easiest thing you can point out is rising inflation. Everything from food to gas is more expensive now, which makes it hard to be happy about high level economic figures. It could be a failure of the media.

Negative news often drives clicks, creating an incentive structure to frame certain things as worse than they actually are. Or maybe people are just really bad at taking polls. Neil, a lot to dig into here. Yeah. Let's focus on the media thing because I saw the most discussion around it's the blame the media because they're focusing on negative news and they don't report on positive news.

Neil Freiman
Let's go back to last October. There was a jobs report that showed the US economy added 336,000 jobs, one of the largest job gains of the year, nearly double expectations. So here are the headlines from major newspapers about that blockbuster incredible jobs report that showed that employees were, were hiring so many people. Jobs from the New York Times. Jobs gains surge.

Troubling news for the Federal Reserve. And then here's the Wall Street Journal. Don't get too comfortable with the good job market. And then finally, Bloomberg September jobs report may be the last good one before a sharp slowdown. So when you look at the headlines around a blockbuster jobs report, they were unanimously negative.

And it, it could possibly be that some part of this is that the media is driving bad economic vibes even though they're not. Yeah, it's absolutely. There's plenty of studies out there, too, that show media coverage of gas prices in particular only ramps up when they hit 350 a gallon or more. And then it only increases as the price increases as well. No one writes about gas prices when they're beneath that Mendoza line of $3.50 because it doesn't get clicks.

Toby Howell
And again, you can, you can shake your hand at it or shake your fist at it, but this is just the current reality that we live in. More negative headlines do get more clicks, but also some of these are a failure of the audience. Especially. I want to look at that s and p 500. 160 percent of american us households own stocks, but 49% say stocks are down year to date.

That is literally cold, hard fact. All you have to do is look at your portfolio, look at that s and P 500 ETF you own. So some things are just. It's a failure of the audience. Yeah.

Neil Freiman
And then when you. Another thing, another angle here is that people's personal experience with the economy may not be what they project for the national economy. People generally feel like their personal finances are in a better place than how they view the national economy, which has a little more political salience and maybe a projection of their political views as well. I mean, if you just look at consumer spending numbers, they're universally up. Even when people say we're in a recession.

The same, the same month where people said that 50% of people said they were in recession, personal consumption for households grew 3.8%. So people's actions are not backing up their words at all. Yeah. And I mean, let's be honest here, though. There is a gap in the reality represented by the data and then this emotional reality of how people feel about the economy and that's not something that we want to just like brush over lightly because yeah, people do have individual financial circumstances.

Toby Howell
Inflation does eat in into your paycheck. It does feel worse going to the grocery store now than it did maybe a few years ago. Also, we're still coming off the entering like this higher interest rate environment where at one point Bloomberg economists forecasted a 100% chance of recession. So that is lingering in people's minds as well. So we never want to discount how like you in particular are feeling about the economy.

But it is interesting to see these figures juxtaposed to the actual economic data. Yeah, people are. I mean, the bottom line is that people are just flatly wrong about what the national economy is doing and how the stock market is performing. But if you listen to Morning Brew daily, you will be informed. Over the past year, Nvidia went from an obscure maker of graphics chips to a $2 trillion household name for building the picks that are used in the AI gold rush.

Neil Freiman
And when it reports quarterly earnings like it did yesterday, it offers a rare window into the progress of that gold rush. Well, we are still going strong like it's 1849. Nvidia beat analysts expectations like the Harlem Globetrotters beat the Washington generals, tripling revenue in Q one and forecasting another strong quarter ahead in its all important data center category, sales jumped 427% from last year to 22.6 billion. For an already massive company to grow its core business that fast, it simply defies the laws of economics. A tech CEO remarked that those two numbers, 427% growth and $22.6 billion, have never been next to each other in the history of capitalism.

But Nvidia is rewriting the rules again and again. In a move that juiced its already skyrocketing share price, Nvidia announced a ten to one stock split, which doesn't change its market value at all, but it does make the individual price of its shares much cheaper. Ho hum. Just another blockbuster earnings from Nvidia. It really was.

Toby Howell
The jokes yesterday on social media were very funny about Nvidia just supporting the entire global economy. At this point, it's kind of a joke, but it's also kind of not. Stock market almost goes as Nvidia goes at this point. One thing that has been of some concern to some of the analysts covering the stock is the over reliance on so called hyperscalers in the AI space. Those are the big tech companies like Microsoft, Google, Amazon, other big tech names who accounted for around 45% of Nvidia's data center revenue.

That's more than $10 billion. It's these big companies that are just in this all out warm. And the other thing, the asterisks that analysts do want to bring up is that those companies are developing in house AI chips as well. And so how is Nvidia going to compete if, like Apple or if Amazon rolls out their own AI chip? So it is something where you have to take a broader step back and say, are they too over reliant on a very small customer base?

Neil Freiman
Feels like any criticism. Nvidia is like, we need to find some and we need to find some lint to pick, because overall, this company is just going gangbusters. You mentioned Meta and Amazon, these big companies buying so many chips from Nvidia, and it's true that they have a very concentrated customer base. Just looking at how much they buy from Nvidia is absolutely insane. Meta is expected to have about 350,000 H 100s, which are Nvidia's flagship chip by the end of this year.

Considering that H 100s go for tens of thousands of dollars, you can do the math. 350,000 of them from a single customer, that accounts for certainly billions of dollars in revenue. This year, Nvidia rolled out a new chip platform called Blackwell, which is going to go for $30,000 a pop. So they are progressing ahead. They, they know that there's increasing competition from startups, from the big players as well, but they are continuing to innovate and push the envelope.

Toby Howell
You know, what's so funny to me is looking at Nvidia's gaming segment revenue because it came in at $2.6 billion. But it almost looks like you're appearing into an alternate universe, because Nvidia's biggest segment used to be its gaming sector. It used to be, that's what it was. It made high quality graphics processing units for gaming people, but now it's just totally eclipsed by its data center revenue. And it just feels like this could have been what Nvidia was, which was a solid gaming chip manufacturer.

Now it's one of the most important companies in the world. Fasten your seatbelts, ladies and gentlemen. We expect to have some rough air ahead. Its a phrase youve all heard at one time or another, but it recently turned deadly for an air Singapore flight that experienced such intense turbulence on a route from London to Singapore that a 73 year old man ended up losing his life while seven other people were critically injured. It was a result of a freak clear air turbulence that doesnt show up on radar and happens in clear blue skies.

It also put a spotlight on some of the worlds more unstable air routes. And if turbulence is getting worse recently due to climate change, turbulence comes from different air, different speed air streams coming together. So it often pops up at the end of jet streams near mountains or in clouds. With that in mind, the most turbulent route in the world is Santiago, Chile, to Santa Cruz due to strong Pacific winds blowing over the andes. Neal, we've talked a lot about airlines and Boeing on the show, but rarely turbulence.

Neil Freiman
Rarely turbulence because it is rare that people get injured. From 2009 to 2023, there were 185 serious injuries across global flights involving turbulence. So it doesn't happen all that often, given how many millions of flights happen between 2009 and 2023. But when it does happen, it can be very dangerous and, and deadly in some cases. Basically, they compare this.

When you have severe turbulence, they say it's as dangerous as falling headfirst off of a ladder or diving into a shallow concrete swimming pool. That's the amount of force that happens. If you're not wearing your seatbelt and this plane drops you. Gravity does not work and you shoot straight up and you can hit your head. And reading the firsthand accounts of what happened on this plane is absolutely horrifying.

They kind of blacked out. Everybody kind of jumped up who didn't have a seatbelt on. And then the next thing you know, after the plane stabilized, you see blood everywhere. That was the issue, is, because it was clear air turbulence, there was no warning. So people were milling about the cabin.

Toby Howell
There wasn't any warning from the captain because they didn't see it on the radar either. And what actually happened is they felt like they were going up a roller coaster and then they suddenly dropped 6000ft very quickly because just this pocket of air came out of nowhere. And yeah, it is interesting too, to look at some of the other most turbulent flights. Bloomberg published this piece where they looked at by region, what are the most turbulent flights. And in North America, it's Nashville to Raleigh Durham, that was number one.

Charlotte to Pittsburgh's number two, and then Denver to Puerto Vallarta was number three. Have you ever been on any of those routes? I mean, no. It seems like the top two are flying over the appalachian mountains, which does seem like mountains. And the way that jet streams and air currents do interact with mountains, it does seem like that leads to turbulence.

The final aspect of this kind of tragic story was it was on a Boeing flight, it was a Boeing 777 300 er. And people were saying, actually the plane held up very well, all things considered. I mean, it literally shook so hard that oxygen masks were falling from the ceiling. But, like, the actual plane itself did very well handling turbulence. So people are saying, actually, Boeing comes out of this looking pretty okay.

Up next, I feel like a kid in a candy store, but instead of candy, it's just aisle upon aisle of Neil's numbers. Coming up next.

Neil Freiman
What'S a nightmare scenario for you in the workplace? That's a scary question. Outside of a hair and makeup fiasco, I'd probably say losing a great episode of our show in some sort of company wide computer meltdown. I hate to tell you this, but that did happen once. I was on the subway back home when I had to come back in and record the entire episode again.

Toby Howell
No way. I tried to block it out, honestly. The good news is that crash plan offers secure cloud backups for every computer. And we're talking anywhere, anytime. I know crash plan.

They work for massive enterprises, small businesses and individuals, too. They literally cover everybody. What I like most about crash plan is that they automatically encrypt all your data and then send that same data to the cloud every 15 minutes. It's backup power that's speedy and secure. Exactly.

Neil Freiman
Listeners, go ahead and level up your backup. Game over@crashplan.com. brew. And for a limited time, they'll even mail you their popular stuff happens swag when you sign up for a free trial. Okay, need that?

Toby Howell
That's crashplan.com brew. Fun fact of the day according to Forbes, $84 trillion is expected to be transferred from the boomer generation to their adult children in the next two to three decades. The problem is most people aren't having conversations around generational wealth to plan for the future. And another problem, a lot of people don't feel comfortable or equipped to talk about finances. Luckily, massmutual has been an industry leader in helping people secure their financial futures for over 170 years.

Neil Freiman
Talk about legacy. A massmutual financial professional can help you plan for both your short term and long term goals. This means planning for retirement and protection. Planning with life and disability insurance ready to ride? Start@massmutual.com planning.

Toby Howell
That's massmutual.com planning.

Neil Freiman
Welcome back to another edition of Neil's numbers, the segment where I share three stats from the week's news that will grow your head like a chia pet. My first number is three, which is where Elvis Presley's Graceland sits on the list of the most visited homes in the US, behind only the Biltmore and the White House. So why are we talking about Graceland? Because fraudsters are allegedly trying to sell it. Yeah, this is a wild story.

So a mysterious company named Nasany Investments was planning to sell Graceland. In an auction planned for today, Nosne said Lisa Marie Presley, Elvis daughter, who died last year, received a $3.8 million loan from them and offered up Graceland as collateral. Marie Presley defaulted on that loan. So they were now Graceland's owners and were going to auction it off for a pretty penny. But hold up.

Elvis granddaughter, the actor Riley Keough, alleged that Nasny was just a devil in disguise. Riley accused the company of being a fake, said it forged the loan documents in order to fraudulently sell Graceland. She asked a judge in Tennessee where the house is located to stop the auction. And yesterday, the judge did put a pin on it. So Graceland remains in the hands of the Presley family, at least for now.

Toby, I'm all shook up. What a bizarre sequence of events. It really was bizarre because NASA knee basically just straight up lied here. The person who supposedly notarized the loan document that also Elvis granddaughter allegedly signed said she'd never, ever even met Lisa Marie Plesli, let alone notarized her signature. So it does look like NASA was just playing foul here.

Toby Howell
I wish there was some Elvis joke I could make. I made enough. I know you. You slid enough in there as well. I also was just surprised that Graceland was this high up on the.

I mean, the number was three. I can't believe that. It's the third most visited place in the country, or house in the country. More than 20 million visitors total 500,000 visitors a year. People just really like Elvis.

Neil Freiman
Yeah. I mean, have you been? I mean, clearly, I haven't even been there. It is a zoo. You need a book.

We'll take it way in advance. Oh, you have been there? Yeah, I've stopped by. We didn't actually go into the house because it is quite busy. And honestly, I didn't care a whole lot because just going there.

But it is a huge tourist attraction, one of the biggest in the south, and it does drive a lot of revenue for Elvis Presley Enterprises, which is so the company that manages Elvis's finances, not the family trust. Lisa Marie Presley went into a lot of debt and she had to sell off 85% of the. Of Elvis. Elvis Presley Enterprises, which they used to own. But, yeah, this thing is huge.

It brings in $80 million in revenue for the family. And so we'll see what the fate of this house is. But it's a huge asset from a historical, cultural, and revenue point of view. For my second number, if you're California dreaming of buying a home in the Golden State, you'll need to be pretty dang rich. The statewide median sales price for an existing single family home topped $900,000 for the first time in April, highlighting the affordability crisis in the most populous state in the union.

The median price of 904,210 is up 11.4% from a year earlier. And if price growth continues at this rate, we'll hit a milli in the next one to two years, which would be shocking. And it's not just in California. Across the country, home prices are still climbing. The median existing home price nationwide rose 5.7% to $407,000 last month, according to new data from the National association of Realtors.

Meanwhile, the number of homes sold fell in April for the second straight month. That should not be happening, because the springtime is typically the busiest season for home buying. Altogether, these numbers show how mortgage rates of more than 7% are creating this lock, in effect, discouraging homeowners from selling and leading to a severe inventory shortage that's driving up prices. Yeah, we are in a generationally unaffordable housing market. In California specifically is.

Toby Howell
I mean, it's just insane to think about. A median home is $900,000 and we are fully on the pathway to $1 million. I mean, technically, yes, home prices could go back down, but you're right. People have just locked in these 3% mortgage rates. They are not moving.

They do not want to give up the sweet deal that they got. And I just don't see a world where we're not having this conversation in one year or two years time when it is over a million dollars for sure. And Zillow came out with this new study that showed that kind of put a point on this affordability crisis. They said that since 2020, you'd probably need to earn 80% more to comfortably afford buying a home. In today's market, that's because home prices are up 42%, compounded with mortgage rates of over 7%.

Neil Freiman
So you need to be making almost double what you were to afford the same house that you would want to in 2020. We need some podcast downloads, Neil. I'll tell you what. Let's go. All right.

My final number is 28,365, which is how much a bird feather sold for at auction, making it the most expensive feather in history. At that sale price, the feather is worth vastly more by weight than gold. Of course, this is no ordinary feather. It comes from the extinct New Zealand hooya bird that has been extinct since the 1920s. These birds, known for their beautiful song, were sacred to Maori, and only chiefs and others with high rank were allowed to wear its feathers.

When the Europeans came to New Zealand, the Huya population was already in decline. But the foreigners frenzy over the bird eventually led to its ultimate demise. Researchers say the huya had lethal popularity. And because of the bird's significance to New Zealand's culture and its history, only registered collectors could bid on it. And the feather cannot leave the country without permission from the government.

Toby, how much would you pay for a feather? It's a good looking feather, Neil. I tell you what. So this plumage is very distinct. It has this beautiful white tip across it, which made it really highly coveted, for you would put it in your hat, and it was just a nice little fashion statement, which, you're right, it ended up leading to its demise.

Toby Howell
But, yeah, I'd say this feather is totally worth it. It's in great condition. And, yeah, Houya just has this very unique place among collectors, and it's something. When the auction finished, people clapped. Like, it just felt like they were happy it went into good hands and happy that it retain the value that it did.

Neil Freiman
And it does come at a time when auctions for memorabilia, whether it's sports or celebrity stuff, is just surging. And they're breaking records all around the world. That hand of God jersey worn by Maradona sold for $5 million in 2022. And then most recently, there was this napkin that Messi signed his preliminary contract with on for Barcelona. This napkin went for $965,000 a few weeks ago.

So that means that has to be the most expensive napkin ever sold. And I don't want to, you know, spread false information, but it does seem like $965,000 for a napkin would be the most expensive napkin ever. I would rather have the. Who? You?

Toby Howell
A feather? I'll just say that finally, we're going to play a little game of headline mad libs. To end the show today. Think of a politician's name now think of a struggling media company. Got them.

Let's see if you got the headline right. Yesterday, former presidential candidate Vivek Rameshwamy took a 7.7 stake in Buzzfeed as an activist investor. Yeah, let's get a little weird. The stock jumped as much as 82% before closing the day, up 20%. And the company's newly minted fourth largest shareholder is not just sitting idly by, doing personality quizzes on the side.

He said in an SEC filing that he's sitting down with Buzzfeed's management to look at every aspect of the company's operations. Neil Buzzfeed went public via SPAC in 2021 and shares are down to 94% since then. What do you make of this unholy marriage? This company is not doing well. So, I mean, I guess they'll take any investor.

Neil Freiman
But the pairing of Vivek and Buzzfeed does not seem to. It seems to be like oil and water because Vivek has been very anti ESG, anti woke. And Buzzfeed is, you know, probably comprised of a lot of liberal writers, liberal people working in the New York City media landscape. So I have no idea how this is going to shake out. I can't imagine it's going to end particularly well for at least one of the sides.

But Buzzfeed is just in a, in a rock and a hard place right now. They have cut a lot of staff. They shot, they shuttered Buzzfeed News, which won a bunch of Pulitzer prizes, but it didn't make any money for them. Really. Their only media property right now that is doing anything of note is hot ones, which they got from buying complex.

So basically, BuzzFeed, I would say right now, is hot ones. A bunch of quizzes. Jonah Peretti, the CEO, said they're going to lean into AI stuff and getting generative AI to make more content and leaning on freelance contributors. So I have no idea how this shake is going to shake out. This is very bizarre.

But, yeah, just to put a point on it, BuzzFeed is just doing quite terribly. Yeah. What does Vivek want? Maybe it's just attention. He spent $30 million of his own money to kind of get his name out on a national stage when he was running for president.

Toby Howell
So why not try to commandeer your own media company? Maybe he sees BuzzFeed's share price being down 94% from highs and saying, like, maybe it's just a good deal, the stock already popped, so he made his money back. Or maybe he does just want to land an interview on hot ones. Like, people have done weirder things before, but the way politicians in general engaging with stocks is changing a little bit. I mean, we just saw Robert F.

Kennedy on Tuesday say he had invested $24,000 in the meme stock that is GameStop in an effort to show solidarity with retail investors over kind of like the larger institutional funds. So he's investing in order to send a campaign message about what he stands for. I mean, we just saw Trump's campaign announce that it would accept cryptocurrency donations. So there is all this posturing around how you interact with the financial sector. And maybe, I mean, it doesn't really make sense for Rebecca, though, because you're right, it is.

BuzzFeed's a little bit at odds with what he stands for, but we're just seeing more of this in general in the political space. All right. That's all the time we have. Thanks so much for listening and have a wonderful Thursday. It's a Thursday that feels like a Friday.

Neil Freiman
For any feedback on the show, send a note to our email morningbrewdailyorningbrew.com dot, let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Yuchena Waogu is our technical director.

Billy Menino is on audio. Hair and makeup is going to Graceland. Devin Emery is our chief content officer. And our show is a production of Morning Brew. Great show, Daniel.

Toby Howell
Let's run it back tomorrow.