Tesla Scores Big Win in China & The New Era of Grocery Shopping

This episode covers Tesla's recent success in China and the evolving trends in grocery shopping.

1. Tesla's stock experienced its biggest one-day jump since February 2020 after securing approval in China.
2. The rise in grocery prices is altering consumer behavior, pushing them towards multiple-store shopping.
3. Tesla maintains a unique position in China as the only wholly owned foreign automaker.
4. The episode also explores the broader implications of remote work trends on city hierarchies in the U.S.
5. Grocery chains like Aldi are thriving by adapting to consumer demands for lower prices and convenience.

1: Tesla's Triumph

Tesla's strategic win in China offers a fresh breath of life into its operations, with stock prices soaring and renewed investor confidence.
Neil Fryman: "Tesla's future hinges on its success in China, the market essential for its self-driving ambitions."

2: Grocery Shopping Evolution

The shift towards multi-store grocery shopping reflects deeper economic pressures and changing consumer loyalty.
Toby Howell: "As grocery prices climb, shoppers are becoming more strategic, hitting multiple retailers to cut costs."

3: Global Business Dynamics

Discussion on the geopolitical implications of Tesla's movements and broader business trends affecting global markets.
Neil Fryman: "Tesla's maneuvering in China shows a savvy understanding of geopolitical and market dynamics."

1. Consider diversifying your grocery shopping to maximize savings.
2. Monitor stock market trends for companies like Tesla that have significant geopolitical leverage.
3. Explore grocery delivery services to save on travel time between multiple stores.
4. Stay informed about international business developments that can impact domestic markets.
5. Evaluate personal investment opportunities in response to global economic trends.

Episode 312: Neal and Toby discuss Elon Musk’s quick trip to China that gets him clearance for Tesla to use their driving systems in the country. Then, Paramount’s CEO Bob Bakish stepped down after weeks of speculation that his relationship with the majority owner had soured. Next, remote work has led some cities to becoming hubs where managers and leaders tend to live. Also, Saudi Arabia is trying to seduce fresh financiers to invest in their ‘city of the future’ Neom. Meanwhile, Toby looks at the trend of shopping at multiple grocery stores. Lastly, the MLB uniform drama has come to an end with Nike holding the bag of blame.
Correction: Robinhood's 1% account transfer promo ends 6/28, not 6/30 as stated in the episode.

People

Elon Musk

Companies

Tesla, Aldi

Books

None

Guest Name(s):

None

Content Warnings:

None

Hills Pet nutrition
This episode is brought to you by Hills Pet nutrition. Every shelter pet deserves a second chance, and you are making it possible for thousands of them every day. Because when you feed your pet hills, you help feed a shelter pet, which helps make them healthy, happy, and more adoptable, changing their life forever so they can change yours. Over 14 million shelter pets fed and adopted. Science did that.

Visit hillspet.com podcast to learn more. Good morning, brew Daily show. I'm Neil Fryman. And I'm Toby Howell. Today, why it's not weird for your boss to live in a different city than you?

Toby Howell
Then there is some serious drama going down at Paramount right now, including an unappy heiress and a messy CEO firing. It's Tuesday, April 30. I'm back and let's ride.

Neil Fryman
Toby's back, but he left his voice on the west coast of Florida. Toby, what happened down there? Yeah, it was my sister's wedding, and I'm definitely a little raspy because I ran a field day before the wedding, which entails dividing pretty much the entire 150 purse guest list into four teams. Having them compete in games like egg toss, relay races, prune balance, all these events. It's really fun, though, because people of all ages, we're talking grandparents to kids, come and compete.

Toby Howell
It's a great icebreaker. You get to meet people from different friend groups, different parts of the family. And I definitely recommend doing it if you have a wedding coming up, but. Maybe have a megaphone if you're leading it. Definitely have a megaphone, especially if you host a podcast.

That is literally what I have written down. Bring a megaphone, especially if your job is podcaster. But let's get through this show. Let's hear a word from our friends over at Robinhood. Robinhood is introducing an uncapped account transfer bonus of 1%.

Neil Fryman
That means when you transfer your account and assets from another brokerage to Robinhood, they'll give you 1% sugar on top. Now, I know what you're thinking. 1%. That isn't that much. But money is money, baby.

Also, the bigger your account value, the bigger your bonus. You can transfer multiple accounts and get the bonus on all of them. And FYI, you don't need to sell your assets to transfer them. I mean, I take 1% increase in other parts of my life. Running speed, vertical, jump iq.

Two out of the three. You're doing great on those, Toby. Thank you. Wait, two out of three. Anyways, the 1% bonus is only for a limited time, so if you want the extra dough, transfer your portfolios by June.

30. Learn more about the Robinhood app in the App Store or Google Play Store. Disclosures investing is risky. Terms apply to the 1% transfer bonus. Visit robinhood.com for more information.

Robinhood Financial LLC, member SIPC is a registered broker dealer. We've all been to meetings that should have been in email. But sometimes, sometimes meeting in real life can lead to magic. And Elon Musk offered a perfect example of that. Yesterday, the Tesla CEO flew to Beijing and less than 24 hours later left with one of the most important victories the automaker has had in months.

Chinese officials gave tentative approval for Tesla to roll out its driver assistance software in the country, giving the struggling company a much needed boost. To understand just how big a deal this is, all you need to do is look at Tesla's stock price shares. Shared shares surged 15% yesterday, good for their biggest one day jump since February 2020. And that's because autonomy, self driving cars, is what Elon has staked Tesla's future on. But without access to the massive chinese market, Tesla's second largest, it would mostly be a dead end.

So investors were pumped about Elon's hands on approach to getting this done. And after months and months of bad news for Tesla, the sun is finally peeking out from the clouds. It would be a major boost for Tesla. Let's just go back through those months and months of clouds for a second. Remember, Tesla's coming off its first year over year decline in quarterly revenue since 2020.

Toby Howell
It slashed prices but still sold fewer cars in the first quarter. Layoffs are coming. Musk is cutting 10% of the company, and it's desperately trying to get some momentum around these new models that it's trying to roll out. But you're right, a lot of the future does depend on FSD, full self driving. And not only is it great that Tesla can now tap into this bigger market from a monetary perspective, there also is the data portion of this, where there's a lot of drivers in Tesla, in China.

And so if they can get the approval to export that Data back to the US to help train their software, that's another BiG boost for them. Yeah. What's INTeRESTing about Tesla's relationship with China is China's not so friendly to foreign automakers. Tesla, it's actually the only wholly owned foreign automaker that's allowed to operate in China, and it's BeCAuse of randomly. Elon just is buddy buddy with this guy high up in the communist party there.

Neil Fryman
And that's who he, he met with and who gave him approval when China, when Tesla first entered the chinese market a few years ago to build its SHANghai plant. It got a very, very sweet deal. A lot of subsidies, a lot of incentives, a lot of low cost loans. And during the COVID lockdowns, it also got special treatment. So China has a very tight relationship with Tesla.

This is also big for China, not just Tesla, because China's foreign direct investment has plummeted over concerns of government crackdown. And just a lot of foreign investors are wary of investing in China these days. It's good for CHina to say, hey, look, Tesla's Here. Elon's coming. He's investing in our country.

Hey, you ShoUld, too. Even though that Tesla and China do have a relatively strong relationship, that how Tesla is doing is kind of dropping off a little bit because its market share has been fading, it's facing increased competition from domestic automakers like BYD. Just to put it in perspective, Tesla 10.5% market share in Q, one of last year that has slid all the way to 6.7% in the fourth quarter of 2023. And sales slid 4% from a year, year ago. And there are still restrictions on where Tesla cars can go in China, even though you said that they kind of rolled out the red carpet for them.

Toby Howell
They are banned from entering sensitive locations that are sensitive to the chinese military, even some airports, train stations, over these data security concerns. So we'll see if those restrictions are actually rolled back where it looks like they will be. So if. Even though this is a good win, you never know with the data security privacy laws that that happen over in China. And then final point on this is that there's a little geopolitical fracas going on, because last week, Elon Musk was supposed to go to India and then at the last second, snubbed India, saying he was too busy with Tesla.

Neil Fryman
But apparently he found time to go to China, which shows that India is just not that mature market that Tesla needs. China is need to have. India is nice to have. And that ticked off some prominent indians that Elon would not have time to go visit them. And he did have time to go visit China.

Toby Howell
Cue the succession music because a good old fashioned scuffle over the media empire at Paramount Global has broken out. Bob Backish was unceremoniously dumped from his position as CEO yesterday, where he'll be succeeded by a group of execs they are calling the office of the CEO. The move comes as the heir to the Paramount family fortune, Sherry Redstone jockeys for a sale of the company, which includes CB's MTV Nickelodeon and the Paramount film studio. The Redstones have been in control of Paramount for four decades, and Sherry still controls the holding company called national amusements that holds a 77% voting stake in Paramount. So what Sherry wants is usually what Sherry gets.

And what Sherry wants is a merger with Skydance, the media company run by Larry Ellison's son David Ellison that would pay her out around $2 billion in cash for her stakeholder. But what Sherry wants isn't necessarily what the shareholders want. They think the deal with Skydance is a sweetheart deal for Redstone that overvalues her stake and destroys value for common shareholders. Skydance has since come back with a sweeter deal that would give Paramount stakeholders a larger stake in the combined company, but it's unclear if it's enough to entice a special committee of board members to make the final decision. Neil either way, we'll find out the fate of the newly CEO list company soon enough.

Neil Fryman
This is iconic american company Paramount, CV's Viacom. But it is a complete mess right now. And for that, all you have to do is look at the earnings call yesterday that happened after they fired Bob backish. So each of the three new executives are calling the office of the CEO, said maybe two to three minutes of remarks and then did not take any questions and then played the mission Impossible music on repeat while analysts were like, can we find out what the heck is going on over there? Because y'all don't really know what you're doing.

Paramount has various divisions. It has the movie studio. It has the cable channels. The cable channels are obviously plummeting right now as people cut the cord. It rolled out Paramount plus, which is its streaming service, as every other media company has done to kind of pivot towards the future.

This is the way tv is going, but it just has not operated as at a profit. It is growing fine. It has maybe 71 million subscribers, still a far cry from Netflix. So it's just going through the same motion that a lot of dying or struggling media companies are doing. And there's really no vision forward.

Toby Howell
Besides this sale, there have been exit opportunities that they've kind of ignored in the past. Netflix and Apple both showed interest in their Hollywood studio business. There were Showtime executives that wanted to spin off that and buy that channel. Comcast was intrigued at a potential partnership in streaming a few years ago, but one analyst painted the picture pretty well by saying, the hope for any company in this space is that Apple will come out and buy them. But that's not a strategy.

And part of the reason why Paramount is kind of this ugly duckling right now is that they did try to combine so many parts of their business and they're like, if Redstone hadn't made the decision to combine the film studio with the cable business, with the streaming business, it would have been a more attractive acquisition target for a lot of these companies. But now it's just one big, ugly mess and no one really wants to go too close to it. Except for Skydance. Yeah. The only reason that Paramount did okay last quarter and they did, they had revenue growth of three to 4% was because they had the Super bowl.

Neil Fryman
And that brings in a lion's share of advertising revenue. Just to take a step back about Paramount and what it is and how it got here in the relationship with the Redstones. So the Redstones have this holding company, National Amusement. They own CB's and Viacom. And in 2019 they said, okay, let's move these together.

So then you got the company CB's Viacom. Few years later, that CB's Viacom company became Paramount Global. So that's where at now. And now it seems that Paramount Global is going to be carved a bit. It probably should have earlier, and that led to a lot of the tensions between Sherry Redstone and Bob backish.

Toby Howell
That was a good painting of the picture. And then also just to paint the picture of why Redstone maybe is looking to offload. This company's market value has plummeted by about 80% on Redstone's watch over the past eight years, and Redstone stake has fallen alongside that. The current value of her Paramount holding is around 750 million. So remember that 2 billion number that this Skydance merger would reportedly pay her.

That's why she wants to kind of railroad this sale through and why they're calling it a sweetheart deal for sweetheart. If she sold, like a few years ago, she would have netted at least $10 billion. And now that stake is worth 2 billion. So she wants to get out. While there's still billions to be made for many of you, your one on ones with your manager involves Zoom.

Neil Fryman
And the question, how's the weather over there? And that's because in our increasingly remote work world, managers and their direct reports live in a different city. A fascinating new paper published by the ADP Research Institute found that people are now 36% more likely to work for managers in another metro area than they were before the pandemic. The split of managers and their worker bees has implications for intercompany dynamics. Of course, throughout the history of capitalism, bosses and their reports have always been in pretty much the same room.

But it also has dramatic impacts for the city hierarchy of the US, the paper argued, which is the emergence of a great divide. Some cities, like San Francisco and Boston, are becoming leadership hubs. That's where all the managers are clustered. And other cities, Las Vegas and Houston, are becoming workforce nodes, a fancy term for saying where regular employees live. Toby, thoughts on the rise of the managerial city?

Toby Howell
If you look at the graph that the ADP kind of published here, there is a distinct inflection point. It is the pandemic. Even though technology has kind of been facilitating this break between the manager manager class and their worker bees, as you described them, obviously the pandemic really ramped it up. It finally kind of severed the connection fully. And so now you're right, like 36% more, 36% more likely to work for managers in another city.

That is a massive, massive jump and a massive difference in just the way America has laid out how our workforces will laid out. And it largely tracks housing prices. It's very tied to housing prices. The cities that have the highest cost housing are. Have seen their.

Neil Fryman
What's so. What's called leadership ratios. The people who are managing others people in another city have increased since the pandemic. The lower cost cities in the Sunbelt have seen their leadership ratios decrease. The takeaway for me from this report is COVID was supposed to be the great leveler for cities in the early days when New York and Boston and San Francisco were hollowed out.

The thought was that people are going to move to lower cost locations. And New York and these big cities, they're going to be laid low from this. But in fact, it has only led to greater polarization, and the superstar cities are only becoming richer, costlier, higher value, and while the other cities are sort of falling behind. So to me, it was just this great rejiggering of the workforce that didn't expect to happen. So let's name some names.

Toby Howell
What are these management hubs? Some places you definitely expect. San Francisco and Boston have the highest leadership to normal worker ratio. Minneapolis and Philadelphia also do very well. Then you have the Las Vegas, the Houston, San Antonios of the world.

They are falling behind because they've been adding more workers, less management, more worker bees, fewer queens. If you want to continue that ratio, New York is kind of in the middle of the pack sandwich between Dallas and Kansas City just because there's just so many people who live in New York. So that's kind of some of the names that when we're talking about managers, managerial cities versus worker cities that come to mind. Final lesson from this, though, is that you need to meet in person at a certain level to make huge decisions. Let's just go back to Elon Musk.

Neil Fryman
He literally flew to China for 24 hours to get a deal done. And I think the fact that managers are clustering in certain cities shows that you need a face to face connection to make very high level decisions. Up next, a little update on Saudi Arabia's futuristic city in the desert.

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. 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 that's massmutual.com planning.

Rome wasn't built in a day, and neither, it seems, will Neom Neom, if you remember, is a proposed $1.5 trillion development on the Red Sea coast that would be the crown jewel of Saudi Arabia's big push to diversify its economy to tech, clean energy and tourism. The centerpiece is the line, a city that's longer than the distance between New York and Philly and is all contained within mirrored structures that would be taller than the Empire State Building. How's that going? Well, depends on who you ask. Earlier this month, Bloomberg reported that the project was being scaled back dramatically in the medium term.

By 2030, only 1.5 of the line's 105 miles span would be completed, a reduction of 98.6%. The saudi government also reportedly slashed its original plan to have 1.5 million people living there to just 300,000. Yesterday, though, the economy minister, Faisal al Ibrahim, pushed back, saying everything was hunky dory. All projects are moving full steam ahead, he told CNBC. He went on, we set out to do something unprecedented, and we're doing something unprecedented, and we will deliver something that's unprecedented.

Toby, first of all, thought we retired the word unprecedented in 2022. Second of all, what is going on at Neom? I think when you get a report like Bloomberg switch, you have insiders we're feeling that everything is getting massively scaled back. But then you have the economic minister coming out and saying, no, no, no, full steam ahead. The reality is probably somewhere in the middle.

Toby Howell
And I think a lot of people thought that when the initial project idea was laid out, because 105 miles is just so, so long, one and a half trillion dollars is so, so much money. So it does seem like construction is happening. That much is definitely not up for debate because the project leaders recently had various international bankers out to show them the progress that's being made as they go and try to secure more funding. But even though we often think about Saudi Arabia's sovereign wealth fund that they call the public investment fund, is this unending source of money. One and a half trillion dollars.

One half trillion dollars. And you do need to kind of bring in some outside funding in order to support this very lofty vision they have. The finances of this project are definitely under scrutiny because the saudi sovereign wealth fund has now depleted its cash pile to just $15 billion, which is its lowest on record. So the saudi officials have been going around the world on this roadshow. They were most recently in China, but they were also in Europe and the US raising money for this project.

Neil Fryman
And they have to say, hey, look, you know, we actually have some stuff going on. Here's our plans. Here's our projections. So they've been on a whirlwind fundraising tour to get more money for this because as much as it seems that Saudi has unlimited money, they don't. It is interesting, too, because they certainly do not, because the government has not provided a guarantee to these international bankers if they wanted to devote money to the project.

Toby Howell
So that's one thing that's been a hang up in raising money. And then as part of this broader Vision 2030 plan, they. Saudi Arabia does want to bring in some overseas money. It's hoping to bring in $100 billion of foreign direct investment annually by 2030. That is roughly three times bigger than any numbers it's achieved in the past.

So they are definitely trying to modernize their economy, diversify their economy away from oil, and also bring in more of an international presence as well. Yeah, I mean, foreign investors were definitely eyeing Saudi Arabia for a long time in the past decade. And then Jamal Khashoggi was this journalist, this dissident journalist was killed. CIA said it was approved by Mohammed bin Salman, who's the crown prince there, the de facto leader. And investors pulled out their money.

Neil Fryman
They're saying, oh, we're not going to touch Saudi Arabia. With a ten foot pole. Now though, it seems like they're all back. You can't ignore it. They're getting to all of the technologies that everyone wants to be a part of.

They're stupid rich and they're investing in a lot of AI stuff. And last week they hosted a conference that literally every major tech CEO, TikTok CEO, IBM CEO was all there. So Saudi Saudi Arabia is just a huge player in many different industries right now. I'm back, which means it's Toby's trends time where I dive deep into consumer habits and emerge with a new trend you should keep your eye on. And for todays trend, I want you to think about your grocery shopping habits.

Toby Howell
Are you more of a gatherer where convenience is key? Or are you more of a hunter willing to travel to specific stores for certain items or deals? The latter type of shopper is becoming a lot more common these days as grocery shopping turns into a treasure hunt with multiple stores involved. In the last year, consumers bought groceries from an average of 20.7 retailers, up from 16.8 in the same period in 2019. Part of the drive behind this treasure hunt s shopping is that grocery prices are up 21% in the last three years, which has helped drive these trends towards multi shop, multi stop shopping habits.

If Target has milk and eggs that are $2 cheaper than your local Publix, but Publix has the Nokia you like, why not make two stops? As prices rise, loyalty to specific stores falls, unless those stores can provide the best deals around. It's why most chains have been investing heavily in their own cheaper private label store brands to give consumers a deal while hopefully building back some loyalty. Neil, the fragmentation of grocery shopping, what do you make of it? It's pretty interesting.

Neil Fryman
I was thinking if I buy groceries from 21 different spots and maybe over the course of a month. Yeah, because like you said, you go, you know what? In this era of high inflation where groceries are taking up the highest percentage of household budgets in 30 years, you have to be. I'm going to bring a word back for that. We have used in a while choiceful about what you're buying.

So if you know the produce is good over, you know at one place, you're never going to buy produce at Trader Joe's because that's just a bad idea. But you know the frozen stuff is good at Trader Joe's. You go there. So you're being more aware about what places have deals. People are using way more coupons than they used to, which was a crazy stat.

Two thirds of american shoppers use coupons for grocery stores. Uh, last year, in 2021, it was just one third. So that that amount has, has surged as inflation has stocked grocery stores. Yeah, I mean, if it's your main expense, I can definitely see you taking these drastic steps to cut costs. This Wall street, the Wall street Journal did this big profile on these multi stop shoppers.

Toby Howell
They actually spoke to someone who's an international flight attendant. He looks at his pantry before he goes abroad, takes note of what he needs to stock up on. He said he's found rose from Paris for $7 that Trader Joe's selling for 17. He's found $2 european dis detergent. Please send that my way because that is insane.

And yet, just cheaper general essentials, pasta, olive oil, and bread. So it is crazy. Just, I mean, obviously that's a very extreme example, but it does show you what people are doing right now to capitalize on these deals. And the real winner of this and who's thriving in this new reality is the grocery store chain Aldi. Foot traffic at Aldi stores was up 26% last month compared to the prior year.

That's higher than 6% increase at Kroger stores. It's even higher than the 15% increase at Trader Joe's, which is kind of the gold standard for these discount budget retailers. So Aldi is just absolutely killing it with 90% private label bands. Yeah, they only have 3% of the market share in the United States, compared to 30% but for Walmart. But their prices are 6% less than Walmart because they strip every type of overhead from their stores as possible.

Neil Fryman
They literally take the stuff that is on the crates from the truck and literally put it in the aisle for you to buy. So they are just doing the most. They're running the most streamlined grocery operation you can. They have much smaller stores than regular sized grocery stores. They have fewer items.

And so they're just being very targeted about where the american consumer is going. And the american consumer just doesn't want to pay a lot for groceries. For our final story of the day, you remember the controversy the MLB had with its jerseys to start the year. The jerseys, designed by Nike and manufactured by fanatics, were the subject of much ridicule from fans and players alike. They felt like the lettering was too small, the fit had changed, material quality was awful, and the logos and patches looked amateurish.

Toby Howell
There was a lot of finger pointing, with both Nike and fanatics claiming the other was to blame for the debacle. While the MLB Players association has weighed in and in an unusual move, pointed the finger directly at Nike. In a memo they wrote yesterday, they said this has been entirely a Nike issue at its core. What has happened here is that Nike was innovating something that didn't need to be innovated. Neil, I call this an unusual move because you really don't see a partner of a major professional sports league criticized like this, especially someone like Nike.

Changes are coming, though, and Nike has pledged to return to larger lettering work on some of the colorway issues and make it so sweat stains are less apparent. Neil, big bad Nike. Not a great look for them. No. But they're not pledging to revoke the jerseys.

Neil Fryman
They're still going to keep these jerseys. They signed a $1 billion contract. They worked on these for many years. So they're pledging to make tweaks, but they're not saying, we're going to revoke these jerseys from the market and go back to the way of old. So they're kind of digging in their heels a little bit.

But yes, this is one of a number of sort of bad news for Nike in the past year or so where there have been criticisms that it's not innovating, it's cutting 2% of its workforce. It's doing this $2 billion cost cutting program. But it is kind of ironic that the one area where it tried to innovate, and it's been criticized for not innovating, that it failed miserably. The big winner here is fanatics, by the way. Cause they have been kind of absolved for blame for their role in manufacturing the jerseys.

Toby Howell
It did always make sense that fnatics probably wasn't to blame because they have been manufacturing the jerseys in the same facility in Pennsylvania that has been making MLB jerseys for more than a decade. They acquired it back in 2017. So when that finger pointing started, Nike was kind of the. The favorite to be the reason why these jerseys did not perform well, because fanatics is like, listen, it's the same factory we've been using for a decade, so how could it be us? It has to be these new designs that Nike gave us.

And, yeah, it's just a. It's a really bad look. Like, the pants were see through this. This sweating was just awful. You still see it whenever a player plays outside, half their jersey is a completely different color.

So, yeah, they, Nike was trying to innovate. They weren't really trying to cut costs, but they over innovated themselves. All right, so how can Nike get its mojo back? There are a couple of ways. One is the Olympics coming up in the summer.

Neil Fryman
Nike has a huge presence there. They outfit a lot of teams with their jerseys and they're going to debut. You can probably speak more to this, but they're new sneakers. And if you see somebody win 100 meters or the marathon in Nike sneakers, maybe that'll lead you to go buy them because you're like, hey, I could do that, too. So there's a huge opportunity here for Nike to get back on track with a big showing at the Olympics.

And then also they are set to sign Caitlin Clark for an eight year, $28 million shoe deal. She's one of the biggest names in basketball right now. It beat out a bunch of other rivals for that. So they are making moves in some areas, but it really is an inflection point for this company. That is exactly how I think.

Toby Howell
Deal. If I see someone win the 100 meters dash in the Olympics, I'm like, hey, I could probably do that, too. How'd you know? All right, let's wrap it up there. Thanks so much for listening and have a wonderful Tuesday.

Neil Fryman
Toby, you got through your flu game. I got through my food game. Thank you, everyone, for bearing with me. Alright, maybe you've memorized our email address by now, but if not, it's morningbrewdailyorningbrew.com, which you should hit up with. All thoughts, questions, praise and concerns about the show.

Let's roll the credits. Emily Milliron is our executive producer. Raymond lute is our producer. Olivia Graham is our associate producer. Yuchenua Ogu is our technical director.

Billy Menino is on audio. Hair and makeup is always buzzing, just like Neom. Devin Emery is our chief content officer and our show is a production of Morning Brew. Great show today, Neil. Let's run it back tomorrow.

Toby Howell
Let's run it back tomorrow.