Not so Boring
MARKETS
- The view from Europe: The European Central Bank couldn't let the Fed hog the spotlight, so it announced it'll probably wind down its important bond purchasing program in December.
- Economic data: A surge in May retail sales is more good news for the economy. What did you buy last month?
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RETAIL
Is This How We’ll Shop in the Future?
Don't look now, Amazon (+1.11%), but Microsoft (+0.57%) could be entering the checkout-free retail space (per Reuters). If you need a reminder of what that space looks like...just look at the GIF above.
So what's Microsoft's angle? In short, partner up with Walmart to stop Amazon—which is opening Amazon Gos in Chicago and San Francisco—from getting too far ahead.
But that's easier said than done...
It reportedly took Bezos and Co. four years to get the first Amazon Go ready. Not to mention, in a grocery industry that's viciously lowering prices...Microsoft needs to make sure the cost of its tech doesn't further wipe out margins.
In CEO Satya Nadella, we trust.
But in job automation, we don't
An arms race for automated checkouts could kill off tens of thousands of cashiers' jobs. And let's not forget all the self checkout kiosks with families to feed.
So while we mostly praise innovation, let's consider the flip side of the argument:
- At this rate, will technological advancements create enough jobs to make up for those they're going to eliminate?
As you mull it over, consider this jaw-dropping report from China:
JD.com, a Chinese e-commerce behemoth, claimed it could receive, pack, ship, and deliver 200,000 orders a day across China. But get this, it employs just four workers at the fulfillment center. And those employees' jobs? To service the robots that fulfill the orders...
Final food for thought: In January, the World Economic Forum and Boston Consulting Group said that by 2026, over 1 million Americans could lose their jobs to automation.
+ There's always another side to the story: "AI Doesn't Eliminate Jobs, It Creates Them."
TECH
Oh Snap, We Finally Got Developer Tools
Nothing gets a room of programmers pumped up quite like a new set of developer tools. And for the first time, Snap is releasing a set of APIs.
Coding 101: An API (or an application programming interface) allows two separate programs to work and communicate with each other.
And yesterday, Snap introduced a set of APIs across four different developer tool kits:
- The Creative Kit: This allows third-parties like Tinder to create filters and stickers on the Snapchat platform.
- The Login Kit: It allows you to sign in to apps with your Snap account (the same way you can with Facebook).
- The Bitmoji Kit: For using Bitmojis on other platforms.
- The Story Kit: It lets third-parties host Snap Stories on their apps or sites.
But developers aren't the only ones chest-bumping. Snap's campaign around the release highlighted user privacy above all else (looking at you, Facebook). So when you log in, the most personal info developers will receive is your Snap username and your Bitmoji.
+ Partners are already lining up: Pandora will start streaming music through Snapchat.
TRANSPORTATION
Musk’s Midwest Victory
It could be the biggest news for Chicago since the Cubs won the World Series: Elon Musk's Boring Company won a bid to build an express train to O'Hare Intl. Airport.
But this is not your average train:
- You'll board a pod-like electric vehicle (called a "skate"). These cars will carry 8-16 passengers, leave every 30 seconds, and travel up to 150 mph in underground tunnels. Here's what a station might look like:
This contract is a game changer
For Chicago...
- As any Chicagoan will tell you, getting to da airport from da downtown "Loop" is a nightmare, whether yer taking the L train (~40 minutes) or sitting in traffic. The plan here is to whisk you out to O'Hare in just 12 minutes.
And for Musk...
- Winning this bid adds legitimacy to a company that he started as a hobby just a year and a half ago.
Now go reward yourself with a Bean selfie, Elon. But there's still a long way to go until this thing actually gets built.
CRYPTO
Regulators Give Ether a Much-Needed Bump
Hey crypto investors: it might be safe to bring back Coinbase from the sixth page of your iPhone.
The SEC's top crypto guru, William Hinman, declared that ether was not a security...which means it won't be regulated as one (the same goes for Bitcoin, which is considered a commodity).
What's ether? It's the digital token that powers the Ethereum blockchain platform. And it got a major boost following the announcement.
What he didn't disclose: The regulatory status of Ripple's XRP token. It's the third ranked cryptocurrency by market cap ($22 billion).
+ What was at stake for ether.
FRIDAY FUN
Caption Contest
Rodman: "Hard to believe, but I really just threw this outfit together last minute."
Cuomo: "You don't say..."
Think you can beat that? Share your best caption here and we'll throw the best one up on our Instagram.
WHAT ELSE IS BREWING
- The Trump administration is expected to reveal tariffs on a list of 800-900 Chinese products today, per CNBC.
- MoviePass says it's now past 3 million subscribers, and intends to hit 5 million by the end of the year.
- WeWork's financials got leaked to Axios. It had a $1.5 billion revenue run rate through Q1, but the startup is unprofitable ahead of an expected 2019 IPO.
- Royal Caribbean (+5.11%) will buy a $1 billion stake in Silversea Cruises.
BREAKROOM
WHAT WE'RE READING
The Creative Curve by Allen Gannett—Forget everything you know about creative genius. A successful entrepreneur himself, Gannett uses insights from other pioneers (like chef José Andrés and co-founder of Carlyle Group David Rubenstein) to reveal this crucial lesson: creativity isn’t magic, it’s a muscle. Learn how to use it.
WHAT WE'RE WATCHING
Anthony Bourdain: Parts Unknown—Netflix was set to remove the late chef's travel series on June 16, but thanks to a petition from fans, it says it'll keep this fantastic show on the service "for months to come." That's awesome news.
TRIVIA
Now that O’Hare International Airport is (maybe) becoming more accessible thanks to The Boring Company, maybe it’ll climb the ranks of the world’s busiest airports (it’s currently at #6). Can you name #1-5? Half credit if you can get two of them.
(Answer located at bottom of newsletter)
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Breakroom Answers
Trivia
#1 Atlanta-Hartsfield-Jackson (ATL), #2 Beijing (PEK), #3 Dubai (DBX), #4 Tokyo (HND), and #5 Los Angeles (LAX).
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