Brew Markets — Episode Summary

Podcast: Brew Markets (Morning Brew)
Title: Greenland Hits the Markets & International Intrigue at Coupang
Date: January 20, 2026
Host: Ann Berry (A), with Producer John (C)

Overview

This episode offers a sharp analysis of recent global market stories with a focus on the U.S. government’s bold moves around Greenland, an international data breach scandal at South Korea’s Coupang, and industry updates from OpenAI and Lululemon. Hosted by Ann Berry, the discussion blends market context with punchy, conversational insights, making complex financial topics engaging and accessible.

Key Topics & Insights

1. Greenland and U.S. Strategic Moves

(Start – 04:19)

• Geopolitical Stakes: The U.S. White House is reportedly considering taking “wholesale control” of Greenland for its minerals, fuels, and critical military positioning (00:28).
• Methods Under Consideration:
  • Buy Greenland from Denmark (consent of Greenlanders required).
  • Offer Greenlanders money to split from Denmark (would need Danish consent).
  • Use national security or economic levers, even potentially overriding Denmark’s NATO/EU ties (01:45).
• Trump’s Tariff Threats:
  • President Trump posted that the U.S. will impose a 10% tariff on goods from Denmark, France, Germany, Netherlands, and others, increasing to 25% if cooperation isn’t secured by June 1 (02:30).
  • “If these friends and neighbors and influences on Denmark don’t help the White House get the control of Greenland it wants.” — Ann Berry [02:42]
• Market Impact:
  • Immediate market drop on potential trade war fears, despite a relatively calm 2025 with fewer tariff impacts than expected (03:05).
  • Emphasized the deep financial and trade relationships between the U.S. and Europe, with mutual investments estimated between $3.5 and $4 trillion in 2024.
• What’s Next:
  • President Trump is expected to elaborate at Davos, in front of key international partners (03:55).

2. Coupang’s Massive Data Breach and International Intrigue

(04:51 – 17:41)

Coupang’s Business Overview (05:25–07:52)

• About Coupang:
  • South Korea’s premier e-commerce company, founded in 2010 by Bom Kim, pivoted from daily deals to Amazon-style retail, and IPO’d in 2021 at $84 billion market cap (06:20).
  • “Stock…down 67%. Then it’s joined a number of its peers that went public in those go-go days of IPOs…stock though has not recovered, it’s bopped down another 5% over the last 12 months.” — Ann Berry [06:34]
  • Known for Rocket Delivery (99% of orders in a day) and the “Wow” membership akin to Amazon Prime.

The Competitive Landscape (09:06–12:26)

• Chinese and domestic competitors—like Alibaba ($1.1 billion investment in SK logistics), Temu, and Naver—are ramping up pressure in Korea.
• Host Ann shares firsthand impressions of Korea’s advanced retail tech and the importance of K-Beauty as a breakout consumer export.

The Data Breach: Details & Fallout (12:34–15:55)

• The Incident:
  • A former Coupang software developer used old credentials to access data on 33 million customers—over 90% of South Korea’s working-age population.
  • “How do you not notice a data breach of this size for months? For months.” — Ann Berry [13:12]
• Discovery & Response:
  • The breach was undetected by Coupang for months, discovered only after a customer reportedly raised red flags.
  • The company initially labeled it a “data exposure,” then upgraded to acknowledge a “leak.” Police raided their Seoul office; the Korea operations CEO resigned.
  • Context: Other major South Korean firms (e.g., SK Telecom) have also suffered recent data breaches.
  • South Korean President Lee Jae Myung (December 2025):
    • “It was, quote, astonishing that Coupon did not detect the breach itself for months and called for increased penalties…” — John [14:37]
• International “Intrigue”:
  • The suspected leaker is identified as a Chinese national, now back in China and untraceable.
  • Coupang’s founder apologized and announced $1.2 billion in compensation to affected customers.
• Market Reactions:
  • Deutsche Bank upgraded Coupang to a “buy” even after lowering the price target; most analysts consider the stock oversold amid sector-wide tech jitters.

Broader Takeaway

• Coupang’s ordeal is a critical lens into global consumer markets and the growing power of Asian middle classes, as well as American investors’ exposure to international risk.
• “Looking at a company like Coupang…is actually a pretty good way—a lens—to try and look at what’s going on outside our own domestic domain.” — Ann Berry [16:53]

3. OpenAI: Financials and Strategic Shift

(18:58 – 21:31)

• Growth Numbers:
  • OpenAI’s annualized revenue soared: $2 billion (2023) → over $20 billion (2025) (18:58).
• Corporate Relationships:
  • Deep ties (and circular funding) with Nvidia, AMD, Disney, and venture behemoths like SoftBank (19:18).
  • Sam Altman (CEO) has faced calls for more transparency due to OpenAI’s systemic importance.
• Strategic Shift:
  • Sarah Fryer (CFO) states that for 2026, focus will be on “practical adoption, particularly in health science and enterprise.” — interpreted as a pivot toward enterprise, where rivals like Anthropic perform well.
• Monetization Moves:
  • Testing ads in free and GO tiers of ChatGPT to fund large infrastructure commitments—suggesting OpenAI is seeking additional revenue streams.

4. Lululemon’s Rough Launch & Brand Woes

(21:31 – 23:35)

• Market Reaction:
  • Lululemon shares drop 5.5% after pulling its new “Get Low” collection from the website due to customer complaints about thin and restrictive leggings.
• Brand Identity & Culture:
  • Host Ann laments the brand’s lost “cool factor,” sharing a personal anecdote:
    • “I popped in and I really want to be excited by what I saw...it was just really lame. I mean, there's no other way to...really bland layout. Really bland merchandise, totally uninspiring.” — Ann Berry [22:24]
• Consumer Sentiment:
  • Reddit commentary pokes fun at the pants:
    • “You can’t get low, because they had a photo of people trying to do squats…Doesn’t work.” — John [23:23]
• Wider Context:
  • Echoes 2013’s recall of “see-through” yoga pants; activist investors circling, board seeking new CEO. Stock has fallen 46% over the year.

5. Market Wrap & Upcoming Earnings

(18:51, 23:35 – End)

• Indices:

  • S&P 500: -2%
  • Nasdaq: -2.5%
  • Dow: -1.25%

• Earnings to Watch:

  • Netflix, United Airlines reporting.
  • Later in the week: Procter & Gamble, Johnson & Johnson, oilfield services (with Venezuela in focus).

Memorable Quotes

• “If these friends and neighbors and influences on Denmark don’t help the White House get the control of Greenland it wants…” — Ann Berry [02:42]
• “How do you not notice a data breach of this size for months? For months.” — Ann Berry [13:12]
• “It was… astonishing that Coupang did not detect the breach itself for months and called for increased penalties on data breaches.” — John [14:37]
• “Stock…down 67%. Then it’s joined a number of its peers that went public in those go-go days of IPOs…” — Ann Berry [06:34]
• “Looking at a company like Coupang…is actually a pretty good way—a lens—to try and look at what’s going on outside our own domestic domain.” — Ann Berry [16:53]
• “You can’t get low, because they had a photo of people trying to do squats…Doesn’t work.” — John [23:23]

Timestamps for Key Segments

• Greenland & U.S. Geopolitics: 00:28–04:19
• Coupang Background and Performance: 05:25–09:06
• Competitive Landscape & Korean Retail: 09:06–12:26
• Coupang Data Breach & Fallout: 12:34–15:55
• Global Market & Coupang Reflections: 15:55–17:41
• Market Wrap (indices and headlines): 18:51–18:58
• OpenAI Revenue & Strategic Update: 18:58–21:31
• Lululemon Missteps & Brand Analysis: 21:31–23:35

Summary

A must-listen episode for anyone tracking how political maneuvering, cyber risk, and shifting global consumption affect both equities and consumer culture. Ann Berry and team provide context, candor, and pithy quotes that keep even market turbulence engaging.