Jamie Dimon’s Revealing Annual Letter & Protein’s Boom, PowerBar’s Slump

Summary

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Brew Markets – April 6, 2026

Episode: Jamie Dimon’s Revealing Annual Letter & Protein’s Boom, BellRing’s Slump

Host: Ann Berry
Notables: John Curto (Producer/Analyst), Co-Host (Financial Analyst), Guest Contributors

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Episode Overview

This episode of Brew Markets centers on three key stories moving the markets:

• A deep-dive breakdown of JP Morgan CEO Jamie Dimon’s annual shareholder letter and its wider implications—hinting at ambitions well beyond banking.
• An examination of BellRing Brands’ woes amid a boom in high-protein products—and skepticism about its debt-fueled stock buybacks.
• Rapid market updates, including AMC’s historic Easter weekend, updates on the Paramount/Warner Brothers Discovery deal, and major moves in the EV sector with Lucid and Tesla.

Ann Berry and her colleagues provide insightful analysis, pulling out market trends, raising probing questions, and often reading beyond the headlines to flag what matters most for investors.

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Jamie Dimon’s Annual Letter: Manifesto or Manifest Destiny?

(Main Segment: 00:17–07:15)

Setting the Stage: The Tradition of Shareholder Letters

• Ann Berry opens by likening the tradition of CEO letters (Warren Buffett, Jeff Bezos, Howard Marks, Larry Fink) to a ritual where the finance world parses every word for strategic insight—and meme potential.
• Jamie Dimon (“relative youth but wisdom at the age of 70”) is described as inheriting Buffett’s mantle as the market’s must-read CEO voice.

Quote (Ann Berry, 01:02):
"But there is one person to whom Buffett's baton has passed and it is, in my opinion, JP Morgan CEO Jamie Dimon... Dimon's global sway is hard to overstate, which is why his annual shareholder letter, which came out today, caught our eye."

Key Themes and Insights from Dimon’s 2026 Letter

• Historical Legacy with an Eye to the Future

  • JP Morgan celebrates its 227th anniversary, but Dimon’s tone is forward-looking.
  • He spotlights “new challenges,” notably the rise of fintech/crypto competitors such as Block, Revolut, and Stripe.

• Strategic Physical Expansion

  • Emphasizes growth in rural branch networks while simultaneously warning about high costs (taxes, rents, labor) in urban centers like New York City.
  • Quote (Ann Berry, 02:30):
    "No city or company or country has a divine right to success."

• On Innovation and AI

  • Dimon is bullish yet cautious, predicting AI may “cure cancer and create new jobs while displacing others.”
  • Explicitly urges policies for “properly incent[ing] retraining, income assistance, reskilling, early retirement, and relocation” for displaced workers.

• Sounding the Alarm on Broader Risks

  • Highlights global issues: geopolitical instability, high sovereign deficits, lofty asset prices, private credit market risk ($1.8T).
  • Trade battles, U.S.-China strain, and cyber risk get special mention.
  • Policy criticisms extend to U.S. government spending, housing regulations, R&D frameworks, and especially “weakness in Europe.”

Quote (Ann Berry, 03:31):
"He covers so much in terms of what he thinks needs to be remediated. But the really noticeable thing about this letter... reads like one big policy document."

• Policy Prescriptions
  • Dimon advocates for:
    • Continued U.S. global preeminence, including military strength and reigniting “the American dream.”
    • U.S.-Europe economic alliances (“one big beautiful trade deal”).
    • Corporations paying “their fair share” in taxes, citing Buffett’s patriotism.
    • Robust support for strategic industries (frontier technology, community engagement).

Quote (Jamie Dimon, as paraphrased by Ann Berry, 05:14):
"As my friend Warren Buffett points out, his company’s success is predicated upon the extraordinary conditions our country creates. When they see the American flag, they all should say thank you."

Election Hints?

• Ann Berry’s personal take:
  • “Diamond 2028. That shareholder letter to me reads like an election manifesto.” (06:24)

Market Reaction

• JP Morgan shares up 1% after the letter’s release, reflecting positive investor sentiment.

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Protein’s Boom and BellRing’s Slump

(Segment: 07:31–14:41)

Market Backdrop: Protein Proliferation

• Protein products’ rise is highlighted—quadrupled in a decade (2013–2024).
• BellRing Brands, home to Premier Protein, Dymatize, and PowerBar, is this episode’s focal point due to sustained share price declines.

BellRing Brands: Brief History & Structure

• Spawned from Post Holdings' active nutrition business (Post spun it off in 2022).
• Post’s CEO still chairs BellRing’s board, preserving some strategic overlap.

Timeline of Troubles

• Stock Slide:

  • Down 38% year-to-date, 76% year-over-year. (08:38)

• Pandemic Inventory Hoarding & Tariff Fallout:

  • May 2025: Shares plunge after CFO discloses retailers were “hoarding inventory.”
  • The context: global supply chain fears, ‘Liberation Day tariffs’.

• Consumption vs. Shipments:

  • August 2025 earnings: Retail-level consumption faltering despite higher shipments.
  • Quote:
    "Sales of Dymatize increased 33% YOY, but sales at the retail level fell 1.5%."
  • Share price drops 33% in one day.

• Class Action Lawsuit:

  • Investors allege BellRing overstated demand and misled on inventory.

• Buyback Controversy:

  • $200M+ spent on buybacks last year, but long-term debt swelled from ~$830M to $1.1B.

Quote (Co-host, 11:53):
"The idea that you're basically letting your debt increase and that you use that cash instead of delivering to go buy back shares. Shareholders do get a little bit skeptical about that."

• Latest Challenges:
  • Feb. 2026: Revenue up only 1% YOY; gross margins down sharply (30% vs. 37.5%).
  • Higher whey prices, import tariffs, and marketing expenses cited.
  • CEO Darcy Davenport steps down (successor TBD).

Analyst Take and Market Sentiment

• Despite the turbulence and negative headlines, 11 of 15 Wall Street analysts rate BR as “buy” or “strong buy.”
• Room remains for a turnaround if leadership, demand, or capital strategy improve.

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Rapid Market Headlines

(Segment: 16:12–19:41)

AMC’s Record Easter Weekend

• Shares up over 12%.
• Super Mario Galaxy movie premiere drives record ticket and concessions sales ($130M U.S., $375M global).
• Collectibles (Yoshi & Luma buckets) nearly match Taylor Swift merchandise as bestsellers.

Paramount/Warner Brothers Discovery M&A

• Paramount secures $24B in Gulf funding (including $10B from Saudi’s PIF) to support its bid for Warner Bros.
• No voting rights for Gulf investors (below 25% threshold), sidestepping FCC scrutiny.

Lucid Motors Stumbles

• Shares drop 8% after Q1 deliveries (~3,000 vehicles) miss analyst estimates.
• Persistent supply chain issues and a 29-day halt in Gravity SUV production.
• Context: Tesla also lags, with share price down 22% year-to-date.

Quote (Co-host, 19:41):
"JP Morgan's analyst today forecasting up to 60% drop in Tesla's share price…they do occasionally come out where they really make a massive impact."

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Notable Quotes

• On Jamie Dimon’s influence:
  "Dimon's global sway is hard to overstate" – Ann Berry (01:15)

• On NYC’s economic perils:
  "No city or company or country has a divine right to success." – Ann Berry, quoting Jamie Dimon (02:30)

• On policy in the annual letter:
  "It reads like one big policy document..." – Ann Berry (03:31)

• On BellRing’s buybacks:
  "The idea that you’re basically letting your debt increase and ... use that cash instead of delevering to go buy back shares—shareholders do get a little bit skeptical." – Co-host (11:53)

• On the definition of ‘power bar’: "I still say I’m reaching for a Power bar." – Co-host (09:41)

• On market shakeups:
  "Gulf investors will not receive voting rights... executives don’t expect the involvement to trigger an FCC review." – Co-host (17:53)

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Timestamps for Key Segments

| Time | Segment | |----------|----------------------------------------------| | 00:17 | Jamie Dimon’s shareholder letter in focus | | 07:31 | BellRing Brands & the protein category bust | | 16:12 | AMC’s blockbuster weekend | | 17:17 | Paramount/Gulf funding for WBD takeover | | 18:50 | Lucid & Tesla delivery disappointments | | 19:41 | Analyst downgrades—Tesla outlook |

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Final Notes

• The hosts tease tomorrow’s interview with Yahoo CEO Jim Lanzone on media, AI, and the company’s new ventures.
• For daily market recaps and more, listeners are reminded to subscribe to the Morning Brew newsletter.

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Transcript

[Ann Berry]

There's more to investing than stocks and bonds. With Ibid, you can broaden your investment mix and get bitcoin exposure. Learn more about ibid with iShares by BlackRock. The market is yours.

[Co-host (possibly a financial analyst or commentator)]

Protein waffles, protein drinks, protein. Well, everything yet one protein OG shares are down over 75%. We survey what's happening at the parent company of PowerBar, Mario said. Let's go to the theme theatre. AMC just posted its biggest Easter weekend in its history. We explore why the success relied on more than simply ticket sales and shareholder letter or election manifesto. There's a lot to unpack in Jamie Dimon's annual letter as we break it all down. Monday, April 6th it's Brew Markets Daily and I'm Ann Berry. Well, more market details to come, but first annual shareholder letters. Missives from the most powerful market movers in the world, eagerly awaited by investors and meme makers alike. And until now, with Warren Buffett as the undisputed king of these letters, with his candor about mistakes, detailing capital allocation or strategic errors, emphasis on long term focus in his case with troves of cash held at Berkshire Hathaway and of descriptions of internal operations, at least at Berkshire, best summed up as just exceptionally lean. Jeff Bezos letters were scanned with eagle eyes when he wrote those for Amazon. Howard Marks notes from the top of investment firm Oaktree are followed closely. And the writing of blackrock's Larry Fink always makes a splash. But there is one person to whom Buffett's baton has passed and it is, in my opinion, JP Morgan CEO Jamie Dimon with relative youth but wisdom at the age of 70, a voice known to be tracked by President Trump. Viral social media moments from calling crypto a quote pet rock to slamming back to office complaints. And with a more than 3 1/2 trillion dollar balance sheet, Wall Street's proxy for power Dimon's global sway is hard to overstate, which is why his annual shareholder letter, which came out today, caught our eye. We thought to share not only the highlights of its 49 pages, but most importantly, our suspicion that the document portends a path to somewhere else. I'm going to get back to that in just a moment. Well, Diamond's letter is heavy on historical context. In the Same Year of America's 250th Birthday, J.P. morgan celebrates the 227th anniversary of its founding in April 1799. Heritage and longevity to applaud. But there's a lot of focus in the letter on looking forward, looking ahead to innovation as well Dimon gives a nod to what he calls new challenges in his competitor set, explicitly calling out block, revolut and Stripe as amongst those who scaled in digital and blockchain. On the other end of the spectrum, IRL is back gets emphasized as an edge in banking, with JP Morgan expanding branch networks in rural markets to capture share. Meanwhile, though, one urban center gets a warning. In the same paragraph that Dimon highlights JP Morgan's expansion in Texas, he writes, I'm reminded that in the 1970s, nearly half of the 125 Fortune 500 companies based in New York City left. While mergers accounted for some departures, the price of doing business in New York City accounted for most cost of taxes, office rents, labor and so on. No city or company or country has a divine right to success. While moving through the letter, AI does get a shout out, though it's a little bit generic, described as likely to do great things like cure cancer and to create new jobs while displacing others, though diamond does explicitly call for policies to quote properly incent retraining, income assistance, reskilling, early retirement and relocation for those whose job might be adversely impacted by AI. Well, this quotation is in the spirit of what really caught my eye about this entire letter, because it reads like one big policy document, first calling out major issues. Those would be geopolitical instability, high sovereign deficits globally lofty asset prices and mispriced risk, notably in the $1.8 trillion private credit market. As a side note, Dimon does explicitly say that in the great scheme of things, his words, private credit probably does not present a systemic risk. Trade battles, US China strain and cyber risk pop up in the diamond survey of things to fix, as do US Government waste and spending, restrictive mortgage rules that hamper housing affordability, unreliable R and D frameworks for innovation, bank regulations that sprout shadow lenders, and weakness in Europe, especially weakness in Europe. And I'm almost out of breath because he covers so much in terms of what he thinks needs to be remediated. But the really noticeable thing about this letter, diamond goes on to make policy recommendations to solve several of these issues. Yes, he describes some actions for JP Morgan to take on directly, such as providing capital to strategic sectors like frontier Technologies, or to support training, community engagement and financing. Again, all for JP Morgan to get involved with with commercial opportunity there, of course, but all in the cloak of a policy belief that, quote, the United States must maintain its preeminent economic position in the world, which also requires reigniting the American dream. Many of the policy ideas in his letter are just too big for any one bank or even the markets as a whole to enact. He says America needs Europe to succeed, to rebuild its military and defence industrial base. So Dimon says in his letter, quote, we need one big beautiful trade deal for Europe and that the United States must maintain the premier military force in the world. Most notably, Jamie Dimon gives the shareholder letter OG a shout out. He says, quote, as my friend Warren Buffett points out, that his company's success is predicated upon the extraordinary conditions our country creates. He is right to have said to his shareholders that when they see the American flag, they all should say thank you. Dimon is talking about saying thank you by corporations paying their fair share of taxes, but he clearly has a view on the military, foreign policy and trade conditions that the US Creates as well. Well, JP Morgan's investors certainly like the results that came out today and they liked what they read because shares in America's biggest bank did come up around 1% up by the way, a bit more over the course of the trading session. But my own personal read of all this is Diamond 2028. That shareholder letter to me reads like an election manifesto. Coming up, a listener wants to know why the stock price of protein giant Bell Ring brands is in steep decline. So we take a look. And another day, another twist in Paramount's takeover of Warner Brothers Discovery, this time with new backing from across the globe. But first, a word from our sponsor, Charles Schwab. Trading at Schwab is powered by Ameritrade, unlocking the power of Think or Swim. 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[John Curto]

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[Co-host (possibly a financial analyst or commentator)]

to protein cocktails, consumers can't seem to get enough. One study found high protein products quadrupled in number between 2013 and 2024. And that's as companies tried to cash in on the protein max in craze. That brings us to this note from a listener Bhanu about a specific protein company. Bhanu wrote, I'd really love to see you cover Bell Ring brands but stock's been beaten down lately and I'M a bit skeptical about the buybacks funded with debt. Well, Barno, it's great to hear from you. And John, give us some background on Bellring brands.

[John Curto]

That's right, Bellring Brands Br BR on the New York Stock Exchange. That's their ticker market cap of around $1.9 billion. And so many new products as he mentioned, in the protein category. Now this weekend I saw an ad for Eggo protein waffles. It seems everything that used to be considered sort of a gluten product and now it is protein enriched. Bell Ring brands is in the quote convenient nutrition category or even easy portable protein. The company focuses on protein shakes, powders and bars centered around three brands. Premier Protein Dymatize and Power Bar. And Power Bars go back to the 1980s. I remember in the 90s before there were all these options, Power Bars were the OG Energy and To Go Breakfast bar. It was kind of a generic name. Instead of a candy bar, you said I'll just grab a Power Bar for breakfast. But then over the years came Cliff Quest Kind rxbar, just in that category. There seems to be endless options. Well, starting in 2013, Post holdings, that's the parent of Post Cereal, so Honey bunches of oats and Grape Nuts started building out an active nutrition business unit and acquired Premier Protein Dymatize and Power Bar. And then nearly a decade later in 2022, Post spun off Bell Ring into a separate public company and fully exited its stake. So that's where the company is now. But of note to this day, Post CEO Ravital serves as executive chairman of Bellring's board. So that relationship continues. And as Bhanu said, the stock has been beaten down. Share price down 38% year to date and bellring brands down 76% year over year.

[Co-host (possibly a financial analyst or commentator)]

I've got to hand it to Power Bar though, John. I feel as though this is like the Post it of the protein category. Like we never really caught. We just call it sticky notes, right? But the actual brand name Post, it has become like the proper noun for the category. And I still, I also let me say even if I'm reaching for a David bar or if I'm reaching for an Rx bar, I still say I'm reaching for a Power bar. So I got to give it to them.

[John Curto]

Me too.

[Co-host (possibly a financial analyst or commentator)]

Well, let's talk a little bit about why the stock has come down. We saw in 2024 that bell ring was still posting sales growth including premier protein 23% net sales growth in 2024, which was was pretty Healthy. And we saw it around, you know, around the end of that year, towards early last year, the stock climbing to hit eventually an all time high around 80 bucks. That was last April. But then May came around with not such great news. The earnings report left people a little bit shell shocked because the company's CFO acknowledged that retailers had been quote, hoarding inventory to make sure they didn't run out of stock on shelf, which isn't a great sign in terms of your future sales. And remember, this was around the time of Liberation Day tariffs being announced. A lot of companies were figuring out how to face supply chain concerns. Stockpiling started to become somewhat normal. And as a result we saw the company shares drop nearly 20%. Though again, I would put the context there that a lot of companies were seeing the sort of violent reaction to the shift in trade policy.

[John Curto]

Sure, exactly. So that was in May. And then three months later, for its August earnings report, the company narrowed its full year outlook and confirmed that consumption of its core premier protein Shakespeare wasn't as strong as forecast and that retailers were actively destocking inventory. So it continued throughout the year. The next day, this was in August, the stock dropped 33%. And to put some numbers around it, in fiscal 2025, sales of diamond ties increased 33% year over year, but sales at the retail level, which measures actual consumption, fell 1.5%. So these numbers dramatically different. And this led to an investor class action lawsuit that claims that the company overstated growth and misled investors about demand strength and inventory levels. And reportedly that lawsuit is in the early procedural stages.

[Co-host (possibly a financial analyst or commentator)]

So not good news on the operational front. And then just to put some numbers around those buybacks that Bhanu alluded to, during the last fiscal year 2025, the company did buy back 9 million shares and in the fourth quarter alone bought back 5.2 million. So the lion's share of that. So shelled out over $200 million in cash to do that. Now during that time though, long term debt increased from 830ish million to 1.1 billion. So here, Barney, I think, is why you're skeptical and why I've got some sympathy for that view. The idea that you're basically letting your debt increase and that you use that cash instead of delivering to go buy back shares. Shareholders do get a little bit skeptical about that. They wonder what your capital allocation strategy is going to be. That being said, in November, the company did announce it would accept expand its two year share purchase authorization threefold. So continuing to double down on that particular return on cash to shareholders. It's interesting to see it's been a very mixed reaction to this.

[John Curto]

Absolutely. And then wrapping up with the company's most recent earnings. This is from February. So we've been kind of giving you a timeline of the last 12 months of this company. The company reported revenue of about half a billion dollars, which was up 1% year over year. But gross margin fell to 30% from 37.5% a year earlier. The company cited higher whey costs. You know, this protein is expensive. They do a lot of importing tariffs also and increased marketing costs. There's a lot of competition in this space and the company has said that they're putting a lot more money into marketing to get their share of it. The company also narrowed its fiscal year 2026 net sales outlook. And back to that repurchasing bell Ring repurchased 3 million shares for just under $100 million, which means there's 543 million remaining under that $600 million repurchase plan. And the company announced, and this is the final part, that its president and CEO, Darcy Davenport, has decided to retire pending the appointment of a new CEO. That has not happened yet. This was announced in February.

[Co-host (possibly a financial analyst or commentator)]

Well, lots going on at this company. Hitting the headlines here. There is the sherry purchase. You've got investors not really buying it overall in the grand scheme of things. That being said, analysts are actually pretty bullish on this one. Barno. So just to sort of counterbalance your skepticism a bit, when you take a look at the analyst community of the 15 Wall street folks covering this, 11 of them as of April are buy or strong buyers on this one. So perhaps they're waiting to see some signs that things are going to get better again. That CEO retirement getting people a little bit nervous. The other piece here, of course, the competitive dynamic. We've got everyone going from Coca Cola to more independent brands like who are doubling down on this space, the one we're absolutely going to keep on watching.

[John Curto]

If you have a question for Ann or a company you'd like us to cover like Bonnie, drop a note in the comments or send an email to Brewmarket show at Morning Broadcom.

[Co-host (possibly a financial analyst or commentator)]

Well, let's take a break and when we come back, we'll take a spin through the headlines that are moving the markets today.

[John Curto]

Vaneck's got a question for the market.

[Co-host (possibly a financial analyst or commentator)]

Ask away.

[John Curto]

What if energy, gold and infrastructure long ignored by many investors are becoming increasingly important again?

[Co-host (possibly a financial analyst or commentator)]

Vaneck shares that the assets building the future aren't all in tech data centers need electricity, I needs copper and gold is signaling that the old rules about money, debt and currency could be shifting. This is something VanEck's Real Assets team has been highlighting for years.

[John Curto]

RA ex the VanEck Real Assets ETF can give investors active, diversified exposure across all of it in one allocation. It's built for this environment. Vaneck notes that if you're building a portfolio for a new era and Real Assets Racks offers diversified exposure in one place.

[Co-host (possibly a financial analyst or commentator)]

Learn more at vaneck.com brewrax that's vaneck.com Brew R A A X read fun

[John Curto]

disclosures in the podcast Description K Pop

[Guest or additional commentator]

Demon Hunters Saja Boys Breakfast Meal and Hunt Tricks Meal have just dropped at McDonald's. They're calling this a battle for the fans. What do you say to that Rumi?

[Co-host (possibly a financial analyst or commentator)]

It's not a battle. So glad the Saja Boys could take breakfast and give our meal the rest of the day.

[Ann Berry]

It is an honor to share.

[Co-host (possibly a financial analyst or commentator)]

No, it's our honor.

[Ann Berry]

It is our larger honor.

[Co-host (possibly a financial analyst or commentator)]

No, really, stop.

[Guest or additional commentator]

You can really feel the respect in this battle. Pick a meal to pick a side

[John Curto]

and participate in McDonald's while supplies last.

[Co-host (possibly a financial analyst or commentator)]

Well, it's 4pm on the east Coast. The markets have wrapped up and while we don't have a ticker tape, we'll throw it over to our human ticker.

[John Curto]

Our producer John the S&P 500 and the Dow both finished up around 4/10 of a percent today. The Nasdaq finished up nearly half a percent. Some other market headlines Shares of theater chain AMC Ticker AMC rose over 12% today after the company saw its largest combined ticket sales and concessions revenue for an Easter weekend in the company's 106 year history. That's largely thanks to this weekend's premiere of the Super Mario Galaxy movie, which overall brought in over $130 million domestically and nearly $375 million globally. Also driving sales collectibles like the Yoshi and Luma led popcorn buckets, the film now ranks as AMC's second best selling merchandise program of all time, just behind Taylor Swift's the Eras Tour and AMC. CEO Adam Aaron also noted that other popular releases currently in theaters include Project Hail Mary and the drama.

[Co-host (possibly a financial analyst or commentator)]

Got to get a hold of one of those Luma led popcorn buckets I've got to take that is definitely on my wish list. Well, sticking with entertainment for a moment, the Wall Street Journal reported today that Paramount has received commitments from three funds in the Gulf region to help with funding its takeover of Warner Brothers Discovery. And you'll remember That a huge bit of the contention and around Warner Brothers Discovery's board reluctance to actually advocate for this bid versus Netflix was a lack of clarity around where the the money was going to come from to fund this deal. Well, the signed equity commitments total nearly $24 billion and the key players here are Saudi Arabia's public investment fund PIF expected to provide around $10 billion of that. So a massive chunk coming from the Saudi Arabian sovereign wealth pool of money. According to the Journal, the Gulf investors will not though receive voting rights because each stake would remain below the 25% ownership threshold with which you would typically expect to see see voting rights. And as a result, executives don't expect the involvement to trigger an FCC review. So some clever structuring here to try to get around regulatory uncertainty. While the commitments of the Golf investors will help offset the cost for the Ellison family who are ponying up a bunch of this money personally and some of the guarantees that they were putting together. And also the private equity firm Redbird Capital Partners that's played a big stake in backing the deal. Shares in Paramount, that's ticker psky up around 3% looking like investors are thinking that deal certainty is certainly ticking on

[John Curto]

up and then finishing with another Saudi backed company. Shares in Lucid Motors ticker LCID dropped over 8% today after the electric vehicle company said it delivered just under 3,000 vehicles in the first quarter, which fell far short of analyst estimates of nearly 5,200 vehicles. The company said delivery of its Gravity SUV were interrupted for 29 days due to a supplier quality issue. Production hurdles are not new for Lucid. The company has faced repeated supply chain disruptions from magnet shortages to aluminum and chip constraints, and has previously cut production targets in both 2022 and 2025. And Lucid isn't alone. Shares in Tesla are still down after the company missed expectations for Q1 deliveries last week, posting one of its weakest quarters for sales since 2022. Shares in Tesla down 22% US year to date.

[Co-host (possibly a financial analyst or commentator)]

Just a final thought on Tesla. Also JP Morgan's analyst today forecasting up to 60% drop in Tesla share price. You know, we don't often talk about analyst ratings on individual stocks, but they occasionally do come out where they really do make a massive impact on a company's stock movement. So that one again, JP Morgan really moving Tesla over the course of today. Well, just to leave you with the thought, do come back tomorrow because we have a very special guest and that is Jim Lanzone, the chief executive officer of Yahoo. Now for those of you like me who enjoy nerding out on the amount of financial information you can get a hold of on free platforms like Yahoo. It's a really fantastic source of information that we often turn to for this show. So we have Jim to come on to talk about what it's like to run a media company in the age of digital. Will OpenAI be circling Yahoo having just snapped up, for example, TBPN and a lot more about how Yahoo is looking to infuse AI with into its new product scout. That's it for today's Brew Markets Daily.

[John Curto]

Brew Markets Daily is hosted by Ann Berry and produced by John Curto, Talka Villa Tiff, Amelie Laroya and Emily Miller. Bernie De Taco is our audio engineer and the president of Morning Brew Inc. Is Devin Emery.

[Co-host (possibly a financial analyst or commentator)]

Wake up tomorrow with the Morning Brew newsletter and tune in to Deal and Toby on Morning Brew Daily. We'll see you back here tomorrow same time, same place.