Petco Woos Pet Parents and The Irony: AI Threat Saves Google’s Chrome

Summary

Brew Markets: "Petco Woos Pet Parents and The Irony: AI Threat Saves Google’s Chrome"

Date: September 3, 2025
Host: Ann Berry (A)
Co-host/Producer: John Gratto (B)

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Episode Overview

In this episode of Brew Markets, Ann Berry and John Gratto dig into the day's most compelling stock stories, including Google's legal victory in keeping its Chrome browser, the evolving pet industry with a focus on Petco's attempted turnaround, and the rise of new stock exchanges in Texas. The show intertwines macro trends, company-specific updates, and musings rooted in both personal and economic insight––with a special focus on how generative AI's rise shifted the competitive (and legal) landscape for Google.

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Key Discussion Points & Insights

1. Google's Chrome Victory: Saved by the AI Threat

Timestamps: 00:01–04:21

• Backstory: Alphabet (Google's parent company) stock surged 7% after a court decision allowed Google to retain its Chrome browser, sidestepping the biggest threat from an ongoing Justice Department antitrust suit.
• Context: The antitrust case began in 2020, with prosecutors alleging Google used anticompetitive tactics to dominate U.S. search (90% share), fueled by default agreements that locked out rivals.
• Legal Fallout: A court did rule “Google is a monopolist and has acted as one to maintain its monopoly,” demanding Google end restrictive contracts and share more data. However, the most feared remedy––forcing the sale of Chrome––was avoided.
• Market Impact:
  • Chrome's importance: Over 3 billion users, essential for $250B in ad revenue, and a key funnel for Gmail and Google Docs.
  • Value estimates for Chrome reach up to $200B.

Memorable Moment & Quote:

• Ann, reading from the legal ruling (03:28):

  "The emergence of Gen AI changed the course of this case... Artificial intelligence technologies, particularly generative AI, may yet prove to be game changers. Today, tens of millions of people use Gen AI chatbots like ChatGPT, Perplexity and Claude to gather information they previously sought through Internet search."

• Insight:

  • The irony: Google's legal reprieve was justified by the threat that generative AI will erode their search dominance.
  • Ann’s perspective (04:00):

    “Google shareholders should take the victory lap today... but remember this win comes from the threat that AI poses. It's a double-edged sword.”

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2. Petco and the Booming Pet Industry

Timestamps: 05:05–14:26

• Macro Overview:

  • 62% of U.S. households own pets; Americans will spend over $157 billion on pets this year (food, vet, toys, accessories).
  • Cultural shift to "pet parents" and the humanization of animals is driving industry growth.

• Spending Comparison:

  • Average spend: $22,000 per child per year vs. $2,000 per pet.
  • Ann: “The gap is closing... Ten years ago, no one was even doing that comparison.” (06:56)

• Petco’s Recent Struggles and Efforts:

  • Petco's stock (WOOF) down 87% since COVID peak, despite increased pet spending.
  • The company’s missteps: Over-invested in premium/“bougie” health and wellness products, removing lower-cost/budget options just as post-pandemic inflation hit consumers.
  • John: “At the time they went bougie.” (07:56)
  • Ann: “They went too bougie too quickly.” (08:18)
  • Shift to reintroduce budget options and focus on emotional connection with customers.
  • Petco’s efforts to boost in-store experience: clean layouts, curated events (pet food tastings, ‘Meet the Critters,’ hamster races, bearded dragon scavenger hunt).

Notable Quotes:

• Petco CEO Joel Anderson (clip, 09:18):

  "It quickly became obvious we needed to bring back a more emotional element to how we go to market and connect with pet parents."

• Ann (10:53):

  “There’s not just the hamster wheel event, there’s a Dragons Are Real event... drop into Petco for a fun bearded dragon scavenger hunt. Meet them and bring one home.”

• Veterinary Services Trend:

  • Ten years ago, no in-store vets; now roughly 300 store clinics with plans to double.
  • Integration of vet services and retail cited as a data gold mine—enabling personalized upselling (food, health, birthday reminders).

• Financials:

  • Despite a 1.4% drop in same store sales, Petco made a profit this quarter, quadrupled adjusted EBITDA, and raised its 2025 outlook.

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3. The Rise of Texas Stock Exchanges

Timestamps: 14:27–17:43

• Listener Q&A:
  • Question from Jules in Columbus about reports of New York Stock Exchange listings in Texas.
• Facts:
  • NYSE has launched a Dallas location, reflecting Texas's outsized importance (home to more NYSE-listed companies than any state; $3.7T in market cap).
  • The Texas Stock Exchange, backed by BlackRock, Citadel, Charles Schwab, is rolling out as a tech-forward, low-fee competitor aiming to lure IPOs and public companies.
  • Nasdaq is also opening a Dallas office.
  • Texas’s economy—if a country, 8th in the world—and proximity to southern capital pools is leveraging the trend of corporate relocations and financial decentralization from New York.

Notable Quote:

• Ann (15:52):

  “If Canada and Australia and Brazil can have their own stock exchanges, then why can’t Texas? Because its GDP is bigger than any of those nations.”

• AT&T, long a NYSE staple, is cited as a founding member of the NYSE’s Dallas outpost—good marketing and a nod to its 24,000 Texas employees.

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4. Rapid Market Wrap

Timestamps: 17:54–19:16

• Market Summary:
  • S&P up 0.5%, Nasdaq up 1%, Dow flat.
  • Macy’s stock jumped up to 20% after beating earnings and showing the first positive same-store sales in 12 quarters.
  • Campbell’s Soup beat profit forecasts as Americans cook at home more.
• Ann’s Reaction:
  • Surprised by Macy’s comeback: “I’ve been deeply cynical on that business’s ability to get the engine humming again... But they’re figuring out something.”

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5. Netflix Moves Into Viral, Short-Form Content

Timestamps: 19:16–21:19

• Netflix Innovation:
  • Announcement: Update to ‘moments’ feature allows viewers to clip and share segments of shows, emulating TikTok/Instagram virality.
  • Part of broader efforts: ad-supported subscriptions, password sharing crackdown, and a redesigned app experience.
• Ann’s Take:

  “We’re seeing this continued convergence of the streamers, the social platforms, and traditional media trying to go digital... The markets are going to keep looking for signs of where the puck is heading.” (20:55)

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Memorable Quotes (with Timestamps)

• Ann on AI's role in saving Chrome:

  “The emergence of Gen AI changed the course of this case...” (03:28)

• John on Petco’s missteps:

  “At the time they went bougie.” (07:56)

• Petco CEO Joel Anderson on emotional retail:

  “We needed to bring back a more emotional element to how we go to market and connect with pet parents.” (09:18)

• Ann on Texas’ economic might:

  “If Canada and Australia and Brazil can have their own stock exchanges, then why can’t Texas?” (15:52)

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Timestamps to Key Segments

• Google’s Chrome & AI Antitrust Ruling: 00:01–04:21
• Pet Industry Stats & Petco Woes: 05:05–09:08
• Petco's Turnaround Tactics & Emotional Retail: 09:08–14:26
• Texas Stock Exchange Explainer: 14:27–17:43
• Market Summary (including Macy’s & Campbell’s): 17:54–19:16
• Netflix’s Viral Content Strategy: 19:16–21:19

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Final Takeaways

• The episode skillfully ties together seemingly disparate trends—antitrust and generative AI, pet industry humanization, regional finance hubs, and the evolution of digital media—drawing broader lessons about market adaptation and the unforeseen consequences of technology and culture on business.
• The conversational, slightly playful tone (pets, retro music, quirky in-store events) balances deep dives into financial and strategic subjects, making for both informative and relatable listening.

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For Listeners Looking to Dive Deeper...

Check out the full episode for more color commentary, anecdotes (like Ann's first visit to a Petco), and evolving sector analysis.

Transcript

[A]

Texas why the Lone Star State has its own stock exchanges how the rise of pet parents can mean big business and Google's Chrome win why it's really a tale of gen AI for Wednesday, September 3rd, it's Brew Markets Daily and I'm Ann Berry. More market details to come. But first, Alphabet stock shot up 7% on news that Google gets to keep its Chrome browser. Now I do own Alphabet stock, so I'm obviously glad. But I'm also cautious and here's why. This is really a story about the rising threat of chat GPT. So to set the stage, let's go back to 2020 when the Department of Justice, along with 11 state attorneys general sued Google for monopolistic practices. They argued that for years Google accounted for about 90% of all search queries in the United States and used anti competitive tactics to keep that market share. Because that is the heart of the juicy advertising rev revenue that Google search business benefits from. Now this went to trial in 2023 and last August the U.S. district Court for D.C. concluded that quote, Google is a monopolist and has acted as one to maintain its monopoly. The lawyers accused Google of setting up tight agreements that forced quote, billions of mobile devices and computers to set Google Chrome as the default browser, preventing the pre installation of a competitor. This, they say, fed a Google cycle of scale feeding Google's might. Now this ruling has left the market waiting for the past year to hear how Google's power in search would be broken. And the biggest fear of shareholders has been that Google would be forced to sell Chrome. So great was the risk that the Justice Department would force this sale. That startup Perplexity AI lobbed in a cheeky bid to buy Chrome for just under $35 billion this summer. Google, who hadn't asked for it, said no thank you. It is hard to assess Chrome's value. It's got more than 3 billion users that not only feed into Google search and therefore yield Insights for its $250 billion of ad revenue. It also drives users into money makers Gmail and Google Docs. Some estimates for Chrome's value go as high as nearly $200 billion. That's a meaningful percent of the value of parent company Alphabet. And that's why getting to keep Chrome has driven Alphabet stock price up today. Now goog Google has been told to do other things to reduce its monopoly power. It has to stop those aggressive hand tying distribution agreements for its search services and it has to make data available to competitors so that those can deliver high quality search results and ads too. But the market doesn't think that those actions are as dramatic or as damaging as selling Chrome would have been. So here's the part of the story that really caught my eye because I did dig in today's legal ruling. As we know, I'm a nerd, I can't help myself and I have the document in front of me and it says, quote, the emergence of Gen AI changed the course of this case. So remember, this started back in 2020 and since then. This is a quote, I'm going to pull it up on screen for those of you on video. I'll read it. For those who are on audio, here's what the legal ruling said. Quote Artificial intelligence technologies, particularly generative AI, may yet prove to be game changers. Today, tens of millions of people use Gen A chatbots like Chat, GPT, Perplexity and Claude to gather that they previously sought through Internet search. So what does that mean? Well, it means Google shareholders should take the victory lap today. They got to hold on to their Chrome, but they must remember that this win comes from the threat that AI poses. The Justice Department has said that AI chat bots are so dangerous potentially for the search business that you get to keep Chrome. It's a double edged sword. Coming up, Pet stocks through earnings season. How our furry friends are humanized. And just why are stock exchanges popping up in Texas? But first, if you're going to take your investing seriously, consider Public Brew Markets Daily is sponsored by Public and our producer John was jamming to a throwback playlist as we went through stories today. I gotta tell you, the tunes brought back some good memories.

[B]

Yeah, I've been told I have good taste in music and I know how to go from Motown to disco to some good old school rock and roll.

[A]

I love Motown. And I gotta tell you, I was surprised at how retro your tastes are. John. We loved the old school vibes, but for investing we're into a modern platform just like Public with its clean, intuitive design. And if you have questions about your investments, Public has Alpha, an AI powered research assistant that can help you find the answers you're looking for. Public combines a wide range of asset classes with the tools you need to build and manage your wealth, whether it's with stocks, options, bonds and crypto. So fund your account in minutes or less. Get started at public.com brewmarkets that's public.com.

[B]

Brew Markets paid for by Public Investing. Full disclosure in Podcast Description well, let's.

[A]

Talk about pets baby. Or John and I were talking about this earlier and I'VE got. He said, I've got to do that. Let's talk about pets, baby. We're going to get retro. I can't do it as well as John, who's got a musical background. The pet sector in the United States is enormous and it is growing steadily year over year. Capital one estimates that 62% of American household own pets and that this year alone, Americans will spend over $157 billion on their animals. So let's just unpack that. Nearly two thirds of American households with a pet spending nearly $160 billion on food, vet bills, toys and pet accessories. Now, folks who identify as pet parents to their fur babies are increasingly humanizing their pets. And that's what driving. That's what's driving sales. And this was a recurring theme of on last week's Petco earnings call. More on that in a moment.

[B]

You know, Ann, this makes me think of when I was a kid and the neighbor came over and said, oh, it's my dog's birthday. And my parents, obviously from a different generation, laughed their heads off thinking he was kidding. And my dad said, how do you even know when the dog was born? And now, of course, everyone celebrates their pet's birthday and they even give gifts to their pet. They can wrap that gift in edible wrapping paper for the dog. It's a different time.

[A]

It's a different time. And so to go back to your parents time, here's what they weren't doing. They weren't comparing the spend on pets to spend on their kids. They weren't even the same category for comparison. But we actually decided to do this because it is a data point for how far the pet industry may have to go. The average American is now spending $22,000 a year per child to raise a child. The same average household spend on their pets is $2,000. So Americans are spending 11 times on their child what they would spend on a pet. The point is, 10 years ago, no one was even doing that comparison.

[B]

And the gap is closing.

[A]

And the gap has been closing over time. That's exactly right. Now, last week, Petco ticker. Woof. Yes, that's w o o f the second largest pet retailer reported earnings. Now the company has seen its share price down 87% since its Covid peak. And I will tell you, this has been a painful one for me going back a couple of years. I bought Woof. I bought the stock of Petco. And I did it because I'd watched the explosive growth in the number of households that during COVID folks were looking for companionship when they weren't traveling, when they weren't commuting, they had to time the time in the and the effort available to them to take care of their pets. You could see that the number of households actually getting cats and dogs was going up. And you could see that the amount of money that folks wanted to spend on their pets was going up as well. I bought the stock, but I am one of the folks that's seen the share price absolutely tank since then. So, John, take us through what has gone wrong and remind me why I remain so disappointed by the performance of this stuff.

[B]

We were talking about the spending going up and Petco mentioned that they think they leaned too far at that time into health and wellness. And so they stopped carrying pet food that had artificial ingredients in it. And then when consumers were looking to spend less after Covid, Petco didn't have the budget options for them. So now they're trying to turn that around by having more generic pet food available. But at the time they went bougie.

[A]

They went too bougie too quickly. And it looks like they just didn't have what people wanted when the inflation pendulum just squeezed consumer budgets. Now things have been getting better. We're going to go into some of the numbers more later. But Petco did make a profit this quarter compared to a loss same time last year. Same store sales, though, which is the golden metric for any retailer, no matter whether it's apparel or it's pet accessories, did decrease 1.4%, which was worse than had been expected. And so look, this company is in the middle of a turnaround. It's trying to rev up growth again. We talk on the show a lot about how it's very difficult for public companies to make major change because the market scrutinizes them quarter in, quarter out, when change can take longer than that to have an impact. But they are trying. So John, just, just walk through what it is they're actually trying to do, right?

[B]

Petco CEO Joel Anderson, he's been on the job a little bit more than a year and he said on the most recent earnings call what he thinks it's going to take to get customers back in stores. So let's hear what he had to.

[C]

Say from a marketing perspective. It quickly became obvious we needed to bring back a more emotional element to how we go to market and connect with pet parents.

[B]

Emotional element, pet parents. That's the key, right?

[A]

So they're trying to get people to get back in stores. And what's so interesting to me is every single retailer is trying to do exactly this. They're doubling down on the emotional element, meaning trying to make people feel special when they walk through those front doors. And I actually, in preparation for this conversation, went to go to Petco in Union Square here in New York. And I gotta tell you, I don't have a pet. I love dogs, but I don't have a pet. I'm sort of. I travel too much right now to be able to have one. And I hovered outside the doors of Petco because I sort of feared walking in. I had this bias that I was going to walk in to a place with a bit of sort of funky animal smell and it disheveled set of aisles or just stuff everywhere. And I was surprised to find it was completely. Not only clean and pristine, the merchandising was chic, the layout was uncluttered. And I could just see how, again, for an emotional perspective, it felt like a pleasant destination for curated product and a place to go and enjoy some events and experiences. Because they do actually have programming.

[B]

Right. And it's not just the human consumer that they want to bring in. They brought back their tagline where the pets go. And so they want humans and pets to come and mingle and have, have an experience. They have free pet food tastings. They have a Meet the Critters event. And I'm looking forward to this one. They're bringing back Saturday hamster races.

[A]

Yeah, it's actually never been to one. Never. I've never been to any. We can go together on a team outing. The investor presentation too, has a whole series of events and they're hilarious. There's not just the hamster wheel event, there's a Dragons are Real events I'm looking at on my screen right now where it literally says, drop into Petco for a fun bearded dragon scavenger hunt. Meet them and bring one home. So that's. If you want to get a lizard. There's a here's your feline freebie. So if you own a cat, you can go and get a goodie bag and then there is a ball out for more Memorial Day. Get a free set of tennis balls for your pet when you go and spend $50 in store. So they're really trying to get folks to go and take their pets and have some fun. And to me, again, this felt a lot like Lululemon having yoga classes in store. Right.

[B]

Or dick sporting. Good. They have rock climbing walls and they have ice skating rinks in some of their locations.

[A]

Yeah. So no matter what the category, retail's trying to do this. Now there's something else that the pet space in particular is trying to do. And they're doubling down on health and wellness. Now, John, you'd said earlier that it was the product that they had tried to get on shelves that was going to be bougie and healthy. But they're also literally doubling down on vet services. Veterinary services available to customers.

[B]

Right. Ten years ago, Petco didn't have any vets in stores. Now they have about 300 locations with veterinary clinics and they expect that number to double.

[A]

And they're not alone in doing this. So it was fascinating when we were digging into this. I met with the chief marketing officer of Mars over the summer. And while we associate Mars with confectionery, with M and M's and candy, they also do own pet food brands like Pedigree, Whiskers and Caesar. And Mars operates thousands of vet clinics in the United States. Now, it's a private company, so there's not a ton of information into it, but the chief marketing officer did talk about how it was important to have the vet pet services to drive traffic. And on top of that, it was a way to gather huge amounts of data on the animals themselves so that the pet parents could be offered personalized products for their pets, which I think, you know, really smart remembering the pet's birthday, remember how many pets someone has even thinking about the best kind of nutrition and therefore food to recommend for pets. So this integration of services and product is just really fascinating to me.

[B]

Yeah, that data, data is gold.

[A]

Data is gold. Well, just to put into perspective a little bit more some of the financial data, again, this company is trying to turn it around. Petco pushing on lots of different levers to try and get growth back up, to try and get profitability back up. And digging into the numbers, as we said at the top, same store sales were down, but the company did manage to quadruple its adjusted ebitda, which is a measure of profit, this latest quarter. It did that by taking out $30 million from its overhead spe. It did generate 50 plus million dollars of cash. So a way to invest back into the business. And it raised its 2025 outlook, which not all retailers have been able to do in this environment with tariffs. So lots of good things and we'll see if they can win with the emotional element. Now, again, the stock is down a lot. It's not clear that it's going to be completely successful in its turnaround. We'll have to Wait and see. But at least they're trying. And by the way, Chewy's earnings out next week. So we'll be keeping an eye on that online delivery part of the pet sector to see how the competitive landscape is shifting. Let's take a quick break and when we come back, is the New York Stock Exchange really launching in Texas? John, we have a question from the audience.

[B]

That's right. Jules wrote in from Columbus. Hey Anne, I saw that AT&T announced it's listed on the New York Stock Exchange in Texas. I didn't know Texas had a stock exchange. What's going on?

[A]

Well, I'm going to say thank you for this one Jules, because I saw this announcement too and I have to admit I scratched my head a little bit. So I was very glad to get your question and have an excuse to dig in. So let's talk about what's going on. The New York Stock Exchange has launched a location in Dallas. They did that in August after a very long history actually of connections with Texas. The state is home to more New York Stock Exchange listed companies than any other state and those have more than $3.7 trillion of combined market cap coming into 2026. Also coming to Dallas, we have the Texas Stock Exchange. That's another new national securities exchange backed by financial giants BlackRock, Citadel securities and Charles Schwab. And not to be left out, NASDAQ here in New York also opening a regional office and yes, also in Dallas. So what's going on? Well, a number of high profile companies have moved their headquarters to Texas including Tesla and Oracle to public. They're wooed by lower taxes by a fast growing skilled workfor and a so called quote business friendly climate. Now if Texas were its own country, it would have the 8th largest economy in the world. So if Canada and Australia and Brazil can have their own stock exchanges, then why can't Texas? Because its GDP is bigger than any of those nations. It would then get the benefit of building a financial services hub, creating more jobs and having more expertise located in one of the major Texan cities. So why would companies list their. Well, the Texas exchanges are launching as highly digitized tech focused exchanges and they're aiming to attract public companies, both current ones and ones that want to go public with lower listing and transaction fees. Now the number of public companies has dropped 40% over the past 25 years through a series of take privates and consolidation. And the Texas Stock Exchange says it wants to get more private companies back out there by reducing the administrative burden of IPOs now there's also a lot of local capital in and around Texas. Now, Nasdaq and New York Stock Exchange or NYSE listings make it easy for companies to go see investors in New York, which has historically been the bastion of American finance. But Texas sits much closer to significant wealth and significant investors in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, Oklahoma, South Carolina and 10 NSC. There's a lot of wealth, there's a lot of capital out there. If you know where to go look for it. And as for at&t, well, it's been listed on the New York stock exchange since 1901. Very, very long history of the telecommunications company with the nyse. But the company is headquartered in Dallas, so it makes a ton of sense that it would be one of the founding members of the new local outpost of the NICE making sure it has its ticker, which is the simple letter T on both of the New York Stock Exchange's locations. Now if nothing else, it's good marketing and it's a show of support to the nearly 24,000 employees it has in the great state of Texas.

[B]

That one was news to me. I may have to go pay a visit to Texas. And if you have a question for Ann, send an email or Voice memo to brewmarketshoworningbrew.com.

[A]

Well folks, it's 4pm on the east coast and the markets have closed. Now we don't have a ticker tape so we will throw it over to our human ticker. John, just a little bit of a wrapper around what's gone in the markets today. On the one hand we saw Alphabet and Apple up buoying up the tech sector. But tariff uncertainty? We saw that court decisions suggesting that perhaps the liberation day tariffs are going to have to be reviewed and perhaps revoked. And we've seen weaker job openings data weigh us down elsewhere. So John, what are the specifics in the markets today?

[B]

Well, the S and P was up half a percent and the Nasdaq as you mentioned was up a full percent today and the Dow finished flat. Here's some market headlines. Shares in Macy's were up as much as 20% today as the company topped earnings expectations and raised guidance. We know the department store is in the midst of a turnaround. It closed a bunch of underperforming stores last year. And for those left open, Macy's notched its first positive quarter of same store sales growth after 12 straight quarters of declines. The department store is investing, improving in the in store shopping experience including bulking up sales floor staff and showing new merchandise. And finally, Ann, we talked about this one yesterday. The breakup of food giant Kraft Heinz and we were looking at Campbell's earnings today. The soup and beverage company beat profit forecasts as it sees an increase in consumers buying food to cook at home. Campbell's stock was up over 6%.

[A]

I've got to admit, I was really surprised to the upside by Macy's. I've been deeply cynical on that business's ability to get the engine humming again. Really tough time for department stores. But you know, they're figuring out something at least in those stores that are still open. So I'm going to keep watching that one. That's a personal interest. Well, as a final thought, it's going to take a minute on some news that hit today on Netflix and its next move. Because Netflix we think of as the king of the show when it comes to non user generated content. And yet here it is moving into the place that UGC has reigned supreme. And that short form content, TikTok, YouTube and Instagram have been winning on those 60, 92 minute long reels that have been capturing our attention. Now what Netflix announced today is an update to its moments feature, something it rolled out last year on mobile. And what it allows viewers to do is choose a start and end point to save specific clips and then they can be shared and re watched. Now this is really interesting because what Netflix is trying to do is capitalize on viral moments, something it's tried to do in shows like Wednesday, which I finally got around to watching. And it was a huge fun to watch it. And there's an ability to clip a segment from the screen and then share it with others. Now this comes as Netflix is trying to revamp its brand. It's got a redesigned homepage, it's got a vertical video feed on mobile that looks eerily similar to Tick Tock. And it's been trying a whole bunch of strategic moves since 2022 to try and get new folks to sign up using ad supported subscription plans. It's crackdown on password sharing. So Netflix doesn't release a subscription data anymore. But I've got to imagine that we're going to have data junkies out there trying to figure out just how well these viral moments do. So I'm going to keep watching this one because we're seeing this continued convergence of the streamers of the social media platforms of traditional media trying to go into digital. There's a lot going on here in the markets are going to keep looking for signs of where where the puck is heading. That's it, folks, for today's brew Markets Daily.

[B]

Brew Markets Daily is hosted by Ann Berry and produced by John Gratto, Tarek Abdelatif and Emily Milian. Our technical director is Uchena Wagu, and the president of Morning Brew, Inc. Is Devin Emery.

[A]

Wake up tomorrow with the Morning Brew newsletter and tune in to Neil and Toby on Morning Brew Daily. See you back here tomorrow, same time, same place, Facebook.