The Meme ETF Is Back! & Why Your Local Bank Is Scaling Up

Summary

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Brew Markets: "The Meme ETF Is Back! & Why Your Local Bank Is Scaling Up"

Host: Ann Berry
Date: October 8, 2025

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Overview

In this episode, host Ann Berry unpacks the re-emergence of meme stock ETFs, analyzes a major regional bank merger (Fifth Third and Comerica), and demystifies the growing buzz around asset tokenization by fintech leaders like Robinhood, BlackRock, and Nasdaq. The conversation moves deftly between the day’s hottest stock stories and deep dives into how these trends reflect broader shifts in how institutions and consumers engage with markets and banking.

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Key Discussion Points & Insights

1. Meme Stock ETFs: Institutions Chase Retail Sentiment

[00:31 - 05:08]

• What’s Happening:
  Roundhill Investments just launched the Roundhill Meme Stock ETF (ticker: MEME), designed to "actively manage and quickly rotate into trending meme stocks."

• ETF Breakdown:

  • Largest holding: Opendoor – activist investor Eric Jackson recently defended its fundamentals on the show ("he is very clear in his mind that this is not a meme stock").
  • Other top holdings: Applied Digital (data centers), HIMS & Hers (telehealth), and several quantum computing names.
  • Currently small, with only $250,000 AUM at launch.
  • Similar precedent: VanEck's Social Sentiment ETF (ticker: BUZZ).
    • BUZZ launched after the 2021 GameStop/AMC mania, had severe losses in 2022 (nearly -50% returns), but rebounded later.
    • Major holdings: GameStop, Intel, Palantir, Sofi.

• Institutional Angle:

  • ETF providers and big banks are trying to monetize retail enthusiasm, often by launching products like meme ETFs or selling "memification" data to hedge funds.
  • Quote: Ann Berry explains, "Institutions keep trying to figure out how to play the sentiment game when it comes to these names" [01:38].

• Critical View:

  • Ann is skeptical, does not personally own these ETFs, and avoids meme stocks in her own portfolio—but stresses the trend’s influence on the broader market.
  • "As retail investor activity grows, I expect more of these sorts of products to sprout along with it. We will keep watching." [04:47]

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2. Bank Mergers: Fifth Third Acquires Comerica

[05:18 - 14:48]

• Deal Details:

  • Fifth Third Bank acquires Comerica Bank for $11 billion in an all-stock deal.
  • Creates one of the top 20 largest US banks with $288 billion in total assets.
  • Comerica shares shot up 17% on announcement; Fifth Third remained flat.

• Industry Trend:

  • The number of FDIC-insured banks has halved since 2005, from 9,000 to fewer than 4,500.
  • Rising costs associated with technology, cybersecurity, and compliance push smaller banks toward consolidation.

• Strategic Rationale:

  • Big national banks like JPMorgan, Bank of America, and Wells Fargo dominate deposits (30% collectively).
  • Regional banks—like Fifth Third and Comerica—focus on reliable local retail deposits and relationships.
  • Merging diversifies risk (commercial vs. retail deposit bases) and pools resources for expensive tech investments.

• The “Stickiness” Factor:

  • John shares a personal anecdote of becoming a loyal local bank customer thanks to tailored perks and service:
    "I have found that I'm now banking in one place and I'm going to stick there." [09:19]
  • Ann contrasts this with the “flightiness” of major institutional depositors during the March 2023 mini banking crisis (SVB, Signature, First Republic).

• Hybrid Strategies Emerging:

  • Big banks try to “get local”; regionals try to “get bigger.”
  • Example: JPMorgan CEO Jamie Dimon’s summer bus tours to branch locations in the Deep South.
    • "JP Morgan is trying to get into the Deep South... [Huntsville, Alabama is] a thriving, highly affluent town." [11:53]

• Experiential Branching:

  • Trend of banks doubling as cafes (e.g., Capital One Cafes) to drive foot traffic and cement relationships.

• Regulatory Backdrop:

  • Laxer merger oversight and easing capital requirements (in a Trump administration) may encourage a wave of future financial M&A.
  • "This deal does feel like it's just the beginning of a series of other bank deals we are likely to see at some point over the next 18 months to 36 months." [13:36]

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3. Tokenization: Stocks on Blockchain Explained

[15:46 - 19:06]

• Listener Question:
  Mateo (San Francisco) asks: What is tokenization in the context of Robinhood's new stock tokens for European users?

• What is Tokenization?

  • Ann: "Tokenization is the process of representing a real world asset... with a digital token on a blockchain. Think of it as a digital twin of a traditional asset—with the token mirroring its value and performance, a bit like a derivative." [16:08]
  • Robinhood offers over 200 stock tokens, mirroring actual stocks held in custody.
  • Major players adopting:
    • BlackRock CEO Larry Fink: “Every asset can be tokenized.”
    • Nasdaq: Filed to enable tokenized security trading in the US by next year.
    • Hamilton Lane: Now offers tokenized private equity funds.

• Why Is This a Trend?

  • Faster settlement: Blockchain can clear trades in real time vs. multi-day traditional settlement.
  • Global access: Broader access to investing, bypassing legacy infrastructure.

• Risks & Limits:

  • Tokenization doesn’t necessarily grant legal rights to the actual underlying asset.
  • Notoriously illustrated when Robinhood issued “stock tokens” for OpenAI without approval; OpenAI insisted these were unauthorized and conferred no actual equity rights.
    • "OpenAI quickly posted on X to clarify...the tokens were not real OpenAI equity and that it had not approved any transfer of shares." [18:11]
  • Ongoing concerns around authentication, cybersecurity, and potential legal disputes.

• Mainstreaming:

  • It’s “going mainstream” as heavyweights like BlackRock get involved. More coverage to come as Ann plans to speak directly with Robinhood.

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4. Market Wrap and Headlines

[19:10 - 21:08]

• Closing Market Numbers:

  • Dow: Flat
  • S&P 500: +0.5%
  • Nasdaq: +1.1%

• Featured Headlines:

  • AST SpaceMobile soared 19% after a deal with Verizon for satellite cellular service (competition for Starlink).
  • Figma up 17% after integrating its design platform with ChatGPT—part of a broader trend of business tools integrating with AI platforms.

• Notable Moment:

  • Nvidia headlines again: Jensen Huang confirms Nvidia’s $2 billion investment in Elon Musk's XAI.
    • When asked if things are “getting too circular and too toppy,” Huang responded (paraphrased): "I just wish I had invested more earlier when I had the chance." [20:57]

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Notable Quotes

• On Meme ETFs:
  "While one person's meme stock is another's misunderstood opportunity, differences in opinion make a market."
  – Ann Berry [01:22]

• On Bank “Stickiness”:
  "I have found that I'm now banking in one place and I'm going to stick there."
  – John [09:19]

• On Tokenization:
  "Tokenization is the process of representing a real world asset—like a share or bond—with a digital token on a blockchain... Think of it as a digital twin."
  – Ann Berry [16:08]

• On Regulation and M&A:
  "This deal does feel like it's just the beginning of a series of other bank deals we are likely to see at some point over the next 18 months to 36 months."
  – Ann Berry [13:36]

• On AI Investing Hype:
  "I just wish I had invested more earlier when I had the chance."
  – Jensen Huang (as paraphrased by Ann Berry), regarding Nvidia's investment in XAI [20:57]

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Timestamps for Key Segments

• 00:31 – Introduction to meme ETFs and Roundhill’s launch
• 01:22 – Defining meme stocks vs. misunderstood opportunities
• 04:47 – Institutional attempts to profit from meme trends
• 06:08 – Fifth Third & Comerica merger details and market context
• 09:19 – Personal banking loyalty; stickier deposits
• 11:53 – Major banks’ strategy to get “local” in underserved affluent areas
• 12:57 – Experiential banking; branches as cafes
• 13:36 – Regulatory climate and financial sector consolidation forecasts
• 15:46 – Audience question: the mechanics and risks of tokenization
• 16:08 – Plain explanation of asset tokenization
• 18:11 – Controversy: Unauthorized OpenAI tokenization
• 19:10 – Market wrap and major headlines
• 20:57 – Nvidia investing in Elon Musk’s XAI; “I wish I’d invested more earlier”

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Tone and Takeaways

• The show maintains a breezy yet incisive tone, mixing Wall Street insights with relatable stories and pop culture references.
• Ann Berry blends skepticism with genuine curiosity, always looking out for the average retail investor and highlighting the intersection between financial innovation and real-world impacts.
• The episode is a must-listen (or read—via summary!) for anyone wanting perspective on meme stock mania 2.0, the future of local banks, or why “tokenization” is suddenly the hottest jargon among Wall Street and Silicon Valley titans.

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Transcript

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[Ann Berry]

This week's merger moment Banks why the marriage of 5th, 3rd and Comerica means more deals to come. Robinhood, NASDAQ, even BlackRock, they are all getting in on tokenization. We bust through the jargon to explain what that means. And meme stocks, they're not only back, they're firing up new products. We unpack whether this next trend is here to stay for Wednesday, October 8, it's blue markets Daily and I'm Ann Berry. More market details to come. But first, the debate over meme stocks has fired back on up, this time with new ETFs designed to ride waves of sentiment. I'll come back to that in a moment. Now characterized by volatile stock prices, high social media buzz, often large retail investor holdings offset by institutional shorts or or bets the share price will go down. Debates around meme stocks are passionate and they hinge on where the fundamentals that's revenue, profit and growth outlook are divorced from share price moves. Now we famously saw this in 2021 with names like GameStop and AMC and then again this summer with Krispy Kreme and GoPro. While one person's meme stock is another's misunderstood opportunity, differences in opinion make a market. Now, despite the inevitable uncertainty that comes with these from shuttering hedge funds to roller coaster retail investor gains losses, institutions keep trying to figure out how to play the sentiment game when it comes to these names. Well, today Roundhill Investments launched the Roundhill Meme Stock ETF ticker. Yes, M E M E Meme and it's designed to be, and this is a quote from the marketing documents, actively managed to quickly rotate into trending meme stocks. Well, I dug into its top 10 holdings. As of today, its biggest position is an open door. We interviewed the key activist there, Eric Jackson, last month. Check out that episode for his argument where he is very clear in his mind that this is not a meme stock. The number three position in Round Hill's new ETF is Applied Digital, the data center builder. Well, I interviewed that CEO Wes Cummins for our episode just last Friday and he had pretty high conviction on the company's fundamentals. I frankly doubt he would enjoy Applied Digital being called a meme stock. And the ETF's other top 10 holdings include HIMS and hers, the telehealth business as well as several quantum computing names. Now right now It's a small ETF with about $250,000 under management. It has just launched, but it isn't the first time an institution has tried to capture retail investor enthusiasm in a bottle at some sort of scale. Vaneck has its social sentiment ETF ticker buzz. Yes, buzz buzz. Launched in March 2021, just after peak meme stock season, it had negative returns for close to minus 50% in 2022, but then rebounded the next year. So it was volatility defined. Now the ETF still does hold GameStop as well as quote 75 large cap US stocks, which exhibit the highest degree of positive investor sentiment and bullish perception based on content aggregated from online sources, including social media, news articles, blog posts and other al alternative data sets. It holds Intel, Palantir, Sofi and others. Now, in full disclosure, I don't personally own either of these ETFs and I generally keep meme stocks out of my own portfolio. But I have been watching institutions move to make money from them some way, somehow, either by trading in meme stocks for fees like these ETFs do, or by doing what JP Morgan did starting in December 2021. So screening for signals that a stock might be memified and selling that data to hedge fund clients sitting on a short or a bet against it, basically peddling protective data. And while these ETFs are small today, even the VanEck one only has $127 million of assets under management. As retail investor activity grows, I expect more of these sorts of products to sprout along with it. We will keep watching. Now coming up, what do you want from your bank? Do you want in person service or just digital ease? Well, we're going to take a look at what the latest bank mergers are telling us about our consumer preferences and tokenization. What exactly are blackrock, Robinhood and others talking about? But first, a word from our Sponsor Capital client group. Our producer John and I were talking about some other podcasts that we listen to.

[John]

That's right. In a world full of noise, long term thinking stands out. On the Capital Ideas podcast, Capital Group leaders explore the decisions that matter most in investing, leadership and life.

[Ann Berry]

It's a rare look inside a firm that's been helping people pursue their financial goals for more than 90 years. Available wherever you listen. Published by Capital Client Group Inc. We're here on the show. We look for merger moments we think you'll find interesting. And the one that we've chosen for today may start out sounding a little bit dry, but stick with us because there's more to it than meets the eye. And banks, let's face it, touch all of us. Well, earlier this week, one large regional bank bought another. John is already yawning. But there's a story of strategy here and it starts with this fun fact. In 2005, there were 9,000 banks insured by the regulator FDIC. Now there are fewer than about half that. We're going to dig in to what has caused this, what it means for bank deals and what it means for all of us. But John, first, let's hit the highlights of the deal.

[John]

That's right.

[Ann Berry]

Okay.

[John]

So on Monday, Fifth Third bank announced it is acquiring Comerica bank for about $11 billion in an all stock deal. And as a reminder, many banks are publicly traded companies themselves. Fifth Third Ticker 5 FITP market cap over 28 billion. Comerica Ticker CMA. And after the announcement, shares in Comerica shot up 17%. And Fifth Third stock has been relatively flat since. Now, frankly, Ann, I'm not familiar with these banks. I had to look them up. Comerica, based in Dallas, has more than 350 branch Texas, California, Michigan, Arizona and Florida. Fifth Third based in Cincinnati, operates 1100 branches in the Midwest and the South. The deal will create one of the top 20 largest banks in the US with 288 billion in total assets.

[Ann Berry]

So this is a major move. And also, John, just reading about this, it caught our eye also because this is one of the biggest bank deals that we've seen in several years. Whenever you get sort of a seismic deal like this, it's worth digging in to see what's going on. Well, you mentioned you're not familiar with these banks, but let's talk about some banks that you are familiar with, probably. So you've got JP Morgan Chase, bank of America and Wells Fargo, the three big national names, right? They're absolutely everywhere. And what's extraordinary is that these three banks alone account for about 30% of all U.S. domestic deposits. And here's the crux of why this is relevant. Where these big banks have gotten the benefits of scale, where their strategy has been go big or go home. The regional banks have decided instead to go local. They focused on building relationships. They've got physical branches. Can you imagine? Right. The age of digital banking. And they're really known for trying to grab a hold of reliable retail deposits to find customers who are going to stick with them through thick and thin. And they are therefore looking for local communities to bank at their banks. And that's important because. And there's a Wall Street Journal article that talks about this. There was one recent lesson in 2023 which showed the value to these banks of having money that was actually going to stick with them. So if we go back, do you remember this? This was in March. Sure, the bank crisis, the bank crisis of that year. So March 2023, we're going back. It was only two and a half years ago, which times time flies. It feels like it was ages ago. And do you remember the Silicon Valley Valley bank collapsed and that was a bank that had lent a lot of money to lots of glamorous startups. So this was amazing headline fodder. Right. We were all suddenly reading about how Silicon Valley was going to collapse because this particular bank went away. Signature bank then failed First Republic, which banks wealthy individuals then teetered and ended up having to be rescued purchased by JP Morgan. And do you remember this? This was a pretty short lived crisis in a way. But at the time Treasury Secretary Janet Yellen had to come out after a weekend and say, no, look, the US government is going to make sure that we don't have a domino effect here. So we remember this. It was a very difficult time. And one of the things that was learned there was in the age of low interest rates, it turned out that folks were pretty fickle when they decided whether to deposit their money. When it came to a banking crisis, people were pretty quick to pull their money out of banks they thought were going to be on the edge.

[John]

And so that's why the banks want people like me who are going to be a little stickier. And I had that experience recently where I used to send my money out to try to get the biggest return I could. But recently I've been banking locally. The bank I went to gave me a discount for the local bike rental for a year. I'm saving hundreds of dollars. Just a code this local bank had. And then also I've been doing actual banking there of needing to get cashier checks wr and deposits made. And so I have found that I'm now banking in one place and I'm going to stick there.

[Ann Berry]

It's interesting that sort of difference between your experience as an individual where you're saying actually I'm going to perhaps stick around a little bit longer with the bank that services other needs beyond just where I put my money. And then what we saw in the case of Silicon Valley bank, where you had actual companies making decisions to pull really large amounts of money pretty quickly. And so one of the ideas that has been thrown out there for why this deal between comerica and 5th 3rd makes sense is they diversify their holdings. One's a little bit more commercial deposits heavy, one's a little bit more individual heavy, retail heavy. And so the idea is together they get a combined stickier base. The other reason that this caught my eye, John, is trying to think through synergy, right? We so often in these merger moments say, well, what is the saving or the growth opportunity going to be right here? And one of the things that regional banks have struggled with compared again, to the big ones like JP Morgan and Bank of America and Wells Fargo, Just think about the pressure these banks have been under over the last decade to invest behind technology, right? The sheer amount of capex they're spending on online banking, on digital security, on cybersecurity, on compliance, as well as the regulatory technology. Plus there's pressure now for them to move into things like blockchain technologies, which, if you're a smaller regional bank, can feel a little bit more unfamiliar. And so one advantage that would come from this merger is that the Comerica Fifth Third Union would be able to invest more in these expensive technologies and be able to keep up with the game a bit better.

[John]

And what I'm hearing, Ann, is that the small banks are trying to get bigger, the big banks are trying to get local because JP Morgan Chase said it wants to increase its retail U.S. deposit share up to 15% from 11%. And CEO Jamie Dimon, I didn't know about this, but there's been a tradition over the last 10 years where he takes his executives on a bus tour in the summer to visit local branches. And this year, that tour included Mississippi and Alabama for the first time. So it looks like JP Morgan is trying to get into the Deep South.

[Ann Berry]

You know why that makes complete sense to me? The South, I, I think has been overlooked when it comes to where these big national players decide to double down. I was in Huntsville, Alabama over the summer, and it is a thriving, thriving, highly affluent town. And it's just not a city that gets a lot of attention. One of the things you and I talked about on the show before is the fact that Nasdaq has opened an outpost in Dallas, right? And if you actually unpack why Dallas is getting not only Nasdaq, but the New York stock exchan Exchange and a brand new Texas stock exchange there. Texas says, Dallas says we are the gateway to literally Alabama and Mississippi where there's a lot of wealth. There are a lot of people who want relationships built around their capital. This is a place to come be. So there's a lot going on here. There's also one sort of area of this that struck struck me when I was thinking about what does a relationship with your bank mean? Have you seen all of these bank branches that are doubling up as coffee shops popping up around New York?

[John]

Right. I think I saw when the Capital One Cafe.

[Ann Berry]

Yes.

[John]

I don't even know if it has banking there. May just serve coffee. I'm not sure. I haven't been inside yet.

[Ann Berry]

Well, it's one of these things where banks are having to get creative about how to get foot traffic into their branches. They're going to justify the expense of the rent on having that physical location, on paying people to staff those locations. And I just wonder, is this an extension of something we've said several times on the show, which is more digital transactions, in this case online banking and more desire for experiential service, for someone to welcome you, for a human being to discuss something as intimate as your money? Are they ultimately two sides, sides of the same coin? I don't know, we all find out. But it feels as though there's something here about the localization and the personalization that also comes with scale. Well, we're going to keep watching this folks, because again, it's really easy to sort of dismiss financial services as banks as lots of jargon, a little bit dry, but they do affect all of us and they also tend to be one of the areas that are very responsive to interest rate moves. So as we are looking ahead to whether we get another interest rate cut, this is a sector that typically does have reaction to it. A final thought too, as we think about the deal environment, financials are one where when President Trump was elected, market watchers who've been looking at different kinds of administrations and what they tend to do for a long time said financials is one that's probably ripe for more deal activity, probably going to have a regulator that's going to be quicker and easier to get blessings from to do deals, mergers and acquisitions, and also one where some of the rules and regulations around capital requirements is likely to come down. So this, this deal does feel like it's just the beginning of a series of other bank deals we are likely to see at some point over the next 18 months to 36 months. Let's take a quick break. And when we come back, digital twins stocks on Blockchain. We're going to Jargon Bust it all to understand tokenization. Brew Markets Daily is sponsored by Public, the platform for those who take investing seriously. 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 or crypto.

[John]

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[Ann Berry]

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[Ann Berry]

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[Ann Berry]

John, we have a question from the audience.

[John]

That's right, Mateo in San Francisco wrote, Ann, I read that Robinhood has launched stock tokens for European users. I keep hearing the term tokenization. What is it?

[Ann Berry]

Well, this one is really timely because tokenization seems to be picking up steam. And I'm actually chatting about this with the folks at Robinhood in coming weeks to try and suss out what's going on in more detail. So stay tuned for more because I'll report back when I have had those conversations. Meanwhile, here's a quick definition. Tokenization is the process of representing a real world asset that can be a share a company or a bond or a piece of real estate with a digital token on a blockchain. So think of it as a digital twin of a traditional asset with the token mirroring its value and performance, a bit like a derivative. Now, as you say, Mateo, Robinhood has moved into tokenization in a big way. And the stock tokens you reference are the brokerage firms, digital representations of over 200 US stocks and ETFs. Now Robinhood holds the real stocks in custody and then issues tokens that Transfer track their prices so customers can buy, sell or hold the tokens again on the blockchain. Now other major financial institutions have been moving to figure out tokenization too. Larry Fink, CEO of BlackRock, the world's biggest money manager and he personally known for being a crypto skeptic, wrote in his most recent annual letter to shareholders that quote, every asset can be tokenized. And then just last month, nasdaq submitted a filing to the u. S securities and exchange commission to enable the stock exchange to have have trading of tokenized securities from next year. And then Hamilton lane, which is the private capital giant with market cap around $7 billion and just under a trillion dollars of assets under management, now even offers tokenized private equity funds. So why is tokenization picking up and why now? Well, advocates for tokenization have argued that by living on a blockchain, tokenized assets can offer benefits like faster settlement. You've got to remember that right now when you buy an equity, it still takes several days for it to versus it happening in real time when these trades are done on a blockchain. And then there are a couple of other reasons that advocates are saying this is a good thing too. They argue that this provides broader access with more people around the world able to participate in investing without sort of onerous or heavy infrastructure. But there is a key side note. Tokenization does not automatically bring with it all the legal rights of owning the actual original asset. And here's a famous recent example of how this can get contentious. OpenAI CEO Sam Altman was quick to voice his caution this July when Robinhood issued unauthorized stock tokens for the ChatGPT company. OpenAI quickly posted on x to clarify that had no involvement with the move, stating that the tokens were not real OpenAI equity and that it had not approved any transfer of shares. Now, on top of all of this, there is always the issue of digital authentication or cyber security remaining top of mind for those buying, selling or creating these tokens. But momentum is building in it. When you get the likes of blackrock stocking starting to adopt this technology, you know it is going mainstream. So we're going to keep watching.

[John]

And if you have a question for Ann, send an email or Voice Memo to BrewMarketShow Morning.

[Ann Berry]

Brew.com well, it is 4:00pm on the east coast. Here we are, hump of the week and the market's now closing. We don't have a ticker tape, so we'll throw it over to our human ticket, our producer John.

[John]

All right. The dow ended the day flat. The S&P 500 finished up about half a percent and the Nasdaq was up 1.1% today. Here are some market headlines. Shares in AST Space Mobile were up as much as 19% on an announced deal with Verizon to provide cellular service from space beginning next year. AST is a competitor to Starlink, which we explored last month when discussing the battle for Spectrum. Lots of alliances and movement in the satellite communications sector and shares in Figma, the cloud based design company, were up over 17% today after a demonstration that the application is now integrated into ChatGPT, allowing it to complete a design action directly through the Chatbot. We've been discussing the growing number of companies like Etsy and Reddit being incorporated directly into ChatGPT, and then potential pros and cons that come with that integration.

[Ann Berry]

I know how I'm spending my long weekend. This weekend I'm going to be on ChatGPT trying out all of these recent integrations because there's just a lot to keep up with there. Now, just as a final thought, and I sort of reluctantly bring this one to the fore because we seem to be talking about chips all day, every day. It's AI all the time. But we had to go there. We've got Nvidia in the headlines yet again. We need to stop playing headlines. Bingo this time. Today, Jensen Huang discussing an investment by Nvidia into Elon Musk's X AI. Now this had been rumored in the last 24 hours. Jensen Huang in an interview today actually did confirm that Nvidia is making an investment in Elon Musk's XAI, rumored to be about a $2 billion investment. I watched that interview and he was asked, do you think things are getting too circular and too toppy? And his answer was, I just wish I had invested more earlier when I had the chance. I'm paraphrasing, but there it is from Jensen Huang. That's it folks, for today's Brew Markets Daily.

[John]

Brew Markets Daily is hosted by Anne Barry and produced by John Couteau, Tariq Abdelatif and Emily Milian. Our technical director is Luis Farias. Brittany To Taco handles audio and the president of Morning Brew Inc. Is Devin Emery.

[Ann Berry]

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

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