Bitcoin Hits $80k for First Time Ever & Barnes & Noble is So Back

Summary

Morning Brew Daily – November 11, 2024

Hosts: Neal Freyman & Toby Howell
Title: Bitcoin Hits $80k for First Time Ever & Barnes & Noble is So Back
Release Date: November 11, 2024

---

1. Bitcoin Soars to $80,000: A New Era for Cryptocurrency

Overview:
In a landmark moment for the cryptocurrency market, Bitcoin surged past the $80,000 mark for the first time ever. This unprecedented rise is attributed to the crypto industry's strategic maneuvers during the recent elections and the anticipation of a pro-crypto stance under the incoming Trump administration.

Key Points:

• Election Influence:
  The crypto industry's significant financial contributions played a pivotal role in the election outcomes. With $135 million invested in various races, Toby Howell highlights, “54 of the 58 candidates supported by crypto super PACs won their races and three are too close to call.” ([03:39])

• Trump’s Pro-Crypto Agenda:
  Former President Trump positioned himself as a pro-Bitcoin candidate, promising policies to establish the United States as the global crypto capital. Neal Freyman elaborates, “Trump fashioned himself as the pro bitcoin candidate and has pledged to introduce policies that make the United States the crypto capital of the world.” ([02:36])

• Industry’s Strategic Shift:
  The crypto sector has increasingly engaged with Washington, setting up super PACs like Fair Shake, backed by major players such as Coinbase and Andreessen Horowitz. Neal Freyman notes, “They poured a ton of money in since 2010... They're the biggest single issue super PAC in history.” ([04:38])

Notable Quote:
“Bitcoin was hitting 80,000 was just as far away from the industry's minds as you could possibly imagine... crypto accounts for more than 15% of all known corporate spending since 2010.” — Neal Freyman ([03:39])

---

2. Regulatory Landscape and Future Prospects for Crypto

Overview:
With the potential shift in political power, the regulatory environment for cryptocurrencies is poised for transformation. The incoming administration's approach could either solidify crypto's standing or lead to increased oversight reminiscent of past challenges.

Key Points:

• Regulatory Optimism vs. Challenges:
  While favorable policies could propel crypto further, concerns remain about the industry's propensity for fraud, exemplified by cases like Sam Bankman-Fried’s corporate fraud. Neal Freyman cautions, “Will the crypto industry become the wild west that led to some of the most epic collapses and frauds...” ([06:56])

• Leadership Changes:
  The potential exit of SEC Chair Gary Gensler under the new administration may reduce regulatory pressures, fostering a more crypto-friendly environment. Toby Howell mentions, “Gary Gensler was probably going to be gone from Washington soon under this new Trump presidency.” ([06:56])

---

3. Barnes & Noble’s Remarkable Revival

Overview:
After struggling against giants like Amazon and facing bankruptcy threats, Barnes & Noble has orchestrated a stunning comeback. Under the leadership of James Daunt, the bookstore chain has embraced a localized, indie-store approach, resonating with diverse communities.

Key Points:

• Strategic Leadership:
  James Daunt’s decentralization strategy empowered local store owners to tailor selections based on community preferences. Neal Freyman observes, “He handed control over to a British bookstore revitalization specialist named James Daunt... with a little more indie flair.” ([12:30])

• Store Expansion and Sales Growth:
  The company plans to open 60 new locations this year, marking more openings in the last year than the previous decade. Sales have risen by 4% in the past year, showcasing the effectiveness of their new strategy. Neal Freyman states, “Last year, Barnes and Noble opened more new bookstores than it had in the 10-year period from 2009 to 2019.” ([12:30])

• Community-Driven Curation:
  By focusing on local tastes and leveraging platforms like TikTok’s Booktok, Barnes & Noble has shifted away from traditional publisher-driven displays to more organically curated selections. Toby Howell adds, “They’re just talking to their communities and listening around, maybe scrolling TikTok... to curate selections that people actually want to read.” ([13:42])

Notable Quote:
“Allowing local quirks and empowering the local leadership teams to put their own indie bookstore flair on it is one of the reasons for the turnaround.” — Neal Freyman ([12:30])

---

4. Grammy Nominations: A Mix of Legends and Newcomers

Overview:
The Grammy nominations revealed a blend of established icons like Beyoncé and emerging talents such as Sabrina Carpenter and Charli XCX, indicating a vibrant and competitive landscape in the music industry.

Key Points:

• Beyoncé’s Historic Wins:
  Beyoncé surpassed Jay-Z to become the most nominated artist in Grammy history, especially after her "Cowboy Carter" album. Neal Freyman remarks, “Beyoncé has passed her husband Jay Z to claim sole possession of the most nominated artist in Grammy history.” ([20:48])

• Rise of New Artists:
  Fresh faces like Sabrina Carpenter and Charli XCX received multiple nominations, potentially sweeping major categories and altering Grammy history. Toby Howell highlights, “Sabrina Carpenter and Chapel Rowan are up for the big four awards... they could become only the third artist ever to do so.” ([20:48])

• Legacy and Innovation:
  Even posthumous releases like John Lennon’s “Now and Then,” completed with AI technology, are making waves, illustrating the blend of legacy and modern innovation in today’s music. Toby Howell notes, “A Beatles song is... up for song of the year... one of the first times a Beatles won a Grammy since 2024.” ([21:54])

Notable Quote:
“It really was a good year for music.” — Neal Freyman ([21:02])

---

5. Market Dynamics and Upcoming Events

Overview:
The episode also delves into the stock market's bullish performance post-election, major upcoming events like COP 29, and high-profile announcements such as the Jake Paul vs. Mike Tyson boxing match.

Key Points:

• Stock Market Surge:
  Wall Street celebrated its best week of the year with the Dow and S&P 500 reaching new all-time highs. Neal Freyman states, “The Dow just topped 44,000 for the first time... S&P crossed the 6,000 mark for the first time ever.” ([23:41])

• UN COP 29 in Azerbaijan:
  The climate summit is set in Baku, Azerbaijan, focusing on climate finance. The choice reflects geopolitical dynamics, including Russia’s influence on the selection process. Toby Howell explains, “Russia brokered a deal between Armenia and Azerbaijan because they have been at war with each other.” ([24:43])

• Upcoming Administration Hires:
  As President-Elect Trump prepares for his administration, key positions like Treasury Secretary are up for grabs, with notable contenders such as John Paulson and Robert Lighthizer in the mix. Neal Freyman mentions, “Trump has to hire... He hired Howard Lutnick... to fill those positions.” ([25:15])

• Jake Paul vs. Mike Tyson Fight:
  A highly anticipated boxing match between Jake Paul and Mike Tyson is scheduled for Friday in Dallas, live-streamed on Netflix. Toby Howell shares, “I feel like we've been hearing about this for five years.” ([26:25])

Notable Quote:
“Wall Street is coming off its best week all year following that post-election boost.” — Toby Howell ([23:41])

---

6. Upcoming Highlights and Closing Remarks

Overview:
The hosts wrap up by discussing upcoming events, including the revelation of People’s Sexiest Man Alive, and promoting the latest episodes and segments.

Notable Quote:
“Share this pod with someone you want to go Defy gravity with.” — Toby Howell ([27:32])

---

Conclusion:
This episode of Morning Brew Daily offers a comprehensive overview of the latest in cryptocurrency advancements, retail revival stories, the dynamic music industry, and significant market movements. Hosts Neal Freyman and Toby Howell provide insightful commentary, enriched with notable quotes and detailed discussions, making it a must-listen for anyone keen on staying informed about the current business and economic landscape.

Transcript

[Ryan Reynolds]

Ryan Reynolds here for I guess my hundredth mint commercial. No, no, no, no, no, no, don't. No, no, no. I mean, honestly, when I started this, I thought I'd only have to do like four of these. I mean, it's unlimited to Premium Wireless for $15 a month. How are there still people paying two or three times that much? I'm sorry, I shouldn't be victim blaming. Here, give it a [e-mail] save whenever you're ready.

[Neal Freyman]

$45 upfront payment equivalent to $15 per month. New customers on first three month plan only. Taxes and fees, extra speed slower above 40 gigabyte CD tails. Good morning Brew Daily Show. I'm Neal Freyman.

[Toby Howell]

And I'm Toby Howell.

[Neal Freyman]

Today, after crypto's big win at the elections, is bitcoin going to the moon?

[Toby Howell]

Then Barnes and Noble has surprisingly turned around its business in a story that is sure to be a page Turner. It's Monday, November 11th. Let's ride.

[Neal Freyman]

Good morning. Today is Veterans Day 1111, when America honors the people who have served the United States in the armed forces forces. We're sending our gratitude to all veterans and their families. And I'm particularly thinking about my two late grandfathers who served in the army during World War II. One of the most vivid memories of my childhood was going to Belgium with my mom's dad and our entire family to see where he fought in the Battle of the Bulge. I think he was just 18 at the time, which is just crazy to think about. They were also both big Eagles fans, so I know they're smiling down today after that thumping over Dallas.

[Toby Howell]

Go Birds. They would have loved to see Saquon in action. Just some logistics. Too many of you listening might be off today. And so are Most banks, the U.S. post Office, public schools and libraries, they are closed. But the stock market, most retail stores and national parks are open. National parks are also free today too. So if you don't have anything to do, maybe head to your nearest one and try walking around while listening to listening to this episode of Morning Brew daily. But first, a word from our new sponsor, Sage.

[Neal Freyman]

Sage is back. Not the herb, but the best accounting, payroll and HR software in the game.

[Toby Howell]

And it's getting better. Neal. Sage has looped in AI and automation to help CFOs make smarter, faster decisions.

[Neal Freyman]

Really, it's you all that we want to talk to. CFOs are people aspiring to one day be a CFO. Everyone around you is using this technology, so we don't want you to fall behind.

[Toby Howell]

According to a Sage report, 87% of CFOs who have incorporated AI report a significant effect on their business.

[Neal Freyman]

You hear a style like that and realize it's one of those times in business where you can either innovate and evolve or get left in the dust. Don't get left in the dust.

[Toby Howell]

Instead, visit sage.com to learn more.

[Neal Freyman]

Well, bitcoin were a college football team, its fans would have stormed the field and paraded the goalposts around campus. This morning, the world's biggest cryptocurrency topped $82,000 for the first time ever, with investors betting that the incoming Trump administration will make crypto great again. During the campaign, Trump fashioned himself as the pro bitcoin candidate and has pledged to introduce policies that make the United States the crypto capital of the world. But it's not just Trump that's causing all of these bitcoin fireworks. The gop considered the party more friendly to crypto, appears to be closing in on gaining control of the House as well as the Senate. So the people in charge of writing and passing laws in this country are going to craft regulations that are more friendly to crypto than the existing legislature. Toby the crypto industry is doing a victory lap over these election results. It shelled out $135 million on races up and down the ballot this election and that totally paid off. 54 of the 58 candidates supported by crypto super PACs won their races and three are too close to call.

[Toby Howell]

It is crazy to just think back even to the middle of 2022. Bitcoin hitting 80,000 was just as far away from the industry's minds as you could possibly imagine. That was right after the market meltdown, right around collapse of RTX as well. And it was also right around that time where the crypto industry started taking Washington more seriously. Brian Armstrong, who is the CEO of Coinbase, said, we have to be realist. Money moves the needle. And what he did was set up this PAC that said we want to start pouring in money towards Washington much in the same way that these other industry groups like oil and gas do. They wanted to be a factor in these Senate races and in the presidential race. And you're right, like they have poured a ton of money in since. Crypto accounts for more than 15% of all known corporate spending since 2010. It already has $78 million lined up for next year's or in two years mid term election. So they truly did just embrace Washington and embrace spending in order to advance their agenda.

[Neal Freyman]

Yeah, the Amount of money that the crypto industry poured in after that call to arms by Brian Armstrong is truly astonishing since 2010, which is when that Supreme Court decision came down which allowed corporations to, to spend freely on elections. They're just the second industry behind oil and gas in terms of spending. And then the the name you need to know is Fair Shake. That is the top crypto super PAC that has been donated to by folks like Coinbase, Ripple Labs, Andreessen Horowitz, who has spent a ton of money. They're the VC firm that has invested a lot in crypto. They're the biggest single issue super PAC in history. And you're right, they already raised nearly $80 million to spend on 2026. So crypto is not going anytime soon. I think one race that people should know about that sort of shows the crypto industry flexing is the Senate race in Ohio. Sherrod Brown, the Democrat there, had been very skeptical of crypto and wanted to bring hearings about how crypto is used in terrorism and other scam, scammy ways that bitcoin or bitcoin and the crypto industry has been leveraged. Well, Fair shake spent $40 million on an opponent, Bernie Moreno. And Bernie Moreno beat, beat Sherrod Brown in that race and a tight race. So that is just one race where you can see the crypto industry really flexing. And they didn't talk about crypto at all in their ads on this. They just talked about various other issues. But it was, the whole point was just to get shared Brown out.

[Toby Howell]

Right. And then also now that more crypto friendly people are filtering into Washington, there also looks like some anti crypto people are filtering out. One of the biggest opponents, the nemesis of the industry has been SEC Chair Gary Gensler. He's been arguing that crypto firms need to be under his agency's purview. They need to have more protections that treat them more like stock exchanges. He was probably going to be gone from Washington soon under this new Trump presidency. So it, everything is, is coming up for the crypto industry. You can see it too. It's not just bitcoin that is rising. Ethereum is ripping Ripple, who you mentioned is ripping. Even the meme coins like Shiba, Inu and Dogecoin are up 17, 31%. Coinbase too. We mentioned Brian Armstrong, absolutely Crushing it now, up 50, nearly 50% in the last week. So it is a rising tide floats all boats situation.

[Neal Freyman]

But the question is, will the crypto industry become the wild west that led to some of the most epic collapses and frauds that America has ever seen. Remember Sam Bankman Fried is in jail right now for running the biggest corporate fraud in American history, stealing $9 billion through his crypto exchange, FTSE. So that was what the current administration was trying to crack down on. Now that there might be more unfettered crypto enthusiasm, we'll see whether the crypto industry reverts back to some of those bad actors that that had plagued the system for the past few years.

[Toby Howell]

As Trump gears up for a second term in office, another question that is top of mind is if the sports world, from the NCAA to FIFA and beyond, is ready for another Trump presidency. Two of the biggest sporting events in the world will happen under Trump's second term in the 2026 World cup, which the US is co hosting alongside Mexico and Canada, and the 2028 Summer Olympics in Los Angeles. Plus, the NCAA has major business implications on the line as it has been trying to get Congress to pass a law that would prevent athletes from being classified as employees, something a Republican Congress has been more amenable to. Even the world of golf is holding its breath as the new administration could help broker a deal between the PGA and live tours. So Neal, lots of implications for the sports world under a second term for the most sports focused president in modern US History.

[Neal Freyman]

He really is, he loves sports. He loves surrounding himself with sports people. So there is going to be a lot of attention on the sports world during a second Trump administration. But let's zoom out to the college sports world, which doesn't have anything to do with Trump. It has to do with a Republican legislature which does appear to be on track to happening. It was a bad day, Election day if you were a college athlete. It was a great day if you were a college president or conference commissioner. For five years now, the NCAA has poured billions of dollars into a lobbying campaign to get Congress to pass a bill to finally write a rules of the road for this huge question that is looming, which is what should we classify college athletes as? And they, the NCAA conference commissioners, they want an anti employment provision. They do not think that college athletes should be considered employees. And so it looks like now that, you know, after the results of the election, Congress could finally take this up. This, this issue that's been weighing down the NCAA for so long and has caused all sorts of Wild west regulations like nil to finally take this up and put some rules of the road that would be more amenable to the, to the people in charge and not the college athletes themselves who have sort of disrupted the status quo as we've seen in recent years. Dartmouth player, basketball, men's basketball players unionized. There was also a case involving USC football and basketball players. This is in front of the National Labor Review Board. That could get a change up as well with the changing administration. So it looks like maybe one way or another we will have some sort of resolution in the question of NCAA amateurism.

[Toby Howell]

And then let's talk about these global mega events to the World cup and Olympics are both coming to the United States. Putting it on a world stage could be a little bit awkward though, because the World Cup I mentioned we are co hosting alongside Canada and Mexico. There has been a lot of talk about Trump applying tariffs to Mexico. So that could strain diplomatic and business ties to between these two co hosting countries. So that's one thing to look out for. The president of FIFA, on the other hand, who runs the World cup is very close with Trump. Infantino has posted Instagram stories congratulating him in the past. So it does look like at the very top levels Trump and Infantino will be able to smooth things over. But you do have to think about just kind of the awkward diplomacy that is at hand. Even though that we're talking about a sporting event, soccer event, there are other geopolitical and business tensions underneath the surface.

[Neal Freyman]

Yeah, I mean I totally forgot we're hosting the World cup in 2026 that is on the 250th birthday of the United States. So I can just imagine the attention, the billions of people watching. It's also in the new expanded format, right? 32 teams, which is going to draw even more eyeballs, draw even more sponsorship dollars. So this is going to be just a mega event that is happening in maybe a year and a half. And then coming after, after what we saw at the Paris Olympics which took over the world, it's going to be perhaps even bigger in L. A in 2028. So got me a little excited. But yes, you're just thinking about what's going to happen in the next four years. There's a lot going on.

[Toby Howell]

Sorry, I was just daydreaming there about Christian Pulisic holding the World cup trophy at the end of the World cup on America's 250th birthday. I don't think it's going to be this time around. Guess who's back, Back again. Barnes and Noble is back, you can tell A friend, the bookseller who was on the verge of bankruptcy just six years ago has found its groove and is on track to hit its goal of opening 60 new locations this year. After getting its lunch eaten by the rise of Amazon and sinking $1 billion into developing an unpopular Kindle competitor, a hedge fund buyout in 2019 kicked off a surprise turnaround. Instead of stripping the bookmaker for parts, they handed control over to a British bookstore revitalization specialist named James Daunt. And he saved the big chain by going little. He decentralized a lot of the store's operations and empowered local store owners to curate selections based on local preferences instead. So with a little bit more indie flair, suddenly a chain that didn't seem like it would survive in this era has picked up where it last dog eared a page.

[Neal Freyman]

Last year, Barnes and Noble opened more new bookstores than it had in the 10 year period from 2009 to 2019. So maybe the same way that Brian Nicholl is the fast, casual whisperer James Daunt is to bookstores. And what he's been doing would make a brand strategist absolutely wins because there's very little uniformity in how they're renovating or decorating stores. I mean, there's nine locations of Barnes and Noble in New York City. Four of them have different logos. And then there's this one location in Florida where the local, you know, local management there said, we don't really want to be named Barnes and Noble. We want to be called B. Dalton Bookseller after a chain that Barnes and Noble acquired back in 1987 liquidated. And they were like, yeah, we want to be called BE Dalton Bookseller instead of Barnes Noble. And James Don is like, sure, go ahead. So there's a certain lack of uniformity, a really intense focus on local booksellers. But that's what James Don thinks works in the bookselling word world. He doesn't think that chains and uniformity work. It's that local quirks and allowing and empowering the local leadership teams to put their own indie bookstore flair on it is one of the reasons for the turnaround.

[Toby Howell]

It really has been quite the story arc for Barnes and Noble. First it was the big box villain kind of ravaging these local indie bookstores. But then it itself got ravaged by the even bigger behemoth, which was Amazon. So now it's returned to kind of this indie bookstore arc. One thing that they have started to do is they've changed their relationship with publishers. It used to be that publishers could pay you to set up a display in the front of a Barnes and Noble. And yes, that brought in revenue. But it also risked putting a lot of real estate towards maybe an unpopular book. So what they've been doing instead is just not even really looking at data, just kind of talking to their communities and listening around, maybe scrolling tick tock, seeing what Booktok is talking about to curate selections that people actually want to read. And you're right, it doesn't necessarily make sense. But indie bookstores have never really made sense. It's always been about the feel and the vibe and the flair to it. I have seen some pushbacks though, because they're trying to remake a lot of these stores, you know, make them look more like indie bookstores with a new layout, less alphabetical sorting, more just get lost in like a corner like that. But some people walk in and say like you guys are trying to copy an indie bookstore, but you are not. So they see through it a little bit. But sales have risen 4% in the last year. There are opening new stores. So clearly it is resonating with some people. And honestly, the more bookstores the better. That's what I like to say. Up next, it's our winners of the weekend.

[Neal Freyman]

You know the best part of holiday season? The early days before all the big celebrations.

[Toby Howell]

Agreed. I always love the early holiday era. You got work parties, friendsgiving, special date nights, last minute weekend weekend trips. It is a fun time.

[Neal Freyman]

Yep. I always like to treat myself to a little pre holiday special something. And this year I'm definitely going with Bonobos.

[Toby Howell]

Nice choice. They're holding an early holiday treat yourself sale where you can get 30% off your purchase before the gifting season begins. With code you first want the perfect.

[Neal Freyman]

Festive sweater for your holiday work party or a slick jacket and a warm pair of trousers for bopping around the city. Perfect Bonobos has you covered.

[Toby Howell]

And here's the deal. Today is the last day you can get 30% off your purchase. So go treat yourself ASAP.

[Neal Freyman]

Head over to bonobos.com and use code you first to get 30% off your order. That's bonobos.com and code you first. What does the growth of every business pretty much depend on besides great snacks.

[Toby Howell]

In the break room? It's got to be innovation.

[Neal Freyman]

Exactly. And innovation relies on business processes that are clear and quick.

[Toby Howell]

Most CEOs understand the importance of innovation, but in truth, a majority feel their teams could be better at it. With more than eight out of nine innovation projects experiencing stalls and inefficiencies.

[Neal Freyman]

Luckily, that's where Miro's Innovation workplace comes in. It comes loaded with AI enabled tools to help teams get from idea to output faster.

[Toby Howell]

Yep, we're talking text to diagram functions, AI enabled intelligence, widgets, two way sync, tech and design capabilities to name a few.

[Neal Freyman]

Whether you work in innovation, product design, engineering, ux, agile or it, bring your teams to Miro's revolutionary Innovation Workspace to be faster. From idea to outcome. Go to miro.com to find out how. That's M I R O.com welcome to winners of the Weekend, the segment where Toby and I pick two things that never have to wait in line for brunch in the West Village. Like Toby, I won the pre show game of 20 questions, so I get to go first. And my winner is congestion pricing in New York City because it might be getting a second lease on life. The controversial plan, which would have put a $15 toll on vehicles driving into the heart of Manhattan, the first of its kind in the United States, is being revived by New York Governor Kathy Hochul. Last week, according to Politico, she asked the US Department of Transportation whether a version of congestion pricing with lower tolls would trigger a long environmental review. So seems like she's gaming out a potential timeline. And if she reintroduces congestion pricing, it represent a dramatic U turn by Hochul, who squashed the plan in June, just weeks before it was supposed to go into effect. That move drew outrage from transit advocates who argue congestion pricing can reduce traffic and improve air quality while raising funds for the subway and buses. But Hochul withdrew congestion pricing after fierce opposition from people in the outer boroughs and the suburbs who called the $15 toll a shadow tax on commuters. So Toby, what might be changing your mind?

[Toby Howell]

Well, I don't know if you've heard recently, Neal, but there has been an election in the last few weeks. Trump could try and block the plan at a federal level, threaten to withhold federal funding. He would not actually have unilateral power to stop the program, but his administration could take it to federal court. Generally speaking, though, he has been pretty vocally against the plan. Trump Tower Tower is in the congestion zone.

[Neal Freyman]

So right under, I think it's at 59 and the congestion zone 60.

[Toby Howell]

Go figure that he doesn't like congestion pricing. But yeah, the general consensus is if that Hochul doesn't get this through before January, before Inauguration Day, it is unlikely that this plan will start. Yeah, it is. It is crazy to see that Hochul just first did this whole 180 cancel the plan, but now it's kind of soft launching the fact that it might go through again. They've reduced the tax maybe from 15 to $9. So they've softened it a little bit. In general. This is a pretty unpopular program with a lot of people, a lot of New Yorkers. Sienna did a college survey or Sienna College did a survey back in April and two thirds of New Yorkers said they opposed it. But there are a lot of people on the side, transit authorities being one of them.

[Neal Freyman]

Yeah. Because they need now they have a $15 billion budget hole that needs to be recouped. Meanwhile, all the infrastructure has been placed because she canceled it January 5th. It was supposed to go into effect January 20th. So they had $500 million worth of cameras that would have placed this toll all around New York City that are now, I assume, just sitting there. So basically, hoco is like, what's the timeline here? Because the question is if she can get it started in the next few months before, I guess, weeks, months before Trump takes, gets inaugurated, then it would be hard to stop. So there does seem to be momentum building back, maybe in a little bit of a watered down version. $9 instead of $15. More exceptions. It seems like she was just waiting till after the election to just kickstart this plan. But I know, you know, we'll see. It'll be another big fight.

[Toby Howell]

My winner of the weekend is the state of pop music because the Grammy nominations came out just before the weekend and boy, are we in a good place. You have the juggernauts represented in Taylor Swift and Beyonce, but also a gaggle of newer stars ascending to challenge their throne. Sabrina Carpenter, Chapel Roan, Charlie XCX and Chibuzzi all snagged nominations, showing how deep the competition is this year. Some nuggets to look out for come 2025. Beyonce has passed her husband Jay Z to claim sole possession of the most nominated artist in Grammy history, breaking a tie at 88 apiece to surge ahead to 99 after her cowboy Carter album. Got lots of love. But some fresher names to the Grammy scenes could steal the show this year. Both Sabrina Carpenter and Chapel Rowan are up for the big four awards of Album of the Year, Record of the Year, Song of the Year, and best new Artists. If either sweeps, they'll become only the third artist ever to do so. Neil, lots more interesting subplots to unpack too. And what was a great year for music?

[Neal Freyman]

It really was. I mean, in that in those big four, only 13 artists ever have been even been nominated in all of those categories. So they're already making history. Sabrina Carpenter and Chapel Roan. We're also getting a big Heavyweight fight for album of the year between Cowboy Carter from Beyonce and Taylor Swift, the tortured poets department. That's only the second time they're going. They're going head to head in album of the year. Swift won the first round. But it is interesting to see what happened in pop music this year. You had just like the. The legacy powerhouses of Taylor Swift and Beyonce and maybe you could even put Billie Eilish in there against a new crop of newcomers that have just taken over the airwaves, have led in sales in streams Chaperone and Sabrina Carpenter. So they've been doing. They've really just disrupted the pop music industry this year with, with their songs. And I know you can't stop singing them.

[Toby Howell]

I know one. One song I do want to call out too is a very old song. Remember now and Then was this recorded demo that John Lennon wrote for the beatles back in 1977, but that it was never finished. But then it was was finished using the kind of technology powered by AI and released in late 2023. So that is actually up for song of the year. And it is one of the first time a Beatles song is. If it wins, it would be one of the first time a Beatles won a Grammy since February of 2024, when their remastered reissue of I'm Only Sleeping 1 Best Music Video. So it is interesting to see that somehow the Beatles keep popping up in Grammy history, in modern Grammy history. All right.

[Neal Freyman]

And we have to finally quickly touch on some snubs. I want to get your take on whether this is a correct snub hose Too sweet got snubbed.

[Toby Howell]

I mean, that was all over TikTok. So I don't know how that. Well, maybe I'm just too much in a TikTok bubble. So I think that is. I think you can deem that a snub.

[Neal Freyman]

It is a good song. Dua Lipa's radical optimism album.

[Toby Howell]

It is just wild how deep pop music is this year. That Dua Lipa was regulated to the sidelines. And I think that one was valid because it's just math. There's only so many people get nominated. I don't think Dua Lipa deserved it.

[Neal Freyman]

And then Zach Bryan, the country star, got also shut out. But he was huge. He's selling out Barclays center here. He's selling out everywhere.

[Toby Howell]

But he didn't put up his music for Grammy nominations. Also, we are team not Zach Bryan at Marnibre Daily.

[Neal Freyman]

All right, it is Monday. So here's your preview of the big events going down this week the question on investors minds how high can stocks go? Wall street is coming off its best week all year following that post election boost. But it faces a few tests this week. There are earnings reports highlighted by Home Depot, Disney, Shopify and Spotify. And then Wednesday brings the consumer Price Index report which gives the monthly progress on inflation.

[Toby Howell]

Let's just relive that last week in the stock market though. Best post election week ever. Both the Dow and The S&P 500 reached new all time highs. I remember when we were thinking about making Dow to 30,000 hats. The Dow just topped 44,000 for the first time. It is just truly been an up into the right S and p crossed the 6,000 mark for the first time ever. Bitcoin has obviously been ripping truly just.

[Neal Freyman]

An insane run up and Dogecoin up 90% in the past week. Don't forget about that. I wonder if anybody still has theirs from those from those glory days in 2021. COP 29 the UN's annual climate summit kicks off today in Baku, Azerbaijan and this year's theme is climate finance. Leaders from around the globe are gathering to figure out how to find money to transition away from fossil fuels to cleaner forms of energy in our warming world. But Azerbaijan is certainly a curious choice for a climate summit. Its economy is among the most dependent on oil and gas which accounts for 60% of its total income. Baku skyline has been transformed recently from fossil fuel wealth. How did cop 29 end up there?

[Toby Howell]

So it is a little bit confusing. The climate summit is supposed to take place in a different part of the world each year. This year it was the Eastern European group was up, but you actually need unanimous consent from the entire all the countries within that bloc. And Russia wouldn't vote for any country that had condemned its invasion of Ukraine. So it left all but to Armenia and Azerbaijan as the only two candidates. Russia brokered a deal between Armenia and Azerbaijan because they have been at war with each other. So all of that came together to make Azerbaijan the host. So a lot going on behind the scenes there.

[Neal Freyman]

A lot going on. President Elect Trump is expected to make more hires for his new administrator administration. He's got a big cabinet to fill. One of the biggest prizes is Treasury Secretary currently held by Janet Yellen. And a bunch of big names have thrown their names in the ring including billionaire investor John Paulson, hedge fund founder Scott Besson, former SEC chair Jay Clayton, and Trump's former US Trade representative Robert Lighthizer.

[Toby Howell]

Well, Trump has to hire you know, 4,000 people to fill this administration. How do you even go about doing that? Well, you hire a headhunter in chief. Trump's is Howard Lutnick, who is a CEO of this financial firm, Cantor Fitzgerald. Cantor Fitzgerald was actually one of the firms most impacted by 9 11. Lutnick is credited with rebuilding that firm. So he as well as former WWE CEO Linda McMahon are in charge of kind of filling those positions. So they tabbed someone who has experience with doing that before.

[Neal Freyman]

Yeah. So we'll probably see a bunch of picks this week and a lot of jockeying as well. Switching gears, people's Sexiest Man Alive will be revealed tomorrow and it looks like the odds on favorite is Glenn Powell.

[Toby Howell]

Next year, Neal. Next year. We got it. You can bet on this because obviously you can. You can get Tom Brady at plus 6,000 odds, Jason Kelsey at plus 750. But I think the best deal here other than Glenn Powell, who probably should win it. Jeremy Allen White plus 3:40. Yes, chef.

[Neal Freyman]

After a long delay, 27 year old Jake Paul will finally face 58 year old Mike Tyson in a boxing match on Friday that's taking place in Dallas and will be live streamed on Netflix. I feel like we've been hearing about this for five years.

[Toby Howell]

I know, and I'm just not that excited about anymore. Although I have been seeing training camp videos of Mike Tyson and I don't know if it's just smoke and mirrors, but the guy still looks pretty scary.

[Neal Freyman]

All right, that is all the time we have. Thank you for starting your day with us. Have a great Monday and Veterans Day. For any questions, comments or feedback, send an email to Morning Brew daily at Morning Broadcom. To quote Grammy nominee Sabrina Carpenter, please, please, please share the pod with your friends, family or coworkers. Heartbreak is one thing, not spreading the word of is another. And if you're drawing a blank on who to share it with, well, Toby has a fun idea. Babe.

[Toby Howell]

That was a well played. Neil. I want you to share the pot who is excited with someone who is excited that the wicked movie is coming out soon. It is hard to all the movie merch stocking shelves and retail stores right now. It feels like this movie is going to be huge. So share this pod with someone you want to go Defy gravity with.

[Neal Freyman]

All right, let's roll the credits. Emily Milian is our executive producer. I'm sharing it with Emily because I know she's very hype about the movie. Emily, if you haven't heard, there's this really cool podcast. Raymond Lu is our producer. Olivia Graham is our associate producer. Eugenia Ogu is our technical director. Billy Menino is on audio, hair and makeup is so glad they didn't sell their bitcoin. Devin Emery is our chief content officer. And our show is a production of Morning Brew.

[Toby Howell]

Great show today, Neil. Let's run it back tomorrow.