Morning Brew Daily Podcast Summary

Episode: Nvidia Throws $5B Lifeline to Intel & Amex Ups Annual Fee to $895
Hosts: Neal Freyman & Toby Howell
Release Date: September 19, 2025

Overview

This episode of Morning Brew Daily dives into headline-making business news, focusing on Nvidia’s surprise $5 billion investment in Intel, the implications for the U.S. chip war and global tech, and the escalating annual fees and perks in the premium credit card space, led by the latest moves from American Express. The hosts also unpack the FTC’s lawsuit against Ticketmaster, shifts in global drug markets, business woes at Dave & Busters, a media controversy involving Jimmy Kimmel, and a quirky cheating scandal at the World Stone Skimming Championship. Throughout, Neal and Toby deliver sharp analysis, timely stats, and a dose of their signature witty banter.

Key Discussion Points & Insights

1. Nvidia’s $5 Billion Lifeline to Intel

• [03:21] Nvidia takes a roughly 4% stake in Intel, investing $5 billion for joint chip development in PCs and data centers.

• The partnership is framed as a “from enemies to friends” alliance, flipping decades-old Silicon Valley rivalries on their head.

• Intel’s dramatic comeback: Once dominating Nvidia (2x the revenue in 2022), it fell behind in the AI boom; now its stock pops 22% thanks to Nvidia’s confidence.

• The US government’s hands-on involvement: The Biden administration reportedly brokered the deal, viewing Intel as a “strategic asset” in the tech race with China.

• Multiple investments buoy Intel: recent $9B government stake (now up 50%), plus $2B from SoftBank.

• Significance: Shows how industrial policy and strategic alliances are shaping the global semiconductor balance, not just pure market competition.

  “Nvidia and intel teaming up is like if the Yankees and the Mets dropped bad blood in the subway series, if California had functional subways.” — Neal [03:24]

2. American Express Hikes Platinum Card Fee to $895

• [06:52] Amex ups its Platinum card annual fee from $695 to a whopping $895—but claims the card now comes with $3,500 in perks, up from $1,500.

• Perks include: $400 in dining credits, $600 in hotel credits, $300 Lululemon gear, $200 Uber, and more—though many are tricky to use and “parcelled out” over time.

• The arms race in premium cards: Chase Sapphire Reserve had raised its annual fee to $795 earlier in 2025, temporarily becoming the most expensive.

• High annual fees are as much about exclusivity and status as real value; forums deride the Platinum as a “coupon book.”

• Amex targets Gen Z & Millennials: 75% of new premium accounts in these cohorts, with 30% of card spending among Millennials.

  “Amex absolutely can't stand it when another card is more expensive than it… They want to be seen as the most exclusive card of all these EXCL cards, and they're doing that by jacking up the cost…” — Neal [08:42]

  “It's almost becoming an accessory, even more so than actually something that you swipe to spend money with.” — Toby [09:16]

3. FTC Sues Ticketmaster & Live Nation

• [11:27] The FTC hits Ticketmaster/Live Nation with a major lawsuit, accusing the conglomerate of illegal ticket resale practices—like triple-dipping on fees.

• Bots dominate: Just 5 brokers controlled 6,345 Ticketmaster accounts holding 246,000 tickets; potential fines could be in the hundreds of billions.

• The case has rare bipartisan political support, with both Biden and Trump administrations slamming Ticketmaster for anti-consumer behavior.

  “If there's one thing that red and Blue America can agree on … it's that Ticketmaster wields too much power in live ticketing and should be brought to heel.” — Neal [13:06]

4. Stock of the Week / Dog of the Week

Stock of the Week: Cocaine (Illicit Market)

• [16:58] Cocaine trade is booming: use and production reach record levels in the Americas and globally, with purity up and prices down.

• The Jalisco cartel, led by Nemesio ‘Mencho’ Oseguera, capitalizes on the U.S. fentanyl crackdown that dented Sinaloa cartel’s power.

• U.S. is now the world’s highest per-capita user, but Australia and New Zealand lead globally at 3% (ages 15-64).

  “Cocaine consumption in the Western United States has surged 154% since 2019… the fastest growing illegal drug market.” — Neal [16:58]

Dog of the Week: Dave & Busters

• [20:57] The arcade chain’s Q2 results slump: sales, net income, EPS, and revenue all fall, with 10 straight quarters of declining same-store sales.

• New CEO Tarun Lal blames prior management for excessive promotions, axing new games, and undercutting brand awareness.

• Efforts are underway to reinvigorate the appeal, e.g., wacky new “Human Crane” game experiences.

  “His predecessor also eliminated TV ads, leading to a sharp decline in brand awareness… They’re trying to invest in a new game, the Human Crane experience.” — Toby [23:04]

BONUS: All the Major Stock Indices Hit New Highs

• [23:39] For the first time since 2021, the S&P 500, Nasdaq 100, Dow, and Russell 2000 close at record highs simultaneously.

5. Media & Culture Headlines

Jimmy Kimmel Suspended Amid Political Fallout

• [24:06] Disney suspends late-night host Jimmy Kimmel following controversial comments about the murder of Charlie Kirk; Trump administration piles on.

• FCC Chair Brendan Carr and Hollywood figures (Stephen Colbert, Jon Stewart) respond; threat of regulatory action looms, industry talent signals potential boycotts.

  “If ABC thinks this is going to satisfy the regime, they are woefully naive…” — (quoting Stephen Colbert) [25:19]

Stone Skimming Cheating Scandal

• [26:12] At the World Stone Skimming Championship in Scotland, competitors were busted for using “altered” stones—leading to polite but firm disqualifications.

• Historic win: American Jonathan Jennings sets new distance record and becomes first US winner.

  “If we can't entrust throwers to use stones naturally formed within the shale quarries… then why host the WSSC at all?” — Toby [26:12]

Notable Quotes & Moments

• Neal, on Nvidia-Intel partnership:
  “The two chip makers are separated by a two mile stretch of freeway in Santa Clara, but for decades the rivalry was dominated by Intel … Suddenly Nvidia's GPUs … were hotter than the boo boos, and Intel had no response.” [03:21]
• Toby, on Amex’s strategy:
  “It is definitely leaning into this idea of it being a status symbol ... It's almost becoming an accessory, even more so than actual something that you swipe to spend money with.” [09:16]
• On Trackability of Perks:
  “You need a, you need a notebook, you need an AI to track this all for you…” — Neal [10:00]
• On Ticketmaster’s Monopoly:
  “It’s hard to think of a more unpleasant process than trying to buy tickets to go see your favorite artists.” — Toby [12:54]
• On Dave & Buster’s turnaround:
  “His predecessor also eliminated TV ads, leading to a sharp decline in brand awareness…” — Toby [20:57]
• On stone skimming scandal:
  “Name and shame those spineless skimmers and their unnatural round stones!” — Toby [26:12]

Timestamps of Key Segments

• Nvidia & Intel Deep-Dive: 03:21–06:52
• Amex Fee Hike & Premium Card Trends: 06:52–10:54
• Ticketmaster Lawsuit: 11:27–14:59
• Stock/Dog of the Week: 16:58–23:39
• Jimmy Kimmel/Media Controversy: 24:06–26:07
• Stone Skimming Championship: 26:12–28:48

Podcast Tone & Style

Conversational, witty, fast-paced, and informed. Neal and Toby blend pop culture references with sharp financial insight, making complex industry moves easy and entertaining to grasp.

For Further Info

Morning Brew Daily is available on all podcast platforms and YouTube. Feedback can be sent to Morning Brew at morningbukom.