← Morning Brew Daily
Morning Brew Daily
US-China Reach Deal for TikTok & No More Quarterly Earnings?
00:28:11
TikTok sale coming soon & less is more
Loading summary
Transcript56 lines
- [00:00]
Narrator/Advertiser
You won't find this stock on the Nasdaq or New York stock exchange, but 10,000 people already own it. Founded by a former Zillow exec, Picasso is disrupting the $1.3 trillion vacation home market with a co ownership model. It's been so successful, they've generated $110 million in gross profits to date and even reserved the NASDAQ ticker. You can invest right now for just $2.90 a share. But hurry, this opportunity closes September 18th. To invest, go to pacaso.com brew that's Picasso.com brew this is a paid advertisement for Picasso's reg offering. Please read the offering circular at Picasso.com brew.
- [00:40]
Neal Freyman
Good Morning Brew Daily Show. I'm Neal Freyman.
- [00:44]
Toby Howell
And I'm Toby Howell.
- [00:45]
Neal Freyman
Today, bad news for your screen time. Good news for amateur restaurant critics. Tick Tock is being saved.
- [00:50]
Toby Howell
Then why is Trump pushing corporate America away from issuing quarterly earnings reports? It's Tuesday, September 16th. Let's ride.
- [01:06]
Neal Freyman
Good morning. Hope everyone is having a great start to their Tuesday. We're counting down the hours until our next monthly trivia night. This evening in Manhattan, a ton of you have signed up to come and we can't wait to stump you all and meet you. Of course. For those of you who can't make it, here's a little taste of what your fellow MBD listeners will be up against. There's a before and after round that asks you to find a single phrase that connects two clues by a single word. For example, if I said Walt Whitman poem about a Marvel character known as the First Avenger, the answer would be. Oh, Captain. My Captain America.
- [01:42]
Toby Howell
Neil Fry. Man, that was good right there. But some details if you signed up, Check your email for details on location. New location this time. We kind of ran out of space at our last one. So we have a bigger and better spot for you today so we can fit more of you in. So get those brains warmed up, guys. Try and develop that prefrontal cortex before age 25. By tonight, if possible. Girls, you're already there. And we'll see all of you there at 6pm tonight. And now a word from our sponsor. Indeed. Neal, you've been at Morning Brew so long, you've practically hired half the company.
- [02:14]
Neal Freyman
Oh, yeah, I found myself neck deep in resumes a time or 16. Sometimes it's overwhelming, though. You put out an application for a new writer position and. And literally thousands of resumes pour in.
- [02:24]
Toby Howell
Sounds like you could use the help of. Indeed. Talent scout. It could be your hiring superpower it pairs with AI and indeed deep pool of job seeker data to help you connect with top candidates.
- [02:34]
Neal Freyman
It's like having a floaty to help save you from the deep end of the resume pool. Hiring more efficiently so I can get back to more important tasks like writing hair and makeup jokes. Sounds like a dream.
- [02:45]
Toby Howell
Dream no more. To learn more, head to indeed.com/brew that's indeed.com/brew President Trump proposed something that most middle schoolers with poor grades would agree with. He wants companies to reduce the frequency of their performance reports. Yesterday, Trump suggested that quarterly earnings reports should be a thing of the past on Wall street and that companies should report on a once every six month schedule instead. His logic this will save money and allow managers to focus on properly running their companies. He posted on Truth Social China has a 50 to 100 year view on management of a company. He continued with whereas we run our companies on a quarterly basis. Question mark? Question mark? Not good. The quarterly schedule has been around ever since the SEC required it back in 1970, which is about how long the debate around that cadence has simmered. In the background. Trump floated the idea of breaking away from the quarterly system in his first term, while both Jamie Dimon and Warren Buffett have called for an end to quarterly guidance, which they think fosters market short termism. The main thrust of any argument to move away from a quarterly system is that it makes companies focus too much on maximizing short term performance, sometimes at the expense of long term plans. Plus, it's just a headache to go through the process of preparing quarterly reports every three months, which can often be an expensive burden, especially for smaller companies. So Neal, an interesting can of worms that has once again been reopened, but still a long way to go to see if the SEC heeds Trump's call.
- [04:14]
Neal Freyman
Yeah, it sounds like a small mechanical thing going from three months to six months, but it could have a massive effect on the economy. Although publicly owned companies account for just about 3,700 of the United States 28 million businesses, they are responsible for a third of all private sector employment, half of all business capital spending. So if this move to a biannual reporting structure results in changes in business strategy, could have huge impacts on how companies hire and deploy resources. Plus it would lead to changes in your portfolio via your 401k which is invested in all these companies.
- [04:51]
Toby Howell
Yeah, and a lot of advocates for this change has said that going to that quarterly system has actually made led to fewer IPOs and fewer public companies. In general, the number of US listed public companies plummeted from 7,500 in 1997 to just around 3,700 today. So again, it is just this onerous system that they are under. It takes a lot of effort to prepare these quarterly reports. And again, the long term thinkers out there are saying, why do we have a system that will make people potentially skimp back on hiring? Because they don't want their profits to take a hit in the short term when they really should be thinking on a much longer term horizon. It's a pretty common practice in other places in the world. Ironically, even though Trump mentioned China, they still do have quarterly reports and they do issue quarterly reports, but in the UK and in some places in Europe they don't have to do it. And so it is not necessarily a brand new idea. There's definitely countries out there that already encourage this sort of system.
- [05:51]
Neal Freyman
But there is a powerful case against as well. These reports are important for a lot of people, including shareholders, economists, retail traders, because without these quarterly reports, if it goes to a longer time horizon, then we just don't know what's going on with particular companies that we want to invest in. We don't know necessarily what's going on in the economy. Imagine if Delta, you know, sees a huge uptick in demand for travel in the summer, but they don't report until the fall. Like how would we know what's going on in terms of the travel industry? Just apply that across the board. Retail traders particularly don't like it. One of the, one of the most popular posts in Reddit's stock market sub forum yesterday was so less transparency and accountability sounds like a great idea, wrote one user. And obviously that was very sarcastic. Got nearly 2,000 upvotes. So the individual investors who are don't have access to much information at all besides what these companies are saying every three months on these conference calls is critically important. So you know, the case against would be this just reduces transparency and accountability across the board.
- [06:58]
Toby Howell
Yeah, the CFA Institute actually did an impact. They studied if the UK ending its quarterly reporting systems in 2014 did anything to affect companies and it didn't really affect how much companies invested, which was again kind of the thrust of this, like they should be thinking more long term with their investments. But what it did do is reduce the accuracy of analysts forecasts, which, you know, becomes this information delta between retail traders and, you know, Wall street itself. So I do think that technically you can see both sides, but it's a double edged sword. Whatever you sacrifice in, you know, transparency, maybe you make up in long term investment, but it also works vice versa as well.
- [07:35]
Neal Freyman
Yeah, it's a really interesting debate and there's good arguments on both sides. It looks like it's essentially a coin flip as to whether the SEC takes Trump up on this popular proposal. It looks like TikTok isn't going anywhere after all. Yesterday, a years long drama appeared to reach its final chapter after U.S. officials said they had reached a framework deal for TikTok's Chinese owner, ByteDance, to hand over ownership to an American entity. The framework will be finalized on Friday when President Trump and Chinese President Xi Jinping speak over the phone to give it their official blessing. Until then, we are left with few details, treasury Secretary Scott Bessen said. We we're not going to talk about the commercial terms of the deal. It's between two private parties, but the commercial terms have been agreed upon. So I would suggest heading to polymarket if you want to find out which American company is most likely to be involved. The deal for TikTok, which was hammered out over negotiations in Madrid, may wrap up a saga that began all the way back in President Trump's first term in 2020. Five years ago, Trump aimed to ban TikTok over national security concerns that China would use the hugely popular app to snoop on American citizens and influence opinion. That effort didn't go anywhere, but in 2024, Congress took up the mantle and passed a law that requires ByteDance to sell TikTok to an American owner or else be banned in the US Once Trump got into office, he softened on Tik Tok and delayed the law's enforcement several times. And now here we are with a deal on the table. So it seems like the only way TikTok will be removed from your phone is if you delete it yourself because you were too addicted. Which we've all been there.
- [09:09]
Toby Howell
We have all been there. One of the interesting sentiments from this negotiation is that Scott Bessant has said that China was very interested in keeping Chinese characteristics of the app which they think are soft power. He literally said the words soft power out there. And I do think that is one aspect of this saga that China does want to hang on to. There's a national security angle. Obviously Congress saw TikTok as a national security threat, but then Beijing clearly cares about TikTok as cultural leverage of some point. I don't really know what Chinese characteristics necessarily mean, but some was kind of brushing it off as this superfluous thing that they were trying to get added to the deal. But it's clearly not just a financial thing for TikTok and for ByteDance and for China. They do think that there is some sort of credibility to having, you know, one of the largest social media apps in the world. And then obviously there's the political angle as well. Trump has flip flopped on it multiple times, kind of going wherever the political winds were blowing. He wants to curry favor with the youth, use it as leverage, saying, hey, I'm fighting for this app that you all love. So a lot of different angles here, but it is fascinating that China is kind of doubling down on this soft power aspect.
- [10:19]
Neal Freyman
Yeah. What's interesting is that China for many months showed very little appetite to make a deal for TikTok. They had dug in their heels. So what changed? It seems like they are very keen on President Trump visiting China for a summit with Xi Jinping and, and the United States perhaps conceded to that agreement. They're going to send Trump over to Beijing to meet with Xi in exchange for China allowing TikTok to be sold. Probably find out more details after this call. On Friday, they could announce a summit of Trump heading over there. The question now for people interested in American companies is who is going to buy it? Well, I did look at polymarket. I told you all to look, but I did a little bit of the legwork and the, the frontrunner in this race is not a surprise. Larry Ellison and Oracle, they have a 53% chance of acquiring TikTok. They have very close ties to the Trump administration. They've already had this server deal with TikTok dating back to 2022 to host US user data on Oracle servers. So they are by far the leader to be the acquirer of TikTok. And that would be, you know, another huge win behind the sales of Oracle, which, you know, recently made Larry Ellison briefly the richest person in the world and has had a huge stock jump recently. In second place, which is 9% is Metta. And then you have Amazon and Elon Musk and Twitter or App Love and Microsoft, Wal Mart. These are all names that are, that are thrown around. But looks like Larry Ellison and Oracle are the leaders in the clubhouse.
- [11:51]
Toby Howell
What? Isn't he the leader in the clubhouse right now? It feels like every single story has Larry Ellison smack dab in the middle. Of course he's buying TikTok.
- [11:58]
Neal Freyman
Some big companies hit some big milestones yesterday. So everyone raise your glass as we make a toast to the creation of shareholder value. First up, Alphabet became the fourth company to reach $3 trillion in market cap, joining Nvidia, Microsoft, and Apple in a club harder to get into than Bergoin. The Milestone comes about 20 years after Google IPO'd. In just over 10 years since Google reorganized into a holding company, Alphabet. And Google is making it look as easy as the ABC's shares are up more than 30% this year, doubling the Nasdaq's 15% gain as investors feel confident it'll successfully fend off upstarts like OpenAI coming for its search crown more recently, the stock got a big boost a few weeks ago after a judge gave it a slap on the wrist as punishment for being a monopoly. Clearly, Google's feeling lucky.
- [12:47]
Toby Howell
Everything is coming up for Google right now. I just looked at the App Store. The Apple App Store in Gemini's Chat bot overtook Chat CBT as the most popular free app on the Apple App Store as of today. Then also we were cruising around Kylie, cruising around the Polymarket the other day, and one of the questions we saw was which company will have the best AI model at the end of the year? And Google is in the lead at nearly 70%. Opening eye is second at just 12%. It feels like they've come a long way from having a derpy little chat bot that actually screwed up during a live demo and tanked their stock. Now it's the de facto leader in the AI clubhouse. And oh yeah, did we forget to mention that search is still one of the most profitable businesses in the world. So all of a sudden, it seems like once that antitrust scrutiny kind of went to the wayside, investors woke up and said, wait, Google is way undervalued compared to the rest of the magnificent seven.
- [13:37]
Neal Freyman
And the race to $5 trillion in market cap is on. Nvidia right now is 4.3 trillion. It's the most valuable company in the world. Microsoft 3.8. Apple 3.5. Alphabet just hit 3. And when you add in Amazon, the five largest US companies have a combined market cap of over $17 trillion, which would be the second largest stock market all on their own. Another company that achieved a breakthrough yesterday is Tesla, whose stock has now turned for the year. It was for good reason. CEO Elon Musk bought about 1 billion worth of Tesla stock the first time he purchased shares on the open market since 2020. And a sign he's committed to leading the automaker for the long haul. Tesla stock popped 3.6% on the news and is now in the green for 2025, rebounding all the way from a 45% decline as of early April. The stock purchase could also be Seen as a really expensive gesture by Musk after the Tesla board proposed a compensation plan that would make him the world's first trillionaire if he hit business targets in the next decade. Toby. This is the corporate equivalent of Taylor proposing to Travis to lovebirds. Elon and Tesla are now attached at the hip.
- [14:48]
Toby Howell
You say that it's a very expensive commitment, but a Billy is quite affordable for the planet's richest person. In fact, actually, if you factor in the stock rise that they got on the news From Musk plowing $1 billion into Tesla, he actually added almost $6 billion to his net worth. So he'll take that math any day of the week. It's crazy. This stock is up now 70% since Musk officially left DC, left the doge world behind. It's up 25% the last three months. So it is just pretty crazy how this has rebounded. And it looks like Elon has committed himself to, you know, this future of AI and robots again. You look at the vehicle business and you're like, there's absolutely no way you can justify this sort of valuation level. But he says that Tesla will eventually drive 80% of its value from its robots. He's called Optimus, which is their humanoid robot, the greatest product in the history of humanity. So clearly he thinks that his future is at Tesla. His future is in robotics and AI, and the market's pretty happy to see him, you know, back with his full focus on Tesla.
- [15:49]
Neal Freyman
There's still a long way to go for Tesla to hit the targets, for Elon Musk to become to achieve that trillion dollar compensation package. So even after that big stock run up, Tesla Stock is worth $1.3 trillion as of Monday's close. To get that $4 trillion, Elon Musk needs to have Tesla hit an $8.5 trillion market value. So there's a long way to go. He's got 10 years to do it. We'll all be watching.
- [16:15]
Toby Howell
Let's take a quick break and come back with some Toby's trends.
- [16:20]
Neal Freyman
Toby, didn't we find you through Indeed?
- [16:23]
Toby Howell
Nope, but that would have been a lot easier than agreeing to do your laundry for a month just to get an interview.
- [16:28]
Neal Freyman
Well, all the more reason about how much the world of job seeking and hiring continues to change.
- [16:33]
Toby Howell
You're right. Morning Brew was actually on the ground at Indeed Future Works in New Orleans.
- [16:37]
Neal Freyman
Yep. Indeed just dropped something huge. Career scout and talent scout. A career coach and hiring partner for both job seekers and employers. They leverage Indeed's massive pool of data to match employers and job seekers through a simple conversation. It's a smarter way to search for jobs and hire.
- [16:53]
Toby Howell
Impressive. Does this talent scout also do laundry?
- [16:56]
Neal Freyman
Maybe next year, buddy.
- [16:57]
Toby Howell
Learn more about innovation from Indeed and why leaders trust them to make hiring simpler, faster and more efficient.
- [17:03]
Neal Freyman
Head to indeed.com/brew that's indeed.com/brew just like you have regular visits at the doctor, your company's supply chain needs checkups too.
- [17:15]
Toby Howell
Thankfully, it takes less than a minute to do it with Supply Chain Health Vitals Checkup from SPS Commerce. It's a free, non intimidating way to understand your current position and access practical steps for improvement.
- [17:27]
Neal Freyman
SPS Commerce created this checkup to give you a way to benchmark your supply chain against industry standards and identify your biggest opportunities for growth.
- [17:35]
Toby Howell
You don't even have to carve out a full minute to get a fast, efficient assessment of your supply chain's current health and receive a personalized guide with practical recommendations for improvement.
- [17:44]
Neal Freyman
From there, SPS Commerce can work alongside you and your suppliers to ensure everyone is equipped to meet shared goals.
- [17:51]
Toby Howell
Head to SBS commerce.com Morning Brew to get your supply chain checkup. That's SBS commerce.com Morning Brew welcome back to another edition of Toby's Trends, a segment where I take a deep dive into the business world to emerge with the trend that you can use to impress your hot date tonight. And today's trend goes out to all my gas station cuisine lovers because you're not alone in your lust for sad donuts and soggy breakfast sandwiches. Convenience stores like Wawa's and Casey's General are increasingly stealing market share from fast food giants like McDonald's. Visits to fast food chains during the morning meal period rose just 1% in the last three months ending July, while traffic to so called food forward convenience stores jumped 9% over the same stretch, according to Circana data seen by cnbc. What is a food focused convenience store? I'm just going to toss some names out there so you get the vibe. In addition to Wawas and Casey's, Turkana also classifies BUC EE's and sheets under the umbrella, an umbrella that might be growing soon though. Seven eleven, the biggest convenience chain in the US is planning to bring some of the food focused vibes from its Japanese stores to the US soil, while racetrack announced last week that it's buying the sandwich chain Potbellys, signaling its interest in joining the food game as well. Convenience stores gains appear to be fast foods losses year over year, morning traffic to fast food chains has fallen every quarter for the past three years. And in the second quarter, breakfast visits fell by nearly 9%, according to data from Revenue Management Solutions. So, Neil, it's looking like more gas station burritos and less McMuffins. What does your refined palate have to say about this trend?
- [19:30]
Neal Freyman
Well, why is this happening? There's a few reasons. One is convenience stores are actually very convenient. You are there in the morning rush hour to fill up your tank of gas. And while you're there, you can pop in and get food. And while you're in the store, you know, unlike a fast food restaurant, you can, you have a much wider variety of options. You can get a sandwich, like a prepared sandwich. You can maybe get a food, maybe you can get a sandwich that's prepared to you freshly, but at the same time, you can walk around the store and maybe pick up an energy drink, a granola bar or a banana and something that you can't do, say at a comparable McDonald's location. And then the final thing is value. We know that consumers are really looking for value. There's a perception that these convenience store options are good bang for your buck. They might not be, you know, incredible food. You know, some of us who've been on a road trip and you walk in to a gas station and pick up a little breakfast sandwich on a biscuit. I mean, it's, you know, sometimes it's not very good, but it is cheap. And that's what we're looking for in 2025.
- [20:30]
Toby Howell
But I do think that fresh food, that good, fresh food is what is creating winners in this space. I mean, just look at Wawas, which makes these delicious sandwiches. It's seen its customer growth, our customer base grow by 11.5% since 2022. In the meantime, chains like McDonald's, Burger King, Wendy's have seen their combined customer base shrink 3.5% over the same time. Casey's General Store makes this breakfast pizza that has this just cult following. They make pizza in general that's very good. So I think that more people are seeing those types of places as viable alternatives to popping into McDonald's or popping into Burger King because you're going to actually get similar quality there and maybe better quality. All my Wawa stands out there. Cnbc actually asked 1100 respondents if they have purchased a made to order breakfast from a convenience store in the morning over the past three months and 48 respond and said that they have done that. Which means that's 48% of respondents that are probably not opting for something like a McMuffin so again, it's not necessarily something that they're still indulging in. Breakfast at a fast food place. They are replacing that breakfast sandwich with maybe a better one at a convenience store.
- [21:37]
Neal Freyman
And these convenience stores just have such great regional flair. Every region has their convenience store that they love going to. I just wish New England's was a little bit better. We have Cumberland Farms. It's okay. It's nothing like Wawa or Sheets or Casey. So New England Cumberland Farms. Let's go up your game now.
- [21:54]
Toby Howell
Let's spin to the finish with some final headlines. The FTC is in the late stages of a probe into Ticketmasters handling of bots, investigating whether the company has done enough to comply with a 2016 law which bans automated ticket resales. The investigation has gained momentum under the Trump administration after an executive order in March directed the FTC to look deeper into Ticketmasters practices following public outrage from a lot of angry Swifties after some of those eras tour ticketing fiascos. Ticketmaster denies any wrongdoing, saying it has invested more than anyone in fighting scalpers, while also criticizing what it calls the FTC's overly expansionist interpretation of the law. But Neal, this probe into bots, I want to guess it's going to be a popular one because bots frankly stink.
- [22:39]
Neal Freyman
They're annoying, and we're all, you know, learning about this as we try to get World cup tickets. Ticketmaster is not involved in this. But yeah, it just feels like hand to hand combat every single time you buy a ticket. And the government is certainly looking into this. Besides this particular probe, Ticketmaster is facing a FTC loss or a DOJ lawsuit that combined with tons of state attorneys general seeking to break it up from Live Nation into Ticketmaster, which was that merger that created an alleged monopoly. There's also a criminal antitrust probe, also by the DOJ into Ticketmaster. It's been under scrutiny all the way back since the 1990s when Pearl Jam tried to bypass it for a US tour. This company has just been under the microscope for so long because buying a ticket is such an arduous process.
- [23:24]
Toby Howell
It's just the worst. Apple has officially released iOS 26, marking its biggest software jump in a minute as it aligns version numbers across all Apple operating system and aligns them to reflect the year of use. So as we head into 2026, while we rocking iOS 26, the standout feature is the new liquid glass design, a translucent, glassy interface inspired by Vision Pro. It has already seen multiple tweaks in betas, as many users took some time to adjust to what were some readability issues. Beyond that, other updates include a call screening assistant for when Neil is blowing up my phone, a redesigned Messaging app with WhatsApp like features for when Neil is blowing up my Phone, and improvements to maps, camera and wallet. Overall, iOS 26 represents Apple's most ambitious visual overhaul. And aren't you glad you have an iPhone now, Neil? So you know what the heck I'm talking about?
- [24:15]
Neal Freyman
Well, I am glad I have an iPhone, but I was very upset about the amount of spam calls that I got compared to my Android days. So I'm very excited about this call screening feature. Apple is way worse than Android and when it comes to screening phones. Yeah, if you have an iPhone, go into, you know, your settings and see if you can download iOS 26. It was made available yesterday and let us know what you think. I'm excited for a live translation, which is what we talked about yesterday, coming to not just the AirPods Pro 3, but through this update. If you have the AirPods Pro 2, which I think we have, and the AirPods 4, you can get this live translation feature through this new app update. There's one problem that reviewers have identified this A very confusing part of the update is that the buttons used to bring up the on screen visual intelligence is the same as the screenshot button. So if you're trying to take a screenshot, there is an extra step involved and I'm a big screenshot guy so that I'm not necessarily looking forward to that. But one final feature you may want to know about is if you're a big snoozer, you're very particular about your snoozing. You can be very detailed and meticulous about how long your snooze is. You can now set different snooze times for alarms from 1 minute to 15 minutes. A 1 minute snooze is diabolical.
- [25:29]
Toby Howell
That's horrible news for me though, because if I start extending that snooze a little bit, then we might not have a show in the morning.
- [25:34]
Neal Freyman
Finally, the most electrifying man in sports is at it again. Nope, not Daniel Jones. Mondo Duplantis, the pole vaulter, you may remember from the Paris Olympics yesterday in Tokyo, Duplantis won his third straight gold medal at the World Athletics Championship, but more impressively set his 14th world record, clearing a bar 6.3 meters high, or about 20ft. Now it's hard. Now it's hard to wrap your head around this achievement because very few of us know how to pole vault. So for some context, fewer than 30 people have ever in history cleared 6 meters and Mondo's done it 14 times this year. And Toby, the best part is he's figured out to get really rich while breaking all these records.
- [26:14]
Toby Howell
Yeah, he's definitely in the conversation for best field athlete ever. But I might say he's best best businessman ever. He has now set 14 consecutive world records, raising the bar from 6.17 meters to 6.3 meters. Now that means, yes, he has raised it by a single centimeter every time. And he does this because he gets a monetary bonus from world athletics every time he sets a new world record. It's worth a hundred thousand dollars if he does it at a world championships like he just did. He also gets money from his sponsor, Puma. So people have literally called this an infinite money glitch because the dude has won 97 out of 101 event finals since 2020. He set 14 consecutive world records. He probably could have raised it by more than a centimeter at some point over that. But why?
- [26:56]
Neal Freyman
Right?
- [26:56]
Toby Howell
Clearly the best in the world might as well just bump it up 1cm each time.
- [26:59]
Neal Freyman
It is an infinite money glitch. I mean if you are a very good poll to pole vaulter like he is. So I guess the next time we'll try to set a world record will be 6.31 meters. Just one centimeter taller than he vaulted over yesterday in Tokyo. That is all the time we have. Thanks so much for starting your morning with us. Have a wonderful Tuesday and we're super excited to see a bunch of you at Trivia tonight. If you have any thoughts or feedback on today's show, send a note to Morning Brew daily at Morning Broadcom. Let's roll the credits. Emily Milian is our executive producer. Raymond Lu is our producer. Our associate producers are Olivia Graham and Olivia Lake. Hair and makeup is driving to the nearest Casey's, which is in Fairborn, Ohio, kind of far away. Devin Emery is our president and our show is a production of Morning Brew today.
- [27:42]
Toby Howell
Neil, let's run it back tomorrow. There's nothing quite as frustrating as credit card interests. Except maybe faulty alarm clocks at a run in with one just this morning.
- [27:52]
Neal Freyman
So that's why you were late. Anyway, that's why Klarna charges no interest and no hidden fees. Which is why they've won the trust of 111 million customers by offering a smarter way to shop and pay. Since arriving onto the E Commerce scene. Back in 2005, they challenged traditional credit during a time when consumer trust was at an all time low. And now Klarna is listed on the New York Stock Exchange, reinforcing the scale and trust they built.
- [28:16]
Toby Howell
With Klarna, you can pay now or later in installments and even earn rewards. With no confusing terms and no revolving debt. Klarna has helped save consumers billions in interest with its AI powered flexibility. They reinforce transparency, fairness and control. Talk about a wake up call. No alarm clock necessary.
- [28:34]
Neal Freyman
Learn more about Klarna at l.klarna.com 22xc/klarnamorning brew that's l.klarna.com 22xc/klarna morning brewing.