Morning Brew Daily – Episode Summary

Date: January 9, 2026
Hosts: Neal Freyman & Toby Howell

Episode Overview

In today’s episode, Neal and Toby run through hot topics in business and tech news, including a possible Supreme Court ruling on Trump’s tariffs, the weak state of the labor market, the advance of AI into healthcare via ChatGPT Health, major AI features in Gmail, and their regular “Stock of the Week / Dog of the Week” segment. The hosts maintain their energetic, witty, and informative tone, delivering not just headlines but the context and quirky commentary listeners have come to expect.

Main Discussion Points & Insights

1. Supreme Court & Trump’s Tariffs: An Unprecedented Refund Looms

• [02:54] The Supreme Court may rule on the legality of President Trump’s tariffs under the International Emergency Economic Powers Act (IEEPA). If the tariffs are struck down, up to $150 billion may be refunded to companies.
• Background:
  • In 2025, Trump invoked IEEPA to enact tariffs on various countries; small businesses sued, arguing the Act didn’t grant this authority.
  • At Supreme Court arguments, justices seemed to favor the business’ perspective.
• Outcomes and Implications:
  • Any immediate decision on refunds is likely to be assigned to lower courts.
  • Over 1,000 companies—including Costco—are suing for their share; a “secondary lawsuit situation” is forming as firms jostle for position in line.
• Market Impact:
  • A refund—if ordered—would pose major disruptions to the US economy.
  • The hosts liken the refund process to “going through customer service at Uber Eats” ([04:01], Toby Howell).
• Trade Deficit Side Note [05:14]:
  • Recent data: US trade deficit is at its smallest since 2009, down by 39% month-over-month, surprising economists.
  • Tariffs possibly “doing what they are intended to do,” especially impacting pharmaceutical imports from Ireland.

Memorable Quote:
“The circus is just beginning because already more than 1,000 companies... have sued the government for their rights to potential refunds.” —Neal Freyman [04:41]

2. US Employment: Labor Market 'Frozen Over'

• [06:09] The December jobs report is anticipated to show weak growth: 55,000 added positions, with the unemployment rate expected to tick down slightly.
• 2025 Overview:
  • The year will likely book only 710,000 job gains (worst since 2003, outside recession years).
  • Sectors propping up the numbers: Healthcare and Leisure/Hospitality—these two account for “84% of total job gains” despite being 22% of the workforce.
• Difficulty in Data:
  • Ongoing "muddy data" due to government shutdown hangovers, over- and undercounting.
  • True reflection of the labor market may not be available until February.

Notable Quote:
“If you’re in every any other industry, then you are essentially in a hiring recession.” —Neal Freyman [07:47]

3. ChatGPT Moves into Healthcare: 'Paging Dr. ChatGPT'

• [08:19] OpenAI introduces ChatGPT Health, a specialized, privacy-conscious version for health-related questions.
• Key Details:
  • 230 million people are already using ChatGPT for health guidance each week.
  • Focus on underserved rural communities, with 600,000 health-related messages per week.
  • ChatGPT Health “sandboxes” medical queries for better accuracy and privacy.
• Concerns:
  • Privacy advocates warn of risks in handing health data to an AI company.
  • Reports persist of “hallucinated” or erroneous medical advice, including a man hospitalized after acting on a ChatGPT recommendation ([09:34], Neal).
• OpenAI’s Approach:
  • Worked with 260+ physicians and vetted hundreds of thousands of outputs.
  • Insists this is not clinical or prescriptive advice, but a support tool to help interpret health data.

Notable Exchange:
“It’s trying to thread the needle here and say... you can feed it your latest test results and maybe it can break it down in a way that’s more palatable... None of this is supposed to be necessarily prescriptive...” —Toby Howell [10:41]

4. Gmail Gets Gemini AI: Inbox Revolution or Overreach?

• [11:42] Google rolls out Gemini-powered AI features to Gmail by default (users must opt out).
• Features:
  • AI-created thread summaries for long discussion chains.
  • Suggested replies and real-time writing style adaptation.
  • All-new “AI Inbox View” for contextual organization and synthesized email themes.
  • Ability to search email conversationally (e.g., “Who was that plumber…” becomes more accurate).
• User Pushback:
  • Concerns around privacy—Gemini scans and analyzes all emails.
  • Active discussions on forums like Reddit’s privacy subreddit.
• User Experience:
  • Neal welcomes the overhaul, highlighting how “out of control” everyone’s inbox is, seeing AI as a real solution ([13:19]).
  • Toby agrees, seeing improved search as overdue—but execution will determine whether this is a help or creates “work slop.”

Memorable Quotes:
“When you mess with people’s inboxes, you’re going to get some pushback, mainly on the privacy front.” —Toby Howell [12:46]
“Is anyone actually satisfied with how their inbox looks right now?... I know very few people that have good email hygiene...” —Neal Freyman [13:19]

5. Stock of the Week / Dog of the Week

• [16:25] Segment where Neal and Toby spotlight one standout (the “Stock of the Week”) and one flop (“Dog of the Week”).

Stock of the Week:

• SanDisk
  • S&P 500’s top performer in 2025, up 36% this week, 500% in 2025.
  • Buoyed by AI boom: SanDisk’s memory and storage components are essential for AI data needs.
  • Nvidia’s Jensen Huang calls AI memory “the largest storage market in the world.”
  • Peers Western Digital and Seagate also benefit.

“If you think of Nvidia as selling the shovels for the gold rush, then call SanDisk and its cohort the sellers of blades and handles.” —Neal Freyman [16:41]

Dog of the Week:

• Saks Global
  • Spiraling toward bankruptcy after a disastrous 2024 merger between Saks Fifth Avenue and Neiman Marcus.
  • Disappointing sales, $100 million missed payment, and vendor lawsuits.
  • Problematic financial engineering (e.g., delayed vendor and customer payments).
  • Rivals Bloomingdale’s and Nordstrom’s are growing while Saks falls.

“It’s turned into a messier situation than a dressing room after Neal tries to find some khakis that fit him.” —Toby Howell [20:17]

Other Memorable Moments & Quotes

• On Congressional Stock Trading [00:48 - 01:19]

  • Chat about the “Inverse Kramer Index” outperforming Nancy Pelosi’s trades in 2025.
  • “You would have crushed the S&P 500 by nearly four times if you had listened to Jim Kramer and just flipped the script.” —Neal Freyman [00:48]

• On Inbox Habits

  • “I’m an inbox 27,200 guy...” —Neal Freyman [14:16]

• Tidbits

  • JP Morgan takes over the Apple Card from Goldman Sachs, securing the deal at a discount ([24:09]).
  • Cynthia Erivo to play 23 characters in a new live Dracula adaptation, missing the Golden Globes—a theater trivia deep dive ensues ([25:25]).

Key Timestamps for Important Segments

• [02:54] – Supreme Court and Trump tariffs overview
• [06:09] – December jobs report / labor market state
• [08:19] – OpenAI launches ChatGPT Health
• [11:42] – Gmail rolls out Gemini AI features
• [16:25] – Stock of the Week/Dog of the Week (SanDisk/Saks)
• [24:09] – JP Morgan / Apple Card news
• [25:25] – Cynthia Erivo’s 23-character Dracula play

Conclusion

This episode is a whirlwind tour through the week’s biggest stories in business, tech, and economics—all delivered with the sharp wit and practical skepticism Neal and Toby are known for. From landmark court cases and the evolving job market to the AI arms race in both healthcare and your email inbox, the conversation weaves together hard news with personality, making complex developments accessible and engaging. For listeners who missed it, this summary covers the core topics, the color commentary, and those offbeat moments that might make you smile on your commute.