🌏 Nvidia’s $900 billion tumble

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Here’s what you need to know

Microsoft deepened its partnership with AI software giant Palantir. The two companies will provide cloud-computing and AI tools to U.S. defense and intelligence agencies.

The U.S. labor market is actually looking… better? Unemployment claims fell, and major stock indices rose in response. But JPMorgan still thinks there’s a higher likelihood of a recession.

A New York judge ordered Sam Bankman-Fried’s FTX to pay $12.7 billion. The funds will be doled out to ripped-off crypto customers.

Eli Lilly made moves to address the weight loss drug shortage. The pharma giant said it will finally launch single-dose vials for Zepbound.

Meta and Google ran a secret ad campaign targeting minors. Reports of the ads come just as Meta (which said the campaign didn’t break rules) is under big scrutiny for failing to protect young users. But Meta’s doing just fine — and recently added $10.5 billion to its cash pile.

An advertising trade group and enemy to Elon Musk shut down. The news came from the group, GARM, just days after Musk’s X sued it on antitrust grounds.

Charted: Nvidia’s $900 billion loss

Earlier this year, Nvidia became the first chipmaker to reach a $2 trillion market cap, shortly joined the $3 trillion market cap club, then surpassed both Apple and Microsoft to become the most valuable public company in the world. But in the past two months, its value has tumbled by $900 billion.

The AI chipmaker’s stock closed at a record high of about $136 in June. Now, Nvidia’s shares are down 27% from that peak. Nvidia’s major tech customers, including Microsoft, Meta, and Google-parent Alphabet, have indicated no plans to slow investment in AI — but wider economic forces may be driving the company’s shares down. Quartz’s Britney Nguyen explains.

Lyft’s CEO readies a ‘can of whoop ass’

Surge pricing is so hated that even Lyft’s CEO is ready to “open up a can of whoop ass” on the practice. Yes, Lyft’s executive, David Risher, quite literally used the word “whoop ass” — a term that, according to Oxford English Dictionary, dates back to the 1970s writings of the famed crime fiction writer George Higgins. But while Higgins was writing about crime bosses that inspired the likes of Quentin Tarantino, Risher was talking about introducing a new tool for Lyft users that caps surge pricing — but there’s a catch. Quartz’s Will Gavin has the story.

Friday markets haiku

I’m the one you need.

Move’s on you, my Bumble bee.

Stock, hearts — they all bleed.

Bumble shares tanked yesterday after the company slashed its earnings outlook for the year. It’s turning back to millennial women in the hopes of a revival.

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❌ Costco is doing a ‘Netflix-style’ crack down on memberships

💫 A UK startup will hitch a ride with SpaceX to harvest — and sell — star data

🐶 Dolce & Gabbana is trying to sell you a $105 dog perfume

Surprising discoveries

*NSYNC’s “Bye Bye Bye” streams went up 879% the week after the new Deadpool movie aired. A scary-looking Ryan Reynolds is helping bring back the boy-band-Y2K vibe and a Madonna classic.

Maui is trying to restore a 150-year-old tree that many say symbolizes colonial repression. The banyan tree was shipped from India as a gift to mark the arrival of the first missionaries living in Lahaina.

Dunkin’ is making spiked iced pumpkin spice lattes. A tongue twister — and a boozy strike at Starbucks?

Washing vegetables doesn’t actually remove pesticides. Peel your apples, people!

U.S. vice presidential nominee Tim Walz and his wife own literally zero stocks. No equities, crypto, book deals, speaking interests, or even real estate.

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Our best wishes on a safe start to the day. Send any news, comments, spiked iced pumpkin spice lattes, and cans of whoop ass to [email protected]. Today’s Daily Brief was brought to you by Laura Bratton, Britney Nguyen, and Morgan Haefner.