Give yourselves a midweek stretch. And maybe check your investment portfolio because there’s a new top company in the world. As of yesterday, chipmaker Nvidia surpassed Microsoft as the most valuable company, with a market cap of $3.34 trillion. The AI hype is real… but only time will tell how long Nvidia holds the position. Either way, CEO Jensen Huang is definitely buying himself a celebratory black leather jacket right now.

In other news… Netflix wants you to shop and eat streaming, Fisker files for bankruptcy, and Apple’s Vision Pro future is hazy.

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• YouTube – Smile 2

• X (Twitter) – Paris Fashion Week

• Google – Justin Timberlake 

• Reddit – Spaceballs

• TikTok – “Nasty” - Tinashe

• Spotify – “Love Struck” - Dr. Dog, M. Ward

.ENTERTAINMENT.

Netflix is debuting its own malls in 2025

The Future. Netflix announced the first two locations of its brick-and-mortar Netflix House retail and entertainment destinations, now slated to open in 2025. If demand is high, don’t be surprised if the streamer opens a full-fledged theme park built around its hit franchises.

Are you still watching… shopping… dining?
Netflix is one step away from giving its IP the Disneyland treatment.

• The first two recently teased Netflix Houses will be built in former department stores in King of Prussia, Pennsylvania, and Dallas, Texas, and will have more than 100,000 square feet of space.

• The locations will have themed retail stores, restaurants inspired by the streamer’s various shows, and experiential activities based around titles like Bridgerton, Squid Game, and Stranger Things.

• Netflix doesn’t believe these destinations will be major revenue drivers but will rather act as buzzy marketing for its many titles.

The Netflix Houses are breaking ground just as every studio and streamer is looking to expand their physical presence as a way to eventize movies and shows and create community around their brands.

Case in point, Sony Entertainment got back into the movie theater business with last week’s acquisition of the Alamo Drafthouse chain and recently opened an immersive entertainment destination in Chicago called Wonderverse.

79.9% of you voted Yes in yesterday’s poll: Should social media carry a warning label?

“People of all ages deserve to know what social media is doing to their brains.”

“Its entire purpose is to create something so addicting that you never leave. That’s how they make their money. And they are incredibly good at it.”

“Seems like an overkill invasion of privacy.”

Media, Music, & Entertainment

• Procter & Gamble, a long-running sponsor of the Olympics, is debuting a branded competition series on Peacock to advertise during this summer’s Games. [Read More]

• Webtoon, the short-form digital comics platform, has filed to go public with the hope of raising $315 million. [Read More]

• Julie Taymor and her niece, Danya Taymor, collectively are behind 10% of Broadway’s current grosses thanks to their productions of The Lion King and The Outsiders, respectively. [Read More]

Fashion & E-Commerce

• Apple is canceling its buy now, pay later service after only eight months of operation. [Read More]

• Retail sales numbers are increasing, which could spur the Federal Reserve to finally lower interest rates. [Read More]

• For the 20th anniversary of Napoleon Dynamite, the title character is the official spokesperson for snack-maker Ore-Ida, which is releasing a pair of tater tot-holding pants. [Read More]

Tech, Web3, & AI

• Apple is backtracking on plans for a new version of its Vision Pro headset, shifting focus to making a cheaper model. [Read More]

• Meta is splitting its Reality Labs division into two separate groups: “Metaverse” and “Wearables.” [Read More]

• Snap debuted a new software that can render AR experiences in real-time on a smartphone. [Read More]

Creator Economy

• Threads released its API so developers can start making “unique integrations” for the platform. [Read More]

• A new app called Seen, created by entrepreneur Faheem Kajee and actress Karen Gillan, wants to bring the reaction video to private messaging. [Read More]

• Social platform Butterflies hopes to be the first site where humans and AI chatbots can socialize. [Read More]

.TRANSPORTATION.

EV startup Fisker runs out of power

The Future. After a tough year, Fisker is officially filing for bankruptcy. More than anything, the downfall of the buzzy EV startup shows the power of influencers to shape the narrative of a startup… which could lead cautious companies to make them a larger part of market-testing products before they’re on the wrong end of a viral YouTube video.

Braking for bankruptcy
It’s the end of the road for Fisker.

• After failing to make a lifesaving deal with another automaker, the startup filed for Chapter 11 bankruptcy, hoping to obtain enough financing to sell itself.

• The automaker reported that it has between 200 to 999 creditors and liabilities up to $500 million despite only having assets worth $500 million to $1 billion.

• The company will keep its pause on manufacturing, which is done by Magna in Austria, as the automaker hoped to build a relationship similar to Apple and Foxconn.

Fisker, which has been plagued by technical issues, a quickly shifting business strategy, lemon law lawsuits, and one very bad review by car influencer Marques Brownlee, joins Lordstown Motors and Electric Last Mile Solutions in the EV startup heap. The high costs and stop-and-start consumer demand have made the market a tough race for newcomers.

And for founder Henrik Fisker, it’s the second time that the former BMW and Aston Martin designer has been unable to launch a Fisker EV brand off the ground.

• Read: Author Laura Kipnis details her experience using Rebind — an AI startup that provides readers with one-on-one reading companions of classic literature. The company has already signed up luminaries like Margaret Atwood and Lena Dunham.

• Watch: WSJ profiles Berkshire Hathaway vice chairman Greg Abel, who’ll eventually take the reins from famed investor Warren Buffett as CEO.

• Listen: Freakonomics Radio speaks with the team behind the Broadway commercial and critical smash Stereophonic, which just won the Tony Award for Best Play.

You have to earn the right to not talk to people.

LATEST PODCAST EPISODE

Today we get into how concert ticket sales are in a lull, how online publications are using games to game the system, and Apple’s new announcement about AI.