Good morning and happy Wednesday! China's population keeps dropping, as do Tesla prices... and temperatures across the US. Today we explore:
Another bite at the Apple
Over the last 5 years, the same headline — Microsoft overtakes Apple to become the world’s most valuable company — has been true on a number of occasions: first in 2018, as iPhone sales stalled, then briefly in 2020, and again in late 2021. Each time, the crown has been Microsoft’s only fleetingly, as Apple stock has pushed higher and higher, soaring to become the first company valued at more than $3 trillion in Jan 2022.
This time, however, feels somewhat different. Primarily through its investment in ChatGPT’s creator OpenAI, Microsoft has cemented itself as a leader in the burgeoning space, integrating AI into almost all of its products, including its search engine Bing and much of the Microsoft software suite. The company is even building an “AI button” into its new keyboards, which will take users straight to Microsoft Copilot, a chatbot and generative AI tool.
Apple, meanwhile, is yet to really make its mark in the AI arms race. The company has also reported 4 consecutive quarters of slipping sales, cut prices in China, seen its latest smart watch dogged by a patent infringement, and needs to figure out a go-to market strategy for its new ~$3,500 Vision Pro. But, if history is anything to go by, Apple will find a way to get back on top.
EGOT man
Elton John became only the 19th person in history to join the elite list of people to have bagged Emmy, Grammy, Oscar, and Tony awards — otherwise known as the EGOT — after picking up a gong at the Primetime Emmy Awards on Monday night.
The Rocket Man completed his EGOT with the Emmy for Outstanding Variety Special for a live concert film at the Dodger Stadium of his (at the time) record-breaking Farewell Yellow Brick Road tour, which ended up grossing over $900 million.
The EGOT club is about as exclusive as it gets in the world of showbiz, and the Crocodile Rock singer is part of an even more elite subset: he is only the 3rd popstar to join the ranks, following in the footsteps of John Legend (2018) and Jennifer Hudson (2022). EGOT membership denotes a level of immense multidisciplinary skill and success, reserved for the upper echelons of entertainment talent, with winners needing to pick up prizes in the world of music, theater, and film & TV.
Along the hallowed list, you’ll find industry royalty like Mel Brooks and Audrey Hepburn — who had to wait 40 years between her first and last awards, becoming the first person to achieve EGOT status posthumously — as well as slightly more behind-the-camera-and-curtain talents like lyricist Tim Rice and controversial producer Scott Rudin.
Whopper deal
Restaurant Brands International (RBI), the parent company of flame-grilling fast-food chain Burger King, yesterday announced plans to acquire its biggest US franchisee, Carrols Restaurant Group — bringing over 1,000 BK locations under RBI control for a stacked $1 billion (or, about 239 million Whoppers).
The move is part of RBI’s 2022 “Reclaim the Flame” plan, which will see the group — that also owns Tim Hortons, Popeyes, and Firehouse Subs — spend $400m over 2 years (separate to this acquisition) to revamp Burger King’s marketing, digital products, and restaurants.
Carrols runs ~15% of US Burger King locations across 23 states, and while the acquired restaurants are anticipated to be re-franchised over 5-7 years, the company also plans to keep a couple of hundred outlets in its portfolio. That’s a departure from the strategy of the last decade, which saw RBI itself operate just a tiny sliver (around 50) of its Burger King restaurants.
Facing stiff competition from McDonald’s, which has been investing billions into its stores, BK is now playing catch-up. It's looking to modernize its stores and get smaller, local franchisees to run the restaurants — targeting new owners to take on 50 units or less, in order to keep their focus from splitting across locations. Following a number of advertising lawsuits, the deal has been described as an “accelerator” by the company’s president — as Burger King looks to get back to having things done their way.
• Almost 70% of humans can identify the emotion a chicken is feeling based only on the sounds it makes.
• First they came for the PJs: S&P 500 companies spent $65 million on corporate jets for execs to use on personal travel in 2022, up 50% from pre-pandemic levels.
• Cape Verde has become the 4th country in Africa to become malaria-free.
• The 5 richest men in the world — Bezos, Buffett, Musk, Arnault, and Ellison — reportedly increased their combined wealth from $405 billion to $869 billion over the last 3 years.
• Charts exploring child-parent relationships in families across the US.
• Visualizing how success at Iowa caucuses often, though not always, leads to the party’s presidential nomination.
• Test your typing skills using some of the best literary works of all time as prompts.
