Morning Brew Daily - America is Going Founder Mode & Can Robinhood’s Platinum Card Take Down Amex?
Episode Date: March 6, 2026Episode 794: Neal and Kyle chat about the booming business of entrepreneurship that has swept across the US as workers are finding themselves vulnerable to AI-caused layoffs. Plus, a preview of the jo...bs report for February. Also, Robinhood introduces a new platinum card to compete with American Express. Meanwhile, the Pentagon is interested in Ukrainian interceptor drones to counter Iran. And, the war in the Middle East is driving the cost of jet fuel and is hurting airlines. Finally, the World Baseball Classic, F1, and Paralympics kick off this weekend. Learn more about Bland AI at bland.ai/mbd Join us for trivia! https://mbdtrivianight-march2026.splashthat.com/ Check out Kyle on Per My Last Email! Spotify link: https://open.spotify.com/show/0nLoZjMIpr7AhG61xsZlWs?si=83e893071dd44696 YT link: https://youtube.com/@permylastemailshow?si=aMa5d8vjKlFdeZlb Show page: https://www.permylastemailshow.com/ Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. Listen to Morning Brew Daily Here: https://www.swap.fm/l/mbd-note Watch Morning Brew Daily Here: https://www.youtube.com/@MorningBrewDailyShow Learn more about your ad choices. Visit megaphone.fm/adchoices
Transcript
Discussion (0)
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Good morning brew daily
show. I'm Neil Fryman. And I'm Kyle Hagee.
Today, more Americans are starting
their own companies. And Robin Hood drops a new
platinum credit card, but can it compete with
Amex? Today is Friday, March 6.
Let's ride.
Good morning and happy Friday.
Kyle Hage is here,
subbing in for Toby, who is at another wedding.
There's been some speculation in the
comments that wedding is code word for something else.
Yeah, we got to investigate.
But I can assure you, he's just in that phase of his life.
We've all been there, pray for his bank account.
But very glad to have Kyle with us, the host of Per My Last Email.
And hold up.
I'm hearing some breaking news here.
It's Kyle's birthday today.
Why in the heck did you-
Confirm, Neil?
Why in the heck did you agree to host a 6 a.m. podcast on your birthday?
Look, I love being on the podcast.
I love that we're twinning on my birthday.
We're wearing the same exact shirt.
So there's no place I'd rather be.
Do you have any plants?
So I've turned my birthday into Minnesota Day.
So I'm doing all the Minnesota stuff because I'm from the state.
I love the state.
So I got some Minnesota wines, grapes developed by the University of Minnesota.
Going to listen to some Bob Dylan and some prints.
I'm making tater-taught hot dish.
And I'm going to watch Mighty Ducks tonight.
They're from Minnesota?
The team is set in the Twin Cities.
I mean, I am a big Minnesota fan.
My parents live there for a few years.
So I hopefully I can participate in a lot.
some of that. Minnesota Day is for everyone.
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MBD. The monthly jobs report drops this morning, but a subset of Americans likely won't have time to
check it out. Why? Because they're going founder mode. That's right. New business applications are
soaring with 500,000 plus submitted in January, which is up 36.8% year over year. The number of
applications has nearly matched the pandemic high of just shy of 550,000 back in July 2020. Now,
back in 2020, widespread layoffs and furloughs pushed
some people into entrepreneurship, while others found the pandemic as a catalyst, so stop working
for the man and start their own thing. So what's causing the rise in entrepreneurship in
2026? The leading suspect is, you guessed it, AI. Whether real or perceived, AI is increasing
the uncertainty in the job market and society as a whole. And when people feel uncertain,
they look for more control. Starting your own business is one way to potentially gain that control.
and AI is allowing people to remove the bottlenecks of starting their own business, giving them access to coding and design capabilities they might not naturally possess.
Another data point for you, a LinkedIn study found a 69% increase in the number of people listing themselves as founders, and 47% said that AI was made them more likely to start their own business.
Neil, the one downside of more founders is more entrepreneurship thought leadership on LinkedIn.
And I'm not sure we're ready for that as a nation.
We aren't, but LinkedIn is where you live, so you must love that.
Americans are already inclined to be entrepreneurs.
Gallup reports that 62% of Americans would rather be their own boss because they have
schedule flexibility, the opportunity for higher earnings and autonomy.
And once people go founder mode, they don't go back.
Historically, surveys have shown that 97% of self-employed people don't want her to return
to traditional work.
And Pew Research also found significantly higher.
levels of job satisfaction among the self-employed. I'm not telling everyone to go start our job right now,
because it's kind of cut through. I started early here at Morning Brew, and it was you have to work
a lot. One thing that's interesting, though, is this is not necessarily a good sign for the job
market or the economy because the last time we saw new business formation surge was in the peak of
the pandemic when people were getting laid off and said, well, screw this thing. I'm going to go
start my own company. But it's very interesting to see how AI dynamics are at play and
causing people to try and start their own thing.
That's right.
It seems like every week we're seeing every month, we're seeing a headline similar to Jack Dorsey's
block, cutting 40% of the workforce, citing AI as the reason, whether that's real or not
as being the reason.
It's definitely creating this uncertainty.
And I think you go back to COVID, you go back to the Great Recession.
Most people, when there's, you know, economic turbulence, they try to start their own thing
to make ends meet.
You look at even 2008, 2009.
Some of the startups we know today, that's exactly when they were found.
the Venmos of the world, the WhatsApp of the world, the Ubers of the world.
So there's a saying that necessity is the mother of innovation or invention, and I think
we're seeing that here when you need to make something happen, you do.
Your point about business being hard, though, it is hard, and it's not as easy as going
to chat UBT and being like, build me a business, make it very profitable and fun, make
no mistakes.
It is a grind, and so not everyone is going to survive through entrepreneurship.
Starting a business now versus starting a business in the aftermath of the Great Recession
couldn't be any more different.
I know you're making a joke about plugging,
start me a business into chat GPT,
but there's a whole world of resources now
with you pay $20 a month for a chat GPT subscription
or any AI chapby,
and you are getting a whole load of information
and easiness that you wouldn't necessarily have,
honestly, three years ago.
So it's lowering the barriers for entrepreneurship
in perhaps a revolutionary way.
You can just ask ChatGPT, write me a business plan
and perhaps lowers costs all across the board.
So that's really enabling a new wave of entrepreneurship.
At the same time, it's creating a lot more competition, possibly,
because everyone can do that, and you're competing with a lot more people.
But it certainly is a new way of starting a business if you do it AI first.
That's right.
Yeah, we've seen this trend of democratization of X,
and now it seems like we have the democratization of entrepreneurship because of these AI tools.
So, Neil, me and you might have to start our own business or something.
I'd love to.
Maybe, you know, Minnesota, Inc.
So you mentioned that the jobs report is coming out this morning.
Here's what to expect.
Economists project that U.S. employers added 60,000 jobs last month, which is meager growth.
It is growth.
That would be down from January's estimated 130,000 jobs added.
The unemployment rate is expected to stay level at 4.3%.
We have seen a couple of good reports already come out about the job market.
This week, ADP, which reports on private sector hiring, showed large.
than expected numbers. Layoff announcements are actually down from January besides whatever.
Jack Dorsey said there was a 55% drop off in layoff announcements from February to January.
It could be a little wonky. So when you see these numbers come across at 8.30 a.m. Eastern,
there's going to be a little things you have to pay attention to because 31,000 health care
workers were on strike. Remember, there's a lot of snow and bad weather that could have disrupted
hiring. So it will come with certain asterisk. So we are expecting another month of small job growth.
Moving on, Robin Hood has entered the premium credit card wars.
This week, the Fintech company unveiled a platinum credit card that costs $695 a year
and a direct challenge to American Express and JPMorgan Chase, which have long dominated the market.
The card, of course, comes with serious perks, including 5% cashback on dining, a $250 annual
DoorDash credit, 10% cashback on hotels and rental cars, and a $250 credit for autonomous vehicle rides.
The company says the full suite of reward and benefits comes out to $3,000,
But no word yet on Robin Hood Lounge is at airports.
Robbenhuts come a long way from its start as a no-feed trading platform that was the villain of COVID's meme stock mania.
In the past few years, it's tried to move past those routes and become a banking super app where users can control their entire financial life.
And it's been paying close attention to who those users are and what they want because they're all grown up now.
Millennials who were just studying out their careers when Robin Hood first launched are now having kids, buying homes and cars and in general have more money than they used to.
The release of a premium credit card is one way for.
Robin Hood to keep those folks around instead of ditching for legacy players in the financial space.
Kyle, do you think Robin Hood has built up the credibility to win people over with this cart?
It'll be interesting. First, I have to address the lounges in the airport. A Robin Hood lounge in the airport
is straight up just be a casino. Absolutely. We have to look into that. It's really interesting.
You mentioned how Robin Hood started as this low fee, no fee trading platform. And, you know,
it's in the name, Robin Hood, kind of like steal from the rich, give to the poor. It was a disruptor.
Now it feels like we've come full circle and it's steal from the rich.
give to the more rich?
Like the platinum and elite kind of credit card world seems like a hard one to disrupt
if you have a brand like Robin Hood, which to me is a little more disruptive, young.
I'm not sure it has the same cachet if you're like out with friends as dropping an
Amex platinum card down.
I think the big thing for Robin Hood is the reputation they've already built up.
And this is one of many pivots they've tried to widen that base and maybe improve their
reputation. You mentioned they have a maturing user base. They're getting older. They want more services.
So the real question will be, will they stay with Robin Hood for those? Are they going to move to more
legacy players? The perks of this, you should definitely read the fine print. I think they're rolling
out many perks to compete with the Amexes and the chases, but like the DoorDash credit, for
example, $250 credit. The credit is structured is up to $2 $10 discounts per month, requiring a $50
minimum. So definitely read the fine print on what you're getting from these
cards, personally, I would have liked to see Robin Hood lean into a little more of like the
meme stock and do more like future friendly perks. So like 20% off AMC tickets, one free
game stop game a month, a free chat GPT subscription, like be a little more disruptive. I think they
want to move past that, Kyle. Instead of copying pasting what Amex and Chase seem to already own.
Well, they are doing this $250 credit for autonomous vehicle rides, which is maybe forward looking and
not necessarily tying into the, so the PR crisis that they had a few years ago with AMC and GameStop.
But there's no denying that Robin Hood's on a really, really big hot streak right now.
The stock is up 80% over the past year.
Revenue was up 52% in 2025.
They've successfully moved beyond this trading platform to offer a wider suite of financial services.
And the Trump administration is actually considering them for Trump accounts.
So if that happens, then they're going to get a bunch of new users.
They're going to be babies.
but they're going to be a bunch of new users.
And it ties into this entire family vibe that Robin Hood is getting with,
these older millennials having kids now at the same event that they release this credit card.
They also announced custodial accounts for minors.
So this is a big push by Robin Hood to move beyond their roots and maybe, you know,
enter the big leagues with American Express and JPMorgan Chase,
but also with Charles Schwab, who's really their big rival in the space.
Yeah, it's important to understand, too, the market for these premium credit cards is very limited.
It's less than 15% of credit card holders pay an annual fee above $250.
So these fees are extreme for the average American.
But as you've laid out, they are trying to offer so many more things to keep that aging user base with Robin Hood.
It's a lucrative user base.
Maybe small, but they'll give you a lot of money.
All right, let's head to Stock of the Week, Dog of the Week, this segment where we pick one stock that was burger monging and another that took a small nibble.
My stock of the week is the Ukrainian drone killing industry because they found themselves the
bell of the ball amid the war in the Middle East. The Financial Times reported that the Pentagon
and at least one Gulf government are in discussions to buy Ukrainian drone interceptors
to counter Iranian Shahid drones that are causing havoc across the region. Ukrainian drone killers
are far cheaper than the traditional interceptor missiles the U.S. and its allies have been
using against Iran in the past week, not to mention supplies are allegedly running low.
An Iranian suicide drone costs about $30,000, while the missiles used to take them down, like
those deployed in Patriot battery systems, cost millions.
Report suggests that the U.S. is spending over $1 billion a day in its war against Iran,
costs that will add up the longer this goes on.
Enter Ukraine.
Since Russia invaded in 2022, attacking with tens of thousands of Shahid drones,
Ukraine has learned a thing or two.
The country's entrepreneurs have revolutionized air defense warfare by developing drone
interceptors on a budget, some cost as little as $1,000.
As demand has grown, a booming startup industry is formed around anti-drone technology
with a dozen companies producing various kinds of interceptors.
Bottom line, Kyle, drones aren't the future of warfare.
They're already arrived on the scene.
That's exactly right.
And these drones are crazy fast.
So they can reach up speeds up to 155 miles per hour.
And basically you just see this like, the interceptor gets faster, the drone gets faster.
The interceptor gets faster.
The drone gets faster.
So there's a race to the top speed, which is really the name of the game.
There's this famous quote that is generals are always fighting the last war.
And like you build your defense system around the war that you fought in the past.
What we're seeing now is, you're right, Ukraine is the future of warfare.
It's here.
And so we're seeing, you know, the United States, other, you know, traditionally strong
militaries have these advanced missile systems, the Patriot missiles, for example,
cost upwards of millions of dollars to deploy.
You're not going to deploy those against a drone that costs $10,000.
There's this economic arbitrage that happens.
And it goes to the team or the country that can reduce the cheapest drones to destroy the incoming
missiles.
And so we're seeing a whole new model of,
warfare. It is very interesting how the tables have turned. Ukraine was asking for the United States
to help them in their war. Now, we're asking President Zelensky to help us with information and
the development of these drones around the developing war in Iran. So it's a really interesting
time in the economics of warfare. Yeah, the startup scene in Ukraine around anti-drone technology
is absolutely thriving. Here's just a few of these companies and what they're making. There is
an anti-dron interceptor called Merops, which is a fixed-wing drone. It's made by companies.
They're actually founded by the former Google CEO, Eric Schmidt. He's been very active,
an investor in this particular space. Then you have like the quadcopters. That one is called
Sting. That's made by Ukrainian company Wild Hornets. And another very fast-growing startup is called
General Cherry. They make a interceptor drone called the bullet. And what is most interesting to me
is that the United States has actually taken these Shahid drones that have been flown at them in Ukraine and in Iran,
took it back to Arizona and had a couple startups working on basically reverse engineering this particular drone,
because for whatever reason, it is so effective. It's not that fast. It flies, you know, 115 miles per hour.
That's pretty slow by warfare drone standards, but they reverse engineered it and they actually used it in Iran over the past week.
It's called Lucas. It is a low-cost unmanned combat attack system.
It is $35,000 a pop, much, much less expensive than the Patriot battery systems for $5 million.
So we are learning a thing or two from this drone warfare that's been pioneered by Russia and Ukraine.
And Zelensky did come out yesterday.
I said it was a report by the Financial Times that United States was asking about.
Zelensky confirmed it.
He said, we received a request from the United States for specific support and protection against Shahheads in the Middle East region.
He's also said earlier this week, any such cooperation aimed at protecting our partners can only proceed without diminutive.
our own defense capabilities.
And one trend we're seeing here that I think is only going to continue, and it goes back
to the anthropic DoD dispute around automation is these drones are not fully autonomous.
A lot of times there are human in the loop or it's someone literally controlling the drone
themselves.
Everyone is saying the future of these are autonomous.
And so we're going to have to make a clear line of what we're comfortable with being fully
autonomous in warfare.
I'll talk to heck, Seth.
Okay, up next, why your plane ticket might be getting more expensive.
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Our dog of the week is airlines. Aviation stocks are getting clobbered by the war in Iran,
but maybe not for the reason you might expect. Spiking costs for jet fuel. Let's survey the damage.
United shares are down 17% this week. Delta, 12%, American, 14% JetBlue, 20% International Airlines
Group, the parent company of British Airways and Aer Lingus, 12%. A primary cause of the plunge is
that jet fuel prices are going haywire over supply concerns. With oil shipments from the Gulf
ground to a halt, jet fuel skyrocketed 72% on Wednesday to its highest level on record.
Since the day before the war began, the spot price of jet kerosene is up 140% more than doubling.
And that is a major problem for airlines, and it could be a problem for you too.
Fuel is the biggest expense for air carriers accounting for between 20 to 30% of total operating costs.
If the energy used to power planes stays this high for much longer, airlines may have no choice but to raise ticket prices for travelers to protect their profits.
Kyle, whether it's airspace closures in the world's busiest aviation hubs or rising fuel costs,
the travel industry is in a world of her right now.
Yeah, I mean, I think this just demonstrates how interconnected the world is.
And, you know, a tragedy of war, anywhere in the world will have a ripple effect one way or another
into pretty much everyone's life.
I mean, you look at the war in Iran, 20% of roughly 20% of total global petroleum liquid consumption
passes through the Strait of our moves.
That's basically shut down right now.
You're seeing even with the Olympics, the FIFA World Cup coming up,
these things that we maybe took for granted about the world coming together,
being able to get to different places across the globe,
we're realizing, oh, like, that stuff doesn't just happen.
Things have to work well together.
And right now, things, it doesn't appear to be going well.
And the aviation industry is very exposed to the Middle East.
Around 40% of Europe's jet fuel imports in 2025 came from the goal.
Kuwait alone has become Europe's largest supplier of jet fuel.
And that's why you're seeing these prices spike and these airline stocks get pummeled as a result because their profits are getting absolutely crushed.
What's interesting here also is that airlines do hedge against this possibility.
They hedge against geopolitical events that could send jet fuel prices skyrocketing.
So they book these, they basically buy oil in the futures market and lock into these contracts.
So Ryanair, which is the busiest airline by passenger numbers in Europe, actually has secured
80% of its jet fuel needs through March 2027 at a price of $67 per barrel.
You go down the line.
A lot of European airlines have hedged.
The problem is that U.S. Airlines have stopped hedging.
They did it.
They stopped doing this after 2008.
Southwest Airlines was the last one to hold out.
It formally ended its hedging program last year.
And that's why you're seeing these stocks get absolutely crushed.
And then the travel industry, I mean, industry experts are saying that besides COVID, this is the most chaotic event we've seen since 9-11 when U.S. closed its airspace.
We've had millions of passengers stranded in the Middle East trying to get home.
There's been evacuation flights by Western countries.
Cruise lines are ground to a halt.
They are not moving out of Dubai.
Hotels have been hit in the Middle East.
So this is threatening a sector that provides $11.7 trillion.
to the world's economy. Inquiries for more expensive, cancel for any reason travel insurance
searched 18-fold this week. Yeah, it seems like the era of smooth or pretty smooth global
travel is screeching to a halt. And I just have to give a shout-out to Ryan Neer.
They have the best social media game and they got the best quants hedging oil. I mean,
a complete package over there. And then finally, we have to mention driving won't be spared.
Gas prices are absolutely skyrocketing this week. Patrick DeHan of Gas,
buddy said that we could see average gasoline prices in the United States.
Three dollars in fifty cents.
That was up from less than three dollars just a week ago.
So gas is getting more expensive.
The next time you drive by your local gas station,
there's probably going to be a higher price.
Okay, let's sprint to the finish with some final headlines.
Netflix may have been outbid to purchase Warner Brothers,
but it didn't end its acquisition hunt entirely.
Yesterday, the streamer announced it bought an AI startup created by one Ben Affleck.
Interpositive, which Affleck founded in 2022,
doesn't generate videos from text like SORA.
It provides tools to people who make television and film
that automates a lot of the tedious busy work
that goes into the post-production process.
For instance, its models can edit out visual elements
like stunt wires when they appear in the shot,
develop special effects, and color correct.
Affleck said he was inspired to create interpositive
when finding existing AI tools lacking
and felt, quote,
responsibility to my peers in our industry
to protect the power of human creativity
and the people behind it.
Affleck said Netflix has been a responsible steward
of new technologies, and that's why he linked up with them.
Yeah, there was a clip that went viral of Ben Affleck on Joe Rogan talking about AI, and everyone's
like, wait, Ben Affleck's like, this dude's really, really smart.
Is he actually Will and Goodwill hunting?
Like, it's genius.
And I like that they're focused on AI tools that creatives actually love, and it has a lot
of credibility coming from Ben Affleck, who is a creator and a creative himself.
So I think this is a really smart move, and, you know, Duncan's stock might should be
up on this.
The dude is powered by Duncan.
Moving on, United Airlines is making an unethical.
unwritten rule of travel, an actual rule.
Last week, the carrier updated its policies to crack down on passengers who don't use headphones
while playing audio.
Under its new rules, these obnoxious types would be removed from planes or even face a
lifetime ban if they don't keep their music or shows between the ears.
It's a step further than what other airlines have on the books.
Most encourage or require headphones in the cabin, but unlike United, they're not threatening
to enforce it.
Kyle, if there's one thing that can unite our divided country, it is this.
People were downright euphoric.
Honestly, I love this from United.
Thank you.
I don't think we're going far enough.
I think we're removing them from the plane, but in midair, you get a parachute and your vacation
is wherever you land.
That's my new rule.
I try to be understanding and empathetic, but it's hard for me to get in the mind of somebody
who is, whether it's on a plane or in the subway here in New York City, where you're
playing your music out loud.
Unless it's, you know, Soldier Boy Kiss Me through the phone.
I don't want to hear it.
All right.
Finally, sports fans.
It's been a bit of a rough go for us since the Olympics ended.
But the action returns in a big way this weekend.
Tonight, Team USA will play its first game in the World Baseball Classic, an international tournament that features 78 MLB All-Stars across 20 teams.
Hop on the bandwagon now because I promise you, people will be talking about this next week.
Over in Australia, the new Formula One season gets underway with a new American team making its debut, Cadillac.
Yes, Cadillac joins the grid as the 11th team, F1's first expansion in a decade, joining Haas as the only.
only two U.S. squads on the circuit.
And finally, the Paralympics begin in Northern Italy,
having grown dramatically since their origins,
when the first Paralympics were staged 50 years ago,
fewer than 200 athletes from 16 countries competed.
This time around, there are 665 athletes
representing more than 50 different countries.
Yeah, we've got an electric sports lineup.
We've got March Madness coming in the back half of the month.
It's going to be a great month for sports fans.
Yeah, and the college basketball conference tournaments,
which sometimes are even better than the NCAA tournament,
are this week.
and you see all those small schools hit some buzzer beaters,
and it's absolutely super fun to watch.
One thing I will say is if you want to get excited for the world baseball classic
or anything, don't watch Aaron Judge's speech.
He gave a pump-up speech that people were kind of dissing
because it was the least inspirational thing they've ever watched,
which is not surprising coming from a Yankee.
All right, that is all the time we have.
Thanks for starting your morning with us.
Have a wonderful Friday and an even better weekend.
Kyle, thanks so much for coming on the show.
Have an awesome birthday.
Awesome.
Minnesota Day.
Where can people find your show?
Yeah, I also co-host a podcast called Per My Last Email about work, life, and career advice.
And you can find that.
Wherever you find podcasts, it is a Morning Brewing Show.
Have a great Minnesota Day, everyone.
And if you'd like to reach us, send an email to Morningbrewdaily at Morningbrew.com
or DM us on Instagram at MB Daily Show.
Let's roll the credits.
Emily Million is our supervising producer.
Raymond Lou is our senior producer.
Our producer is Olivia Graham, and our associate producer is Olivia Lake.
Hair and makeup is considering starting their own business to sell the Netflix, of course.
Devin Emery is our president and our shows of production of Morning Brew.
Have a great weekend.
Pay off your home, travel for life, drive a Ferrari.
In celebration of the world premiere of the Monopoly Big Board Buckslot Machine by Aristocrat Gaming,
Yamava Resort and Casino at San Manuel is giving one person a $1.6 million dream package.
The biggest prize in Yamava's history.
Club Serrano members can earn daily instant prizes and secure a spot in the finale May 29th.
Don't pass go and own it all.
only at Yamava, celebrating its 40th anniversary.
UN. Details at yamava.com
must be 21's winter.
Please gamble responsibly.
Monopoly is a trademark of Hasbro.
Hasbro is not a sponsor of this promotion.
