Morning Brew Daily - Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?

Episode Date: February 20, 2025

Episode 523: Neal and Toby discuss President Trump’s order to shut down NYC’s congestion pricing program, proclaiming himself as the savior of the working class in Manhattan. Then, Apple announces its newest budget-friendly iPhone 16e, powered by a homegrown chip. Also, EV maker Nikola files Chapter 11 bankruptcy, marking a continuous downfall of a once-favored Wall Street startup. Plus, Neal shares his favorite numbers from DOGE, fire truck companies, and a Chinese box office smash. Lastly, a run through of headlines you need to know. LinkedIn will even give you a $100 credit on your next campaign so you can try it yourself. Go to LinkedIn.com/MBD Terms and conditions apply. Only on LinkedIn ads. 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. Check out https://linkedin.com/MBD for more! Listen to Morning Brew Daily Here: https://link.chtbl.com/MBD Watch Morning Brew Daily Here: https://www.youtube.com/@MorningBrewDailyShow Learn more about your ad choices. Visit megaphone.fm/adchoices

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pwc.com slash U.S. slash brew AI. That's pwc.com slash us slash brew AI. Good morning, Brew Daily show. I'm Neil Fryman. And I'm Toby Howell. Today, Trump wants to scrap New York City's congestion pricing plan, but

can he? Then Apple added a new cheap iPhone to its lineup, but it's what's under the hood that has investors excited. It's Thursday, February 20th. Let's ride. Good morning. If it were 2009, our Facebook wall would be pouring

in with messages from Randos because it is our birthday. Morning Brew Daily is turning to today. On our first episode, way back in 2023, some topics we covered were meta-charging for verification, Biden taking a train trip and ice cover on the Great Lakes, a real scintillating debut from your boys. Thank you so much to all the OGs who've been listening since that first episode and to everyone who has hopped on the bandwagon since. It is a real privilege to be able to do this for two years now. And Toby, I'm pretty excited about being two. Lots of key milestones to hit. We should be able to say at least two words together, walk up a few stairs without help, and eat from a spoon.

Time flies when you're saying, let's ride. I will spare you all my rendition of happy birthday. Instead, just pass along how thankful Neil and I and the whole team is for you guys. From the literal day oners who comment on every YouTube video to our brand new listeners, you all are what make MBD, MBD. Now let's go and party. And by party, I mean, tell you about today's sponsor,

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See Verizon.com for details. Long live the king. That's what President Trump declared when he announced that he was killing congestion pricing in New York City. Yesterday, his transportation department rescinded its approval of the city's new tolling system, which would bar New York's Metropolitan Transportation Authority from collecting tolls. Transportation Secretary Sean Duffy called the plan a slap in the face to working-class Americans and small business owners, echoing critics who called it a tax on drivers. It's been about a month and a half since New York's first of its kind of congestion pricing

plan went into effect, which charges most vehicles $9 to enter the core of Manhattan at peak times. The goal was to clean up the air, reduce car traffic in busy areas, and fund $15 billion worth of transit projects, and so far it seemed to have been working. Drivers are saving about 20 to 30 minutes traveling into central Manhattan, while about 1.2 million fewer vehicles entered the area in January compared to a year earlier. But unlike the newsies, Trump may have been too quick to declare himself king of New York. In a lawsuit against the Transportation Department, the MTA argued that the federal government does not have the authority to unilaterally kill congestion pricing and pledged to continue

collecting tolls until a judge told it not to. In a statement, New York, Kathy Hochel said, we are a nation of laws, not ruled by a king. We'll see you in court. This has a long way to go before we have an outcome on either side. But let's dive deeper into the numbers on if it was working or not. In the first week of February, traffic inside the toll zone dropped about 10% compared to the same time. Last year, there was on average about 50,000 less vehicles entering according to the MTA. So that is a big check in its corner. Also, foot traffic, which is a good measure that businesses want to see to make sure that they're still getting enough people.

to come frequent their shops. That has improved since the tolls took effect as well. Through the end of January, 35.8 million pedestrians entered that major business district in the tolling zone. That's about 5% more than the same period last year. And it's been really freaking cold in New York City too. So those are impacting numbers as well.

But on the flip side, this toll had a lot of powerful opponents. One of them is actually the governor of New Jersey. He said you're basically just rerouting traffic. into our neck of the woods, that traffic has to go somewhere. You're just putting it on our plate. So he has the ear of Trump as well. A lot of powerful people in New Jersey were not happy with this, which is why Trump kind of made it a campaign promise. This is him trying to execute on that campaign promise. And this may be the stiffest legal challenge that congestion pricing has had, but it is certainly not the first. It was hit with lawsuit after lawsuit by New Jersey and others. It survived all of those

legal challenges, and it went into effect on January 5th after years and years and years of planning, the chair and chief executive, the MTA said, look, we've been sued everywhere. We've been sued in every federal court and state court east of the Mississippi, and we're batting 1,000. We've won every single time. So we'll see how this court fight plays out against perhaps the most powerful opponent of all the White House. One real issue with this, though, is that this plan was supposed to, if congestion pricing goes away, it will really hurt the MTA because they were expecting $1 billion in extra revenue. They were going to use it to fund all these improvements to the subway system.

And they've already started borrowing against future toll revenue. So if that gets taken away, it really throws the MTA into limbo. It really puts their plans on giving a facelift to one of the most extensive transportation systems in a U.S. city, but also an aging transportation system. So I do think that they are watching nervously and saying, oh, no, we've already, you know, started cashing checks from this program. What happens if that, you know, income stream is taken away? This is history what we're witnessing, because first of all, this is the first congestion pricing plan that has been implemented by any United States city. It exists in London, in Stockholm, and Singapore, and other places around the goal. But this was

the first experiment that happened in United States. So that was unprecedented. And then what is also unprecedented is the reversal of such a large-scale transportation project by the federal government. This hasn't happened before. If it sounds like a lot of whiplash, that's because you've never experienced something like this in U.S. history. So the magnitude of what is going on is a really big deal because many other cities are watching New York to see whether they want to implement their own congestion pricing plans around the country. Now it moves to court for another drawn-out legal battle. Apple rolled out a budget-friendly new face to its lineup yesterday, the $599 iPhone 16E. It clocks in at $600 cheaper than Apple's most souped-up iPhone, but will run you $170 more than the iPhone

SE it is replacing. What's the extra cash getting you? Say goodbye to the old home button that somehow your mom's phone still has and say hello to Face ID. It also contains the same A18 chip as the iPhone 16, which is powerful enough to run Apple Intelligence. And there's an updated USBC charging port. But what has a lot of people excited is a small piece of tech under the hood. Inside the 16E is Apple's first ever in-house cellular chip, which represents the culmination of a years-long effort by Apple to make more of its technology

itself, to save having to pay billions of dollars to suppliers like Qualcomm. This launch also signals Apple's intention to push into the lower end of the smartphone market, typically dominated by rivals like Google and Samsung. So, Neil, one little phone here, but a lot of implications. Sure. I mean, Apple's iPhones are in a bit of a slump right now. Sales fell about 1% in the holiday quarter volume. The amount of actual phones that they're shipping is pretty stagnant. Everyone, you know, kind of has a phone. They're just upgrading. So at this point, it's selling about 230 million iPhones a year and it's just that is a number that has not that is not going to budge in the near future. So what they need to do is raise prices to get more revenue. So this is $170 more than the

last iPhone SE version. It's still cheaper than its other models. But you're right, this is I guess the entry level model to get people hooked on the Apple ecosystem. And then maybe once they're, they're, you know, fed up with their SE, they'll upgrade to a pro or a max or whatever they call these days. That is the hope to get people, especially in international markets, into the Apple world, and then they'll continue to pay for upgrades later on. But let's talk about this in-house modem. This is sort of a test run for these chips that allow your phones, you know, connect to cellular providers around the world. What they're doing is trying it out in this cheaper iPhone to see if they can roll it out to their entire suite. And the reason why they've been trying to do this is that

Apple's been very reliant on Qualcomm for most of its history. But Qualcomm, you know, charges them, one, money to make the chips, but then also, too, they have to pay a royalty of like $6 to $7 on every single chip that, every single iPhone that contains the chip. So over, you know, 230 million iPhones, that is billions of dollars we're talking about. So Apple has been slowly chipping away at figuring out how to make this one critical component themselves. It's been a very long process. They hired a bunch of people from Intel's. modem division. They hired some people from Qualcomm as well. It's a little contentious because they've been trying to keep Qualcomm happy while also trying to derive or take away a major source of revenue from it. So this has been a project that's been ongoing. We've seen them do it with their

actual chips that power the phone. Now they're trying to do it with their cellular chips as well. Let's talk about the marketing strategy. Basically, when Apple has released a product in the past, there's been a huge pageantry around it. They have a huge event. They do keynote and very buzzy marketing around product launches. This one, they just issued a press release, and it went a little under the radar. They didn't hype up this modem at all, which I don't know if it's even possible to hype up a modem. But they didn't do it, and they kind of let this fly under the radar a bit.

What do you think is behind that particular strategy? I mean, it's not necessarily that exciting of a press. project because it is just a more expensive entry-level version of their phone. And it doesn't come with a ton of bells and whistles. Most of the bells and whistles are actually stripped away. Like, you're not going to get those higher-end features that you come to expect. It doesn't have the dynamic island at the top. It doesn't have the MagSafe wireless charging. It only has one back camera. So if you make a big deal out of it, some people might say, wait, you're just releasing a less souped-up iPhone. Why should I be excited about that? So I do think this, the reason why we're talking

about it is because the modem and what it represents for Apple going forward, but a modem is not exciting for consumers, which is why they didn't make a huge deal about it. Nicola Motors, an electric truck company that once had a market cap higher than Ford filed for bankruptcy yesterday, completing its slow downhill roll towards the EV junkyard. This company's worth eulogizing, though, not for its contributions to the EV industry, but for its insane backstory. Nicola was founded by Trevor Milton amidst the Green Auto investment boom that character the early part of the COVID pandemic. It promised semi-trucks that would run on environmentally friendly hydrogen

and a network of fueling stations along major interstate corridors to keep everything moving. When it went public via SPAC, it reported orders for 14,000 of its hydrogen fuel-celled trucks. However, the famed short-seller Hindenberg soon took notice and released a report that Nicola was likely overhyping its business. The report also made the sensationalist claim that in some of its promotional videos, Nicola rolled a truck down a hill and passed it off as moving under its own volition, which prosecutors found to be true. Needless to say, instead of ushering in a green revolution in trucking, Trevor Milton was convicted of securities fraud in 2022 for allegedly misleading investors.

And Nicola is now a poster child for mean stock froth and founder Megalomania. What a downfall, Neil. This was a mess of a company. They were on their fourth CEO in as many years. losing hundreds of thousands of dollars on every truck they sold, which they weren't selling many trucks at all, even despite ramping up production. It was a symbol of the excesses of the SPAC boom that we had in 2021 and the EV boom that has faltered from both macro conditions because higher interest rates, less demand for EVs than what was expected, but also missteps on

the part of these individual companies that thinking that they could be. the next Tesla not realizing the capital that was required. And many EV companies have been accused of fraud and accounting shenanigans. And clearly, this was a business model that didn't work for Nikola, but also many other EV startups in the space. Yeah, there was almost two factors that sunk Nicola. One was Trevor Milton was literally, you know, defrauding investors by, I remember when this happened, when their video of this truck, you know, steaming down the highway, Hindenberg kind of said, we found out that they can't actually drive these trucks. These trucks don't work. They are literally using gravity and passing it off as, you know, self-powered trucks. So that was this

whole separate issue. But then there's also just normal startup problems. They are saying its current CEO cited the fact that it's really hard to find hydrogen and fuel cell parts because it's just not a big market. Also, there's- And you should have thought about that. I know. But they, I think these are things that they thought they could just build or like the industry would grow alongside. So, yeah, Some of it was just a miscalculation of that. All told, though, this was a money lighting on fire machine. It's lost $3.6 billion in capital. It's just been literally setting money on fire, and it joins, you know, that graveyard.

I mean, the Fisker motors of the world, the Lourdes Town Motors of the world, these companies that thought they were going to be Tesla, and instead are just a cautionary tale. There are a few walking dead EV startups. One of them is Rivian. Their share price is about a tenth of where. it was in late 2021, but they produce pretty well-regarded electric pickups and SUV, so they're still kicking. And then Lucid Motors is another EV startup that is still around. It makes luxury electric cars and SUVs at the top end of the market. To look at their share price this morning,

it's down 95% from their people. Up next, hold on to your frontal lobes. It's Neil's numbers. Today we helped a latte for Sam. Coffee shop, get an insurance quote, simply and easily, and made sure a floral delivery van was able to make someone's day. We're the Hartford, with decades of experience ensuring millions of unique small businesses. When it comes to your small business insurance, one size absolutely does not fit all.

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It depends on who you ask. About a month into its effort to slash fraud and waste, Elon Musk's cost-cutting outfit says it's saved $55 billion in federal spending. But look closer and things get a little more suspect. The Doge website itself only accounts for $16.6 billion of the $55 billion claimed to have been saved. And that $16 billion also comes with an asterisk because there is a major error. Doge mislabeled a contract as costing $8 billion when in reality that contract cost $8 million. So when you do all the math, the total savings generated by Doge amount to about $8.6 billion, a fraction of what had been broadcast. So how'd the M and the B get screwed up?

In September 2020, D&G Support Services was awarded a contract to provide services for the Office of diversity and civil rights within U.S. immigration and customs enforcement, or ICE. The original value was listed at $8 billion, and it stayed that way for years, until last month when it was adjusted to the correct amount of $8 million. It certainly was just an $8 million contract because ICE's entire budget is around $9 billion, so an $8 billion contract is just not feasible. Either way, as Bloomberg notes, this Suss accounting raises questions about Doja's reliability and accountability. Yeah, this is the transparency. side of Doge that, you know, they invited when they put this website up. If you want to show their work,

people are going to start, you know, parsing through that work. And whether it was actually, you could credit Doge and say, wait a second, they actually found a government contract that was mislabeled, that was soon changed right before, you know, the inauguration. What is clear, though, that $8 billion is certainly not even close to what this contract could possibly be worth. Also, 8 million is the upper bound on what you could hypothetically say you saved as well, because $2.5 million has already been spent on that $8 million contract. So it just shows that when you're going line by line and trying to cancel and add up these savings, you're going to run into some of these hurdles.

Maybe it's a mislabel contract. Maybe it is just an over-exaggeration. But I do think that they thought they found the perfect doge fodder here. And if you dig a little deeper, it wasn't the perfect doge fodder. And Elon Musk has said himself that some things will be incorrect and should be corrected, but when you're putting out false numbers consistently like this and overinflating your impact on, you know, this is the budgets, trillions of dollars. And to say you found, you know, a couple, few billion, you're, you know, you're going to lose trust with the public about your effort.

My next number is three, which is how many companies control an estimated 70 to 80 percent of the fire truck manufacturing market. This stunning industry concentration reported by the New York Times was on full display during the LA fires last month when many firefighters who could have been deployed to the front lines were not able to get there because dozens of fire trucks were out of service, accumulating rust at the city maintenance yard. Los Angeles fire chief Kristen Crowley said that about 100 fire vehicles were out of service in January, which blunted their efforts to control the blazes. Fire leaders across the country say recent industry consolidation in firemen. truck manufacturing has caused higher prices and long delivery delays, impeding their ability to do their jobs. Tack on COVID, which caused major supply chain disruptions and worker shortages, and the situation at firehouses has become dire. Auditors in Atlanta found that more than a third of the city's firefighting fleet was out of commission. Chicago firefighters held

a satirical birthday party for a 30-year-old engine that had double its lifespan. Yeah, this is a interesting industry. One, because fire truck manufacturing is an incredibly bespoke process. Every single fire department wants their truck made to their specific specifications. And so, therefore, it's not something that you can just mass produce like a normal automobile. And then also, it is a very consolidated industry. If you look at the top, you know, name there, it's called Rev Group. It controls 30% in the fire market, but then you go down the list. And three of the largest companies control around 70 to 80% of the market. And if you dig into those companies' financials, they have backlogs stretching years and billions in dollars of orders. But there's just

not a ton of rush to fulfill those orders because, again, it's not a very competitive marketplace. So a lot of these fire stations are looking around and they're making do with what they have. They're making do with 30-year-old fire trucks. We're throwing birthdays for these fire trucks because they are forced to because no new fire trucks are coming to replace their old ones for my final number, a movie you've probably never heard of just surpassed Pixar's Inside Out Two to become the highest grossing animated film of all time. Nja 2, a Chinese film about a monster fighting demonic child, has earned $1.7 billion since its debut over the Lunar New Year holiday, making it not only the number one animated film ever, and not only the number one

Chinese film ever, but also the eighth biggest film in history. It's an astonishing result for a homegrown Chinese movie, considering that Najatu is the only film in the top 20 all-time box office list whose original language is not English. And even more remarkable, very few people internationally have seen it. Over 99% of its box office income has come from mainland China, making it the biggest haul ever in a single country by $600 million. That was a lot superlatives, but Najatu's success is unprecedented, and it shows the power of the Chinese consumer market when things are clicking. there is a good chance that this will be the highest grossing movie of 2025,

depending on how Avatar 3 does later this year. This is a culmination of a trend that has really emerged over the past decade. If you go back to 2012, seven of the top 10 releases in China were from Hollywood, were from American studios. But then you go back to last year, no American movie broke the list of the top 10 highest grossing movies in the China. And it really just speaks to the emergence of China's movie-making machine. They are, one, improving in quality, and two, showing that, it reflects wider societal issues as well. This is a movie that is based on a 16th century

story from a Chinese culture. And so audiences, domestic audiences are showing out in droves. One, just showing their national support for stories like this. And then two, just showing that these movies are good movies and they do draw in audiences in droves at this point. It's coming to America, too. You looked at the showtime. It's pretty widely distributed within New York City. So we should give that a try. Let's sprint to the finish with some final headlines. U.S. support for Ukraine in their war against Russia has never been more precarious. One day after President Trump blamed Ukraine for starting the war, when in fact Russia invaded Ukraine unprovoked, he laced into Ukraine's President Vladimir Zelensky, calling him a dictator without elections and claimed he misused

U.S. aid. The anti-Zolensky rant on social media comes as the Trump administration is rapidly improving relations with Russia, holding high-level talks. this week about resolving the war that sidelined Ukraine and European leaders. Critics blasted Trump for repeating what is essentially Russian propaganda. Senate Minority Leader Chuck Schumer said it is disgusting to see an American president turn against one of our friends and openly side with a thug like Vladimir Putin. You are seeing a widening gap between the U.S. and Ukraine. Obviously, the U.S. has been a huge backer of Ukraine's efforts against Russia.

But Trump has said on the campaign trail and since he's taken office that he quickly wants to settle this war, but he's taken a turn to increasingly blaming Ukraine and Zelensky personally and spoken with Putin about ways to end it. So we've entered into this balancing act where Zelensky does want to push back against these claims thrown his way without badmouthing the backer of its biggest, the badmouthing its biggest backer while also trying to end the war. So it's a very precarious situation. While Apple was busy announcing a cheaper iPhone, Microsoft was cooking up an entirely new state of matter. It unveiled a quantum computing chip yesterday that it says is powered by eight topological qubits,

a exotic form of matter that is not based on a solid liquid or gas. The idea is for this new phase of physical existence to be harnessed to solve mathematical and scientific problems, eventually bringing quantum computing into the mainstream. This sparked two big quantum breakthroughs in just a few months. In December, Google unveiled its own quantum computer that needs to be able to be a quantum computer that needed just a few minutes to solve a calculation that would take most supercomputers 10 septillion years to finish

and many believe that Microsoft's new technology could leapfrog that chip. Neil, now many believe that instead of decades, it could just be years until we get viable commercial applications of quantum computing. Still, guys, go travel the world. We got the asteroid coming in 2032.

You're not going to be able to get a quantum computer by then. But this is a tremendous breakthrough and we'll see the quantum computer arms race is on before, you know, we're all blown to smithereens in a few years. Let's say you were on a flight that crash landed and flipped upside down while skidding down the runway. How much do you think the airlines should pay you for your troubles? For the passengers who survived that ordeal on Monday in Toronto, the answer is $30,000. Delta Airlines, which operated the flight that went belly up, said it was offering $30K to each passenger aboard the flight with, quote, no strings attached and does not affect rights.

Interesting to compare that to what Alaska airline offered passengers on its flight last year when that door panel blew out. That was $1,500. If all 76 passengers on that Delta flight took up its offer, it would cost Delta $2.3 million in total, which feels small for how large that accident was. But you're right, when you compare it to the Alaska Airlines flight, it is substantially more. I also went back and looked at, remember the miracle on the Hudson flight in 2000. Those passengers got $5,000. I mean, I guess that's not inflation adjusted, but that was $5,000 going towards replacing possessions lost, not necessarily as an act of goodwill.

So in the grand scheme of things, $30,000 is a lot of money, but also I'm not sure if it's enough for given what those passengers went through. The SS United States, once a grand symbol of American maritime engineering, is making its way beneath the sky blue waters off the Gulf Coast of Florida. No, it didn't run aground on some reef. In fact, the ocean liner is set to become a reef itself. A $10 million project aims to create a new habitat for marine life by sinking the ship while also hoping to boost tourism and fishing in the process. The transformation from a 990-foot-long mid-20th century Marvel that carried four presidents across the Atlantic into an environmentally sound reef will take about two years and will include the removal of hazardous materials like fuel still sitting in its tanks. But it will give second life to the once proud ship that to this day is the largest passenger ship ever built in America. And it's super fast. It crossed the Atlantic Ocean in three days, 10 hours, and 40 minutes, which makes me.

Maybe it doesn't sound fast because we can do it about five hours in a plane now, but that still holds the records to this day for the Transatlantic for an ocean liner, a crossing. So pretty cool ship, and I didn't know this was a thing where they deliberately sink ships to create artificial reefs so people can go scuba diving. But it seems like a very cool use for this ship that I've seen in South Philadelphia, and anyone who drives on 95 or is around Philadelphia through there, you see this, you know, this rusting ship. and it looks like they're going to put it to some interesting use. But I have a question for you, Toby. What does SS stand for? This is the SS United States. I know we just got after Neil's numbers,

but I still want to teach people a thing. And I didn't know this before looking it up. The SS stands for steamship. I was going to get a super ship. So I thought that was a dumb guess. Back in the 19th century, there was, you know, they wanted to, the marketing folks at these ocean liners wanted to distinguish from the wind-powered ships

that came before. It's like called it. Gotcha. Steamship. And then it also came to represent what they call screw steamers, another SS or single screw steamship. So the SS stands for steamship. A bonus deals fact right there. Let's wrap it up there.

Thanks so much for starting your morning with us and have a wonderful Thursday. For any questions, comments, or feedback, send an email to Morningbrewdaily at morningbrew. And if you're enjoying the show, share it with a friend, family member, or coworker. Toby, who should everyone listening share it with today? goes out to all the MBDOGs. If you've been here for two years now, first thank you, but you've probably told all of your immediate friends about your favorite morning show. So let's dig deep here. Hit up your exes, text your third cousins twice removed, and knock on your technologically illiterate 70-year-old neighbor's door, bottom of the barrel stuff,

but thank you for your loyalty. Let's roll the credits. Emily Milliron is our executive producer. Raymond Loo is our producer. Olivia Graham is our associate producer. Yuchinawa Ogu is our technical director, Scoop Stardaris is on audio. Hair and makeup is considering whether to go to Boston for the U.S. Canada hockey game tonight. Only problem. Tickets for the Four Nations face-off title game are rivaling the Super Bowl

costing upwards of $4,000. I say Yolo. Devin Emery is our chief content officer and our shows of production of Morning Brew. Great shows. Aeneal. Let's run it back tomorrow. All. Pay off your home. Travel for life. Drive a Ferrari. In celebration of the world premiere of the

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