Morning Brew Daily - Intel Ousts CEO & TikTok Shop Banks $100M in One Day?

Episode Date: December 3, 2024

Episode 466: Neal and Toby discuss the exit of Intel’s CEO Pat Gelsinger after 3 tumultuous years of falling behind in the chip race. Then, TikTok is inching closer to Amazon as a legitimate contender in the e-commerce space as it rakes in $100M during Black Friday. Plus, the US Supreme Court is stepping in to see if the FDA has been wrongfully denying applications for approval for vape products. Meanwhile, rising bible sales is this week’s Toby’s Trends. Lastly, the biggest news you need to know to round out your day.  Download the Yahoo! Finance App (on the Play and App store) for real-time alerts on news and insights tailored to your portfolio and stock watchlists. 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://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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Good morning, Brew Daily Show. Neil Fryman. And I'm Toby Howell. Today, sales of the Bible are skyrocketing this year. Why is everyone curling up with two Corinthians? Then TikTok shop had a Black Friday to remember. Is it actually a threat to dethrone Amazon? It's Tuesday, December 3rd. Let's ride. Hope you all are back in the swing of things at work after your time off. No worries. If not, though, it's only Tuesday. If you feel like you forgot how to use a mouse, though, luckily for you, we have a work-life-themed episode coming up soon that we need your help for. Your favorite super sub, Kyle and the co-host of his podcast, Kayla, are hopping on MBD to talk

about the hottest workplace trends they've identified on their show per my last email. One segment their listeners love is called M-I-the-A hole, where people submit workplace questions for them to break down. If you've ever left a meeting and thought to yourself, did he just say that? Or maybe you've had a tense one-on-one with your boss that made a promotion feel even further away, those are perfect fodder for the Am I in A-Hull segment? So our request to you, email Morningbrewdaily at Morningbrew.com with your workplace horror stories or questions, and the per my last email crew along with us is going to help you make sense of them.

Drop us some tea at Morningbrewdaily at Morningbrew.com and will anonymously help you work through your workplace conundrums and questions. That's Morningbrewdaily at Morningbrew.com. Now a word from our sponsor, Yahoo Finance. Neil, some of our listeners don't know this, but we actually have a YouTube version of the podcast where you can come see our smiling faces every morning. But MBD is not the only one with a video feed. Yahoo Finance also has a video tab you should check out. You can watch their morning shows like the morning brief or opening bid,

or get deeper in the weeds with specific investing-related insights. It's a really good change of pace if you want to catch up on some market news without having to actually sit down and read the headlines. And rumor has it that hair and makeup actually shows up for Yahoo! Finances video team, so it's got that going for it. If you want to see what sort of multimedia Yahoo! Finance has to offer, just head to Yahoo!finance.com and click on the videos tab. Spring is the season everyone refreshes everything except their blinds. People put it off because they think it's complicated. But at Blinds.com, we've spent 30 years proving it's not.

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plus a free professional measure now during the spring Cyber Monday sale. Rules and restrictions apply. Intel CEO Pat Gelsinger was brought in three years ago to restore the struggling chip maker to its former glory. But like Aaron Rogers with the Jets, his veteran savvy didn't quite translate. Gelsinger retired as CEO yesterday

after failing to see his turnaround plan through, leaving Intel in perhaps worse shape than when he began. By all accounts, this was a either you quit or we fire you situation. According to Bloomberg, Gelsinger was hauled in before the board last week to describe how he was planning to narrow the gap with Nvidia, the chipmaker that sprinted past Intel in the past several years. They apparently didn't like what they heard and gave Gelsinger the choice of retiring or being removed. investors that have been beaten down by Intel's cratering share price were happy about the move. They sent Intel stock up about 4% on the day, showing how they lost confidence in Gelsinger. Still, the company has lost about half of its value this year, and it's lost all of its reputation as America's chip-making champion on the world stage.

So, Neil, what went so wrong here, and was it entirely on Gelsinger? Look, he definitely inherited a company that was already feeling a bit creaky, way behind the eight ball. and that was due to decisions made by his predecessors that proved disastrous in hindsight. And one of those moves back in 2005, Intel turned down an opportunity to make the processor for the iPhone. So Intel was a PC chipmaking giant. They dominated the market for PC computer processors. And they had this opportunity to make the processor for the iPhone, and they turned it down thinking that mobile phones just wouldn't be a big market. and now they are cut off from that market.

And obviously, it is massive now. So that was one mistake. And the other mistake, also in 2005, the CEO at the time was thinking about buying Nvidia for about $20 billion. You know, in hindsight, that was a bad move because currently, Nvidia is worth $3.3 trillion and is way more valuable than Intel, thanks to its prowess in the AI market. So there were two decisions that were made previously before Gelsinger even got there

that sent Intel on the past. to decline, but he made certain moves and took Intel in a direction that clearly didn't work as well. Yeah, it's almost like you have this twin sibling in Invidia that just overshadowed you at every turn. That is part of the reason why Gelsinger's term will not be looked at favorably, is that you had, Invidia become the most valuable company in the world. It's now 33 times larger than Intel's market cap. So that just is always, in comparison, you're always going to look bad. One thing that Gelsinger did try to do is make this very expensive bid. this very, you know, incredibly risky transition of the company's business model.

They wanted to be on the level of chip-making giants like TSMC and actually fabricate the physical chips themselves. That has been central to, it lined up very well with the Biden administration's agenda as well, though. They wanted to revitalize American chip manufacturing on American soil. So that was a bet that Gelsinger made. It could still pay off. Like, this is a long and lengthy transition.

It's a long and expensive process. So maybe down the line, they'll say that Gelsinger actually laid the foundation for this shift. But right now, it's not looking too great for Intel, especially when you compare it to its high-flying twin brother, NVIDIA. Yeah, Intel was not prepared for what happened with the AI Revolution when Chat, GBT, was released. And you mentioned expensive. I mean, Intel under Gelsinger has tried to build massive factories. And when you're trying to make chips, these things are so expensive. He wants to, he's laid the foundation for a $20 billion new factory, whole complex, multiple factories in Ohio.

There's also one in Arizona. He wants to build stuff in Europe. So it's been immensely expensive. And he was making on the Biden administration's Chips Act money to help fund that. And Intel has become the biggest recipient of the Chips Act. The Chips and Science Act was instituted two years ago and is handing out $39 billion to chipmakers that are setting up shop in the United States. Intel got $8 billion from that. So it's not especially great look for the Chips Act of the Biden administration to be pouring all this money into a company that has just been behind the curve consistently for the past few decades.

All right. So we just talked about Intel, but there's been another big CEO resignation, if you want to call that in the past few days. Stalanta CEO Carlos Tavares is stepping down immediately. Lee. And this company, I know you guys talked about this on the show a few weeks ago, it makes Jeep and Ram and Dodge and Chrysler, and it has just been absolutely going through it. Q3 sales in the United States were down 20%. After a record-breaking year in 2023, this company has just not caught up to its rivals. And Tavars, who is one of the biggest names in the auto world, is the victim here. Yeah, definitely not a great year for Salantis. A lot of their dealerships have been complaining that they're of inventory blow where these cars are just sitting on the lot. They've kind of made some miscalculations in the North American market. Their cars are a lot more expensive than any of the other car on the market right now. And they also just have some brands that are kind of stalling out a little bit. Yes, Jeep and RAM have had some good sales momentum in recent years. Jeep is always going to be iconic brand, but Chrysler is another brand that they own. It only has one product on offer right now.

The shout out Pacifica minivan owners. And then also, Maserati is another one of their brands. It's their luxury brand. They've seen sales plummet 60% compared a year ago. So they have sort of these zombie lines that aren't selling very well. And while Tavares was seen as kind of this auto industry kind of whisperer when he brought all these brands together under one brand of Stalantis, now it looks like some of those are just dead weight at this point.

If the lines were too long at your local mall and Amazon just ain't hitting like it used to, you might have found yourself perusing TikTok shop this holiday shopping period. On Black Friday, the social media app turned e-commerce platform did over $100 million in U.S. sales. Success stories from brands poured in thick and fast. Canvas Beauty, a cosmetics company, said it sold over 100,000 products, including $2 million worth alone on a single live stream. Those numbers are music to the ears of TikTok, who has been pushing, sellers and creators towards the live stream format for 15 months now, trying to recreate the

success of live shopping that they've seen over in China. Now, a little perspective is in order here. Overall, Black Friday sales in the U.S. hit just under $11 billion this year, so TikTok is still a small slice of the pumpkin pie. Gross merchandise volume on the app is expected to double to reach $50 billion this year, but still small fries compared to Amazon's expected $757 billion haul. But TikTok is also in a race against the clock if it wants to close the gap, as it could get banned as soon as January next year. For now, though, brands are taking every sale they can get.

Yeah, I mean, this is a very interesting phenomenon to watch. TikTok launched its shop app or shop tab in 15 months ago. And I'm sure anyone who's gone on TikTok has seen those posts by influencers, hawking products, and social commerce as well. this entire thing is called where you shop on social media and you don't ever have to leave the app to buy stuff. It works really well in China. In China, it accounts for 30% of all e-commerce. TikTok is, of course, owned by a Chinese company. Many have tried to make social commerce, live streaming work here in the United States, meta among them, and it is just not worked out. It looks, though, like in this particular holiday shopping season, Black Friday, TikTok shop is

finally catching on a little bit. You mentioned it's just a rounding error compared to all e-commerce shopping. But as you can see with the Chinese shopping numbers, 30% of all e-commerce, the sky is the limit. So if TikTok shop can get more merchants on board, that'll be key. And people getting accustomed to buying stuff while they're scrolling on TikTok, I mean, the potential here is enormous. Right. Let's talk about that potential. Dunin, the sister app of TikTok over in China made over $200 billion during live stream. So clearly the market is there if you can get the format to catch on. And it does look like one way to imagine TikTok is Gen Z version of QVC, which is QVC was that program where people just come on and explain products. You could buy

them directly by calling a number on your TV screen. Now it's even quicker. You can just press a button within an app. So technically the groundwork is laid there. It has run into some issues. though, because part of the reason people don't like it is it's almost an insidification of the app instead of just scrolling through videos that were served up to you by the algorithm. Now, every fourth video, every fifth video, is a undercover ad, if you will, these creators hocking a product that maybe you want, maybe you don't want. So it has been a little bit of a curve to get the audience on board with it. But if you can kind of normalize it, yes, obviously the sky is a limit here.

Yeah, and it does represent just the... fusion of entertainment and shopping. Anyone who watched the Amazon Black Friday game on Friday, they aired an NFL game for the second time. And that also represents the confluence of

entertainment and shopping in a way that I think this world is moving toward because if you're at Amazon.com, you have to essentially pay people or you know, you pay a toll to get people to come to your website. Meanwhile, TikTok has 170 million users that it is force-feeding

content to you and force-feeding shopping to you. So if you're a brand, there's a lot to like about TikTok shop. One challenge is these products are kind of cheap and they come at extreme discount. So if you're a brand that, you know, wants to show off quality and craftsmanship, the idea that you would put it on TikTok shop alongside other brands that are very cheap and could break easily and might be scammy is certainly something that's holding them back. That being said, though, brands like Puma, L'Oreal, Nike, and Crocs are selling on there. So clearly they are attracting those bluer chip, those

bigger names. We'll see if it just is a rising tide that becomes a major channel for a lot of these brands, or if it's just something that happens over in China, but can't quite catch a foothold in the U.S. There's no vaping allowed in the Supreme Court building, but vaping was a

topic du jour at the highest court in the land yesterday. The justices heard oral arguments in a high profile case that pits the FDA against two flavored e-cigarette companies whose applications it rejected. At stake is not only whether these products can legally hit the shelves, but also the FDA's broader mandate to regulate tobacco products. So what's going on here? The two ESIG companies, Triton Distribution and Vapstasia, are accusing the FDA

of shifting the goalposts in terms of what scientific backing is needed to submit their products for approval. The companies say the FDA abruptly require them to include long-term studies that show their flavored products would help people stop smoking when compared to tobacco varieties. But since these products haven't been on the market for a long time, there's no way they could provide long-term studies. The companies say this amounts to a blanket ban on flavored vapes. It's true the FDA has been no friend to the flavored vape industry. It's rejected applications for more than one million flavored vape products while approving just 34 that have tobacco and mentholed flavors. This case could determine whether this

multi-billion dollar industry is brought into the mainstream or is kept in a murky regulatory area. Toby, there are a lot of competing theories here about the role of vapes vis-a-vis smoking. Yeah, I think one of the issues that the FDA really has with these flavored vaping products is that they don't want them to appeal to kids. That is something that they think that they've made very clear because the flavors of these vapes. I just have to read some of that loud. Pink lemonade, Rainbow Road, Jimmy the Juice Man, Peachy Strawberry, Suicide Bunny,

mother's milk and cookies. So these are products that the FDA is looking at and saying maybe there's an audience for them in the adult category. But I think if you are looking to attract people with a name like Rainbow Road, you're probably targeting kids. And that is something the FDA really doesn't like. So they have repeatedly declined to approve these flavored vapes because they don't want to encourage young people to use tobacco products, to use vaping products like that. But the companies are like, hey, FDA, you have got it wrong. These flamethrie, favorite vapes are just out there to help people stop smoking and stop moving the goalposts on us. Just we will abide by your rules as long as you make them clear to us.

But the FDA can come back and say, hey, vapes are still a pretty new product. It takes time to drop regulations around them. So you can see why everyone is very contentious about this and why it's made it all the way to the Supreme Court at this point. And meanwhile, vaping has been on a dramatic decline back in 2018 when Jewel was the hot thing. One in five high school students said that they had used an e-sigrant in the last month. But recently, there's new data that shows that vaping is now at its lowest levels in a decade, and both sides are pointing to that data to support their arguments.

The FDA is saying, yeah, our crackdown is working. Like, we stop these from hitting the market, and now people are doing it less. Meanwhile, the e-sigrat companies are saying, look, this is not a problem. are using it to get away from smoking tobacco, smoking cigarettes, and they're not being addicted. So they are both using that pretty astonishing decline in vaping usage to advance their arguments before the Supreme Court. Up next, it's Tuesday, which means it's time for Toby's trends. We're the Hartford, with decades of experience ensuring millions of unique small businesses when it comes to your small business insurance.

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slash price match for details. If you are looking for answers, some people open up Google, some people look to chat CBT, but increasingly, people are turning to one of the oldest sources of truth in the world, the Bible. And it's the suddenly booming Bible industry that I want to talk about on today's edition of Toby's trends. Bible sales are up 22% this year, according to the book tracker Sircana, bucking a trend in the wider book industry where sales are up just 1% over the same period.

But interestingly enough, demand. for Bibles is growing, despite religion increasingly taking a backseat in people's lives. Pew found that just over a quarter of adults in the U.S. now consider themselves religiously unaffiliated, up from over 15% in 2007. Despite that, Bible sales have been steadily rising, jumping from $9.7 million in 2019 to reach $14.2 million last year. So there are two ways industry insiders are looking at this trend. First, Jeff Crosby, president of the Evangelical Christian Publisher's Association said, it all stems from a, quote, desire for assurance that we're going to be okay. But Mark Bertrand, the founder of a Bible design site, has a more cynical view saying

a lot of smart people are thinking about Bible marketing now, which could be leading to a jump in sales rather than a craving for knowledge of scripture. So, Neil, Bible sales are going up, but the reason might not be so cut and dry. Well, either way, it's definitely a New Testament to the enduring popularity of this book, according to the Guinness Book of World Records. The Bible is the best-selling book of all time since it was standardized 1,500 years ago. The British and Foreign Bible Society in 2021 said that the total number of Bible copies sold was between 5 and 7 billion copies. So people have turned to this book time and time again to seek answers to increase spirituality for maybe a little light reading. So I don't know which one of the

justifications you provided, perhaps. It's a sense of both. But it's clear, at least in terms of the marketing side, there are an exploding amount of ways you can consume the Bible, whether it's graphic in graphic form or in a leather bound copy, or they have all these different types of assortments now that people can access it that way. Oh, tons of different Bibles are out there. There's one retailer called Faith in Life. It offers more than 270 different versions of the Bible. They range all the way from a $7.99 pocket-sized new testament all the way up to that leather-bound book that you described. That's $95. There's audiobooks. There's books bound in goatskin. There's books or Bibles marketed towards teens and early readers. So there's definitely a big

marketing boom around Bibles. One aspect of this, too, that we have to talk about is that there's been this collision of TikTok accounts also promoting Bibles. It's almost a cousin to book talk, which we've talked about a lot, where Romantici books have popped off a little different in terms of content, but a similar mechanism just with different subject matter. Plus, I think the customization aspect of the modern Bible industry appeals to people. You can see why, I mean, we've talked about Stanley Cup Crazes where people want to collect things and adorn them with different things. Similar things are happening in the Bible industry as well. So I, I think it's a confluence of a lot of factors with an general undertone that, of course,

the Bible is the best-selling book of all time. All right, let's sprint to the finish by running down some final headlines. The saga of Elon Musk's $56 billion pay package at Tesla took another dramatic turn yesterday. A judge in Delaware rejected it, again, dealing a fresh blow of uncertainty to the largest compensation plan in corporate America history. Remember, Musk was awarded this ginormous pay package in 2018, provided. Tesla hit aggressive share price goals, which it did. But back in January, Judge Kathleen McCormick of Delaware Court of Chancery threw it out saying that the board was too friendly with Musk and that

shareholders were misled when they originally approved it. Tesla was miffed but said, okay, we'll do another vote to show you that our shareholders do really want this to pay Musk for all the growth we've experienced at the company. So they held a vote over the summer and the pay package passed easily. Still, the judge said, not good. enough and last night rejected it again. I tell you someone who is celebrating though, and that is the lawyers as part of the ruling. McCormick did approve $345 million in attorney fees for the lawyers who worked on behalf of Tesla shareholders in order to avoid this pay plan. So Musk is extremely mad because the lawyers that took away his pay package are now getting paid. That being said,

Elon Musk is doing all right financially. He's more than $43 billion richer since Donald Trump won the election in November, at today's stock price, that 2018 package would have risen to be worth around $101 billion. So, again, you could be upset that you got that taken away from you, but he is doing, he is the richest man in the world and is doing okay. And they, I mean, yes, you can say that, but he would argue that he should be getting this because it's what the shareholders want. Now, what happened after this first rejection was Tesla picked up and moved its incorporation

out of Delaware where the vast majority of Fortune 500 companies and businesses anywhere incorporate and move to Texas. So it's likely that Tesla is going to drop a new, very generous pay package in Texas for Musk to stay with the company. And then it'll be have to be approved in Texas, but it will be under heavy scrutiny. And it does speak to this larger semi-exodus out of Delaware where companies feel like they are being taken advantage of by activist shareholders in the Delaware court has been two activists in that regard as well.

Now here's the headline you probably didn't expect to read in 2024. Enron is back. An ex-account under the handle at Enron posted a weird promotional video yesterday, setting off a string of questions. Was the energy company that famously collapsed over two decades ago really staging a modern comeback? Pretty quickly, internet sleuths found out that the answer was likely no. publicly available documents show that an LLC called the college company

bought the Enron trademark for $275 bucks back in 2020. The co-founder of that company is the same person behind the mock conspiracy theory. Birds aren't real. So what we're dealing with here is likely some sort of publicity stunt. If you go to Enron.com, you'll see a snazzy new site full of smiling faces and corporate platitudes, as well as a timer that shows about six days ago until they have something very special to introduce. But as of now, that something special looks like merch and possibly a crypto token, Neil. Yeah, we'll see.

I mean, the timing was not a coincidence. This was 23 years to the day that Enron filed for bankruptcy after one of the largest accounting frauds in corporate history. Initially, it just speaks to the time we're in. Maybe that's why people are going to the Bible. That initially everyone was like, yeah, this is totally a crypto scam. It turned out to be maybe perhaps more benign than that will have to see what these guys announce. six days from now, but they are very good at publicity stunts. And if you go to the website, does say that this is a parody. But there's something enduring about Enron, and people do still

like buying their merch. It was funny to me that people are like born too late to be rugged by the original Enron, but born just in time to be rugged by Enron rebranding as a crypto token. So time is a flat circle here. So if anything, people are paying attention. Ron Weasley, better hope, his Gringot's vault is flush because the actor who plays him owes millions of dollars in taxes. Rupert Grant, who was cast as Ron in all eight Harry Potter

films, is being forced to hand over about $2.3 million to the UK government after losing a legal battle over his tax bill. The issue dates back to the 2011-2012 tax year when Grint raked in nearly $6 million through residuals from the movies. The horror crux

of it is, Grint, or some Wiley accountant, marked those payments as capital assets rather than income. And as in America, you pay a lower tax rate in the UK on capital gains, aka investments, than on income. So now His Majesty's Revenue and Customs Agency is going after our favorite Ginger Wizard. I tell you what, instead of defense against the dark arts,

Hogwarts should have been teaching personal finance. Instead of potion-making, Snape should have taught bookkeeping Akio Horcrocks, more like Akeo, a few bucks. But honestly, I feel bad for the guy. Here you are facing a multi-million dollar tax bill, and all people can do is make Harry Potter jokes. So I am sorry, Ron, of all the Harry Potter's for this to happen to. Of course, it was going to be Ron Weasley. Well, it's December, which means we have our first word of the year awardee.

And according to Oxford Press, 2024 was defined by BrainRot. If you don't know what BrainRot is, congrats for not having it. It's a catch-all term for the type of internet content your younger cousin likely quoted at Thanksgiving dinner this year. Examples include skibbitty toilet videos, a persistent meme about Ohio being weird, or just general mind-numbing content, usually

originating from a short-form video platform like TikTok. Even saying this out loud, Neil, I feel like I'm giving people brain rot. But the word saw a 230% rise this year and beat out other terms like demure, slop, dynamic pricing, romantic pricing, romantasy, and lore.

Is it a worthy champion for Word of the year? It seems so. I mean, to be perfect honest, I have never used the word brain rot, and I really didn't see it a lot in the, you know, in the world this year. But apparently all the kids were using it, which is what Oxford really wants to tap into what was very interesting to me about their choices of finalists and including brain rot was that none of these words were new or those portmanteaus that have come into vogue. Like Romanticy was also a finalist, but those have been, like something like Riz was last year. Like that is a new, that is a new word.

was invented. A lot of these words come from hundreds of years ago. Brain rot was first used in Walden Pond by Thoreau. And some of these other words have been, are over hundreds of years old, maybe even a thousand like lore and demure. So people are finding ways to repurpose old words to fit new ends and maybe use them ironically and non-ironically to fit the times we live in, which is, I think BrainRot does do an interesting thing by explaining what it feels like to be overloaded with just truly mid-content all the time on the internet. It is the perfect encapsulation. When you see, when you come across a brain rot video, you absolutely know it.

And I do think it is a perfect catch-all term for kind of the content that exuded out of the internet this year. So unfortunately, I was cursed with a little bit of brain rot in my algorithm. So I don't know what that says about us, Neil, but I'm on the brain rot patrol. You can stay above the mud. All right. That is all the time we have. Thanks so much for listening.

and have a wonderful Tuesday. For any questions, comments, or feedback, send an email to Morning Brew Daily at Morningbrew.com. If you're enjoying the pod, please spread the word and share it with a friend, family, or co-worker. It's as easy as copying the link on Spotify into a group chat. For today's sharing idea of the day, here's Toby.

I want you to share the pod with someone who has brain rot. Yep, if you have a friend who dooms girls for breakfast and bidses the Costco guys for dinner, who knows what's going on on the Talk Tour podcast, and earnestly keeps up with Logan Paul. Please, please send them Morning Brew Daily. Let's roll the credits. Emily Milliron is our executive producer.

Raymond Lute is our producer. Olivia Graham is our associate producer. Eugenua Ogu is our technical director. Billy Minino is on audio. Pira makeup is our words of the year. Devin Emery is our chief content officer and our show is a production of Morning Brew. Great show, Daniel.

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