Morning Brew Daily - OpenAI Raises Record-Breaking $6.6B & Jeep Sales Are Plummeting

Episode Date: October 3, 2024

Episode 423: Toby and Kyle discuss OpenAI’s massive $6.6B funding round, which makes it the largest VC deal of all-time. Then, Chrysler and Jeep owner Stellantis posts weak sales that is not only upsetting shareholders but car dealers who’ve been holding its cars that no one is buying. Plus, Michael Jordan is taking on NASCAR with an antitrust lawsuit alleging the car league is making sure it stays dominant. Meanwhile, Toby will be sharing numbers on nonalcoholic champagne and politicians love their steak. Kyle shares numbers behind the partnership between SpongeBob and Wendy's. Lastly, Target launches innovative shoes that grow with your feet,  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. To learn more about how Wise could work for your business, visit https://wise.com/business/  Get your Morning Brew Daily T-Shirt HERE: https://shop.morningbrew.com/products/morning-brew-radio-t-shirt?_pos=1&_sid=6b0bc409d&_ss=r&variant=45353879044316  Listen to Morning Brew Daily Here: https://link.chtbl.com/MBD Watch Morning Brew Daily Here: https://www.youtube.com/@MorningBrewDailyShow 00:00 - Mean Girls Day  02:45 - OpenAI Fundraising  07:30 - Stellantis Struggles  10:50 - MJ vs Nascar  15:30 - Toby’s Tallies  21:40 - Kyle’s Kalculations  24:10 - Expanding Shoes  Learn more about your ad choices. Visit megaphone.fm/adchoices

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Good morning, Brew Daily Show. I'm Toby Howell. And I'm Kyle Hagey. Today, Open AI just closed the single biggest VC round in history. And why Michael Jordan is suing NASCAR? It's Thursday, October 3rd. Let's ride. Kyle is back in the studio as Neil is taking a much-deserved break. And you could not have joined the show on a better day

because today, October 3rd is Mean Girls Day. For those of you not steeped in Mean Girls' lore, early in the movie, the character played by Lindsay Lohan, recounts her first interaction with her crush saying, on October 3rd, he asked me what day it was. So from that fateful moment onwards, October 3rd has become Mean Girls Day. Very fetch, Kyle. So fetch. Unfortunately, it's not Wednesday, so we're not wearing pink. We missed it by one day, Toby, one day.

That would have been the ultimate Mean Girls confluence of factors right there. It would have been too powerful. Too powerful. But you better stay in my good graces, though, because you're not. you best believe I have a morning brew burn book lurking around. I hope for my sake and your sake and for anyone who works here's sake, that it never gets out. If that leaks on Slack, it's going to be an incredible day at Morning Brew. Would be quite the scandal.

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U.N. must be 21 to enter. Open A.I's bank account is looking a lot like a turduckin these days with just how stuff to the brim it is. The maker of ChatGPT officially closed the largest venture capital round of all time yesterday, raising $6.6 billion in fresh powder at a $157 billion valuation. It's one of the largest private investments ever made and its new valuation vaults OpenAI up alongside the giant SpaceX and TikTok owner ByteDance

as the world's third most valuable private company. Not only is the round huge, there also seems to be some sneaky strings attached to investors who participated in, including Microsoft, Thrive Capital, and SoftBank. The Financial Times reported that OpenAI asked investors who participated to not back rival AI startups like Anthropic and XAI,

as it tries to assert, its dominance in the cash-intensive world of generative AI. Not like it really needs to look over its shoulder too much, because right now, OpenAI is the clear front-runner in the Gen AI space. ChatGBTGBT has more than 250 million users, and Open AI's revenue is reportedly in the neighborhood of $3.4 billion. But holy moly, Kyle, 6.6 billy. That is a lot of cash.

There's a lot of cash. And the Open AI story is so fascinating to me. first on the venture standpoint, obviously funds are looking for companies that could have outsized returns. And Open AI, like, yeah, if they get to artificial general intelligence, they, like, just replace everything. Like, their revenue becomes the GDP of the world. So I can see why investors at least buy into that narrative. But the drama surrounding this company, Sam Altman leaving and then coming back, a ton of execs have leave. And then part of this deal was also Open AI transitioning from a nonprofit to a for-profit company or investors have the

right to get their money back. So a lot is kind of happening under the radar here. And it feels like there's some drama brewing. Oh, absolutely. Remember, the for-private division of Open Eye is currently governed by that nonprofit, but you are right. They are trying to move away from that nonprofit governance structure. And if they do not do that, you are correct. The investors in this round will have the chance to get their money back. But yeah, the valuation is very, very big. Open Eye is forecasting revenue of more than $10 billion next year. So we're looking at a little bit more than a 10x multiple, which is pretty crazy, but it's not insane for a company that's about to go public. I mean, Google and Facebook, we're in kind of a similar neighborhood around

that time, but this is also assuming they do get to $10 billion in revenue next year. optimistically it projects his revenue will reach $100 billion by 2029. So it's got that. That's the current sales of Nestle, like the giant snack conglomerate brand. But is it going to get there? Who knows? You are right because a lot of its executive team just left. Only two of the original 13 founders are still, or only three of the original 13 are

still at Open AI. So you are right that there is drama simmering underneath the day. Yeah, I think Chad Chewit might have hallucinated that prediction for 2029 revenue, but we'll see if they can get there. because this is such a kind of hot company, I think we forget that it actually has developed one of the most powerful and fast-growing consumer products of all time, chatGBT, which has kind of become like a verb or a noun in and of itself. And I found like you never bet against companies that have a product that becomes the noun in the space. But it has 250 million weekly active users,

and it has 11 million paid subscribers monthly. It's generating over a billion dollars just from the consumer division. So the company has done. done a lot right. It's just a very expensive company to run, hence the giant round. And what is it going to do with all this new capital that it has? It's got all this fresh powder in the bank. It wants to explore more

capital-intensive, longer-term bets. One of those could be making its own AI chips to lessen its reliance on Nvidia because, remember, right now Nvidia makes the hardware that Open AI trains its models with. It basically runs on Nvidia. A very funny anecdote I found is

one VC who didn't participate in the Open AI round told Dan Primack from Axios. We have some stock in Nvidia, and that's who's going to get all of this money anyways. So you definitely are going to see maybe some rumblings that Open AI wants to get into the hardware business because so much of this cash is going to go directly into Nvidia's coffers right here.

So that is potentially one of the long-term bets it's going to make to lessen its reliance on another company. It is crazy. I like the CEO of Nvidia, anytime an AI company raises money, he's just like 10% of that's mine. Or even more, probably more. He's like, this is wonderful. All right, let's move on.

What do you get when a Chrysler, Fiat, and Jeep all try to merge into the same lane? You get a corporate car crash. That's right, Stalantis. The company that owns those three car brands and many more better have its seatbelts buckled because it's been quite a bumpy ride. Recently, sales and profits have plummeted for the fourth largest carmaker with Stalantis stock price down almost 50% since its high point in March of this. year. Now, Jeep and other Stalantis brands sold in the United States raised prices more than

other automakers did in recent years. They've waited longer to offer discounts. They've kind of taken away a lot of power from dealerships to make decisions on the ground. And high interest rates have kind of compounded all of those problems. And because of this, their CEO, Carlos DeVaris, is under fire. He said that recently the company needs to fix some of its quote-unquote arrogant mistakes, including not selling down vehicle inventory, manufacturing. issues, a lack of sophisticated GDM strategy. It sounds like Stalantis isn't doing anything right. They also sound like the most average light beer of all time.

I don't know why they picked Stalant's name, but Toby makes sense of Stalantus for us. Yeah, they kind of timed everything wrong since 2021 when all those brands merged into the same lane, as you put it. They started discontinuing some of their smaller vehicles and started focusing on more of these bigger, pricier cars instead. But it did that just as Americans started to kind of warn up to the idea of some smaller, cheaper, more efficient rides. So it kind of timed that incorrectly. You see these massive hulking jeeps these days.

But then also in a double dose of bad timing, the company is also prepped to roll out this whole new fleet of electric vehicles. Again, right as consumers are showing that maybe their preference is hybrid vehicles, not necessarily all electric vehicles. So it kind of timed two of these waves wrong. It misread the situation of what consumers really wanted from their cars. And I think those are two reasons why Salinas is riding the struggle bus right now. Yeah, it's not in a good spot. And I think there's some brewings of like a strike or some negotiations with some of the unions at their plants as well. And you're right.

Like pretty much everything that could have gone wrong went wrong. And it's unfortunate to me they have some of the, I think, most iconic American brands like Jeep under their kind of brand. of brands. And so I hope they can figure it out going forward. Yeah, it has been ugly. U.S. sales between July and September fell 20% from the year before, 11% from the previous quarter. You're right. Shares are down 50% from their high point. Chrysler and Dodge have both seen sales of those two brands plunge more than 40% last quarter. Every Stalances brand, except for Fiat actually, which does make those smaller cars, mostly a European audience, too, logged negative growth. So a lot of issues could be a CEO problem as well because some of those

dealerships came together, wrote an open letter to him saying, like, hey, you sacrifice the company's long-term health, potentially to just get yourself short-term profits because they did note that short-term profits did qualify him for a 50% raise. So they think some of the decisions Tavares made were in his own interest rather than in the long-term interest of the company. So you are correct. He wants to correct those arrogant mistakes, as he called it. And he's in the hot seat right now. He's definitely in the opposite. Anytime an open letter gets involved, Things aren't going well. It's truly like the Morning Brew Bird Book that I was cooking up.

But yes, correct. Speaking of cars, let's move on to NASCAR, where even a fully loaded stock car ain't fast enough to outrun antitrust scrutiny. Yesterday, two teams, including the one owned by Michael Jordan, filed a federal lawsuit against NASCAR and its chairman. The antitrust suit claims that the way Car Series currently operates is unfairs to teams, drivers, and sponsors. The main issue it brings up is that NASCAR acts a lot like big tech in the way that it buys up smaller racing tracks and forces teams to only use suppliers chosen by NASCAR, essentially creating this walled garden that prevents teams from competing in any other stock car races.

And Jordan is fed up. The case put forth by the two teams, front row motorsports and Jordan's 23XI racing, argues that they've been denied a fair share of the sports revenue, which has made it tough to even operate a team in a financially sustainable man. I didn't even know Jordan had a NASCAR team, but he does, and he's taking the fight to NASCAR. Of course Michael Jordan has a NASCAR. It just feels right. The most funny thing about this to me is that Michael Jordan calling other people a bully. I'm like, has Michael Jordan seen last dance? Like, this is someone who punched his own teammate in the face. Like, it is crazy. Also, he's like, I just want everyone to win. You're the most hyper-competitive person on the planet. So I think Michael Jordan does not want everyone to win. He just wants this to be a little fairer

himself. But what's very interesting to me, Michael Jordan also got the Michael Jordan of lawyers on the case. He has Jeffrey Kessler, who's representing his team. This is someone that brought free agency to the NFL. This is someone who's done some antitrust stuff with the NCAA. This is the real deal lawyer. And I think they actually have a good case. You brought up all of the stuff that NASCAR is doing to create a monopoly, to pressure teams to sign contracts that probably aren't in their best interest. And for the sake of the sport, I think they have to figure this out if they want to grow it and let their partners also make money as NASCAR grows. One unique thing about NASCAR is it's the only professional sport in North America that is

run by a single family. That's the French family. The suit says that they're kind of enriching themselves. They're engaging in these unchecked monopolistic practices, as the suit says. They're saying that teams really struggle to even survive in NASCAR while investors put millions of dollars into the teams themselves. One, the leader of the leader of front row motorsports, which is one of the people who brought the case to NASCAR said he's been in the business for 20 years and has yet to make a profit. There's just, and you can see it too in the amount of turnover that happens in NASCAR. Of the 19 team owners that were originally granted charters in 2016, only eight of those teams

remained in the sport. So it is just a very low margin business. These teams are saying, listen, just throw us a bone here. Like NASCAR makes a lot of revenue. It just signed this massive media deal as well. But most of that is going to the French family in 9. not dripping down and not falling down to the teams themselves. So I do think you're right.

They have a great lawyer. Kessler also helped land that huge equal pay settlement for the members of the U.S. women's national soccer team. So he is the Michael Jordan of lawyers. And if anyone, I would be pumped that Michael Jordan is going to bat for like the rest of the NASCAR teams. He is quite competitive. And he can bring the publicity this probably needs. And you've seen all these other sports grow, but the owners of the teams and the players

also see that growth and see increased earnings. it hasn't happened for NASCAR. So hopefully this kind of changes the sport to some degree. Also, I just can't think of anything less French than NASCAR. So that was crazy that a French family owned NASCAR. No, it's just the French is just their last name. It's just their last day. I should have looked into that a little more.

They are good old Americans. Yes, you would be correct. Up next, we don't have deals numbers. And I, for one, am sad. It's time to refresh your yard during spring backyard days at the Home Depot. Get low prices guaranteed on propane grills starting at $179, like the next grill three-burner gas grill. Or get $50 off the select Weber Spirit Grill and bring big flavor to your backyard. Then set the scene with Hampton Bay string lights that bring it all together.

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Don't just dream about that next trip. Book it with Priceline. Download the Priceline app or visit Priceline.com and book your next trip today. By the way, it's the France family, not the French family. we were both off in that last story, Kyle. But today is Thursday, which usually means it is time for Neil's numbers, where Neil shares three stats on the week's news to make you the office know it all. But alas, Neil is away for the day, which means it's just another regular story coming your way.

Just kidding. We're doing this segment anyways, but we're calling it Toby's tallies and Kyle's calculation. Let's go. Kyle, I won the pre-show game of who misses Neil Moore. So I'm up first. And my first tally is $100 because, That is the price point that the world's largest champagne producer is hoping you'll pay for a bottle of non-alcoholic bubbly. Yes, the luxury goods and spirits giant LVMH is buying a stake in a French maker of non-alcoholic sparkling wine

that you can confidently pop at a middle school graduation without getting in trouble with the other parents. The company is called French Bloom and it is trying to capitalize on the rising demand for low and no alcohol drinks. It also gives LVMH a chance to diversify itself away from the alcohol biz as demand for its champagne's in spirits remains sluggish. Tile, first there was non-alcoholic beer, then mocktails, and now we're on to champains with all the bubbles and none of the buzz. I actually really like this. I mean, from a business perspective, you nailed it. This to me is a hedge for LVMH. They have so many high status alcohol brands that if the alcohol market gets a little sluggish, they're at least protected from some downside risk.

this does start to pop off. Second is the process is actually like really cool to make something that is a wine or is a champagne that tastes like it but has no alcohol. The process is pretty complicated. And a lot of people think it should be cheaper because they're like, well, there's no alcohol on it. But they build it with alcohol and then they remove it through this very unique process. So it is still very expensive. Yeah. Let's dig into that process a little bit. When you de-alcoholize, that's a tough word, a sparkling wine like this, it loses about six. 60% of the aroma. So to combat that, the founders say you have to make it essentially undrinkable first. You make it so overpowering, so aromatic, so tasteful that when you pair it down, you don't

lose all those tastes and all those aromas. To remove the alcohol, you do use this technique called cold vacuum distillation where the wine is gently heated. It burns off some of that alcohol. But I think you are totally right. This is a booze-free movement that we're seeing right now. And right now, we've spoke about this on the past on the show, LVMH is struggling in the Wine and Spirits Division because when the global economy is feeling a little uncertain, sales of champagne goes down because if there's no reason to feel like celebrating, there's no reason to celebrate. Yeah, people don't buy champagne. And so this is a real thing that, a real headwind that they've been facing. So this investment in French Bloom is just smart because we are seeing just

this increased interest in non-alcoholic drinks as well. Right. You take a look at athletic brewing, which sells non-alcoholic beer. It's actually the number one most sold beverage in alcohol versus non-alcohol in some whole foods. So this is something that is growing quite rapidly. I also think this is a really interesting play because it's a high status play as well. Like if people buy $10,000 handbags, they'll buy expensive non-alcoholic champagne. And it's not crazy expensive too because most of their wines come in around that $39 to $44 range. They do have a $100 plus brand as well.

So it's not insanely expensive. but you're all right. It does feel nice to hold a nice glass of bubbly. My second tally is best consumed at an internal temperature of 135 degrees because it has to do with stake. For most of the U.S.'s political history, politicians have hobnobbed at various stake establishments across D.C., but in recent years, it's become much more of a partisan affair. According to campaign finance reports, Republicans now outspend Democrats at every major Steakhouse in D.C., but especially so at their favorite establishment, Capital Grill. Republicans have outspent their counterparts nearly 13 to 1 so far in this election cycle,

dropping $762,000 at their favorite enclave, according to Open Secrets data, compared to just 59 grand spent by Democrats. Kyle, whining and dining key constituents and lobbyists, that is just a normal part of the political machine, but it is surprising to see how much one political party favor Stake These days. This was such an interesting article to read. I loved it. It was like a deep dive on the history of steakhouses in D.C.

I just can't believe that we've like polarized steak. Like how did we make steakhouses partisan? Like we, it's just coming for everything, it seems like. Speaking of that deep dive into the D.C. Steakhouse world, the first D.C. Steakhouse was Occidental opened all the back in 1912. It was literally an old boys club at the time because for three years, no women were allowed.

It was the first restaurant with a commercial electric stove was also the first restaurant to hang those big sign portraits of its occupants or its clientele on the walls. It included Woodrow Wilson at the time. But then World War II happened. Steakhouses were hit with all these strict rationing of beef. And so they all sort of went into hibernation for a few years, then came roaring back in the 50s and emerged as this kind of cultural center for politics. But it was not partisan, like you mentioned.

They were the favorites of both sides of the aisle. It was more of matter of prestige, maybe some of that macho culture, that it was a partisan sort of sorting hat that we see today. But you are correct. Like battle lines have clearly been drawn in Washington. And one theory that has been put forth is that as D.C. becomes a little bit more polarized. Republicans have drifted more towards those traditional establishments, while Democrats maybe prefer a more eclectic food scene.

That's one theory that's emerged. But steaks for everyone. Like, come on. Steak is for everyone. And I love that the Capitol Grill has become like the go-to place, which in my mind is just like a chili. It's a chain steakhouse. Yeah. So if you're in D.C., go check out the Capitol Grill.

Toby, I have some great news for everyone. You no longer need to live in a pineapple under the sea in order to get your hands on a crabby paddy, which has inspired Kyle's calculation for today. And that number is 100. That's 100 SpongeBob-themed meals in over 250 restaurants across North America being rolled out through the Craby Patty Collab Program.

Now, Wendy's is one of these, 250 restaurants, and they'll be dropping a crabby paddy collab cheeseburger and a pineapple under the sea frosty at restaurants in the U.S. and Canada beginning on October 8th. The reason for this release is it's the 25th anniversary of SpongeBob SquarePants, the animated TV series, which that stat made me feel old as hell. And now I do need a crabby patty just to make myself feel better. Toby, are you busy on October 8th? My schedule is completely free for SpongeBob, but man, I tell you what, millennials are the easiest

group to market to. Because everyone wanted to try a crabby patty when they grew up, and Wendy's is giving you that chance. Although canonically, or canonically, I learned that from the Brew's copy editor, that the crabby patty is technically a veggie burger. So it is not a beef patty. The ingredients of the paddy are purposely kept a secret throughout the series.

But the creator, Stephen Hillenberg, has stated that the patties were vegetarian. So that is a fun fact. And so this is not necessarily a lower-accurate crabby-patti that you're going to get at. Wendy's. But yeah, you're absolutely right. 25 years of SpongeBob is crazy. I dug into kind of the beginning stages of SpongeBob, where it came from. And Stephen Hillenberg was this, started out as a marine science educator. He created this illustrated comic book that showed kind of

the flora and fauna that lived around title pools. He called it the intertidal zone. And the narrator of that comment was Bob the Sponge. At the time, he was round and wore sunglasses. It was only later when he pivoted his career to animation, which what a pivot, by the way. You go from Marine Science to Animator and he finally's like, once I realize that it should be a square like a kitchen dish bun, that's where it really clicked for me. Nickelodeon love the idea and then the rest is history. Toby, you did an absolute deep dive. I love that.

I mean, it's like nostalgia as a service as well. I think the food is designed to go viral. We've seen McDonald's have celebrity meals. We've seen Burger King have a partnership with Adams family and like the Wednesday Whopper. So this is definitely an emerging trend. And October 8th, let's hang out. I think SpongeBob has a chance to outsell all those celebrity collabs because Spongebob's, it's got some goodwill built up with our generations for sure. It's true.

Toby, every so often, there's an invention so powerful. It changes how we live forever. In 3,500 BC, we got the wheel and transportation was never the same. In 1450, we got the printing press and knowledge was disseminated faster and further across the world. and now in 2024, we get the UNOS, a shoe that can grow alongside the wear, extending how long the shoe can be worn until they're too small. The shoes, which will be sold at Target, feature a soul that can split into two sections, so to allow kids' version to grow one half size and the adult version to grow one whole size.

Now, despite the obvious benefit to parents around the world who are sick and tired of having to buy new shoes for their kids every six months, The shoe also should be popular with adults who have maybe larger or wider feet. The fabric is a little more stretchy and people who have different sized feet now can just buy one shoe pair. The sneakers were designed by Dr. Dwayne Edwards, who is this kind of pioneer and he is, quote, the most prominent black designer in the footwear industry. He's worked at L.A. Gear, Nike, and Jordan. I'm really excited about these shoes. Toby, are you going to cop or not? I will probably cop. Unos, meaning U-N-O-S, you need one size.

That's what it stands for. Because the story behind this company is extremely interesting because Dr. Edwards actually set out to design a shoe that took up less space initially because retailers, for retailer's shoes are a big headache. They take up a ton of space because shoe boxes are big compared to something like a T-shirt or pants or clothing. So whenever a retailer like Target does include shoes,

It's almost always pretty limited in selection because of space concerns. So he set out to design a shoe that took up less space. But in that process, he realized that the only way to take up less space is to reduce the amount of shoes that you're selling. And the only way to reduce the amount is to reduce the sizes you're selling. So you see where this comes from. He's like, let's just make a shoe, one size fits all, literally. Let's make it an expanding shoe that can house people as their feet continue to grow. And it does have a ton of applications because I know my left foot is bigger than my wrist.

right foot. It is a huge headache. Some people literally have to buy two separate pairs of shoes in order to make them fit. So I think this is just a pretty brilliant invention. Super cool invention. There's some padded in technology and also it's just so refreshing to read about something that didn't use AI in the press release. It's just a

cool actual physical invention and that's refreshing. Yeah, it is definitely a good call and I think I will be copying. Let's cop the UNOS on our way to get the Windies Cravenny's Padilla. So we have our day playing now. We're set. So let's wrap it up there. As always, if you have any feedback on the show or just want someone to talk to,

should us an email at Morning Brew Daily at MorningBrew.com. We love seeing your messages pop up in the inbox. If you enjoyed the show today, feel free to share it with a friend. I'm thinking someone who is training for a marathon, perhaps, a lot of long miles. They could use a new pod. Since Neil is gone today, Kyle will be filling in with our credits. Kyle, the stage is yours. A lot of pressure. Emily Milliron is our executive producer, Raymond Lou is our producer, Olivia Graham is our associate producer, Drew Magner is our technical director, Billy Minino is on audio, hair and makeup got food poisoning at their local steakhouse, Devin Emery is our chief content officer, and our show is a production of Morning Brew. Great show today, Kyle, let's run it back again tomorrow. See y'all.