Morning Brew Daily - SpaceX Becomes More Valuable Than Amazon & Pizza Hut Sold For $2.7B

Episode Date: June 17, 2026

#869: SpaceX continues its record-setting IPO as shares continue to surge in its first three trading sessions. Yum Brands is selling off Pizza Hut for $2.7 billion. Kansas City is riding the wave of the World Cup that could transform it into a global tourist hub. Frozen yogurt is having a renaissance. McDonald’s is serving up fried apple pie to celebrate America’s 250th birthday. To learn more visit https://www.servicenow.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

AI is uncharted territory, and many leaders are trying to navigate through without a guide to help them. That's why Morning Brew created The Intelligence Shift, a new podcast with PWC. It's all about how AI is fundamentally changing different industries. Host Dan Priest is joined by a top-tier roster of industry leaders who share real stories and real lessons learned. Get guidance from industry experts. Listen to the intelligence shift wherever you get your podcasts. Good morning, Brew, Dan. show. I'm Neil Fryman. And I'm Kyle Hagey. Today, SpaceX is now worth more than Amazon?

And is Froyo back? It's Wednesday, June 17th. Let's ride. We lost Toby, y'all, but gained a Kyle. Toby is in Europe at a wedding for the remainder of the week. But I'm overjoyed to be joined by six men of the year, Kyle Hage, who's filling in. And Kyle, did you see this? Boston is running out of beer, all because of Scottish soccer fans. known as the Tartan Army. Thousands of Scots have descended on Boston to cheer on their team in the World's Cup, but not before they toss back a few pints

around the city's pubs. Well, more than a few. Sam Adams said it's Boston taproom ran out of Boston Lager over the weekend, thanks to the Scots, adding that the Tartan Army drank more than four times as much as it normally sells during a typical holiday weekend,

like July 4th. Over at Hennessey's Bar downtown, they tripled their St. Patrick's Day sales and sold out of beer. Meanwhile, federal wine and spirits told the Boston Globe that they got cleaned out of bud and corona, and the door to one of their refrigerators broke because they were opening and closing it so many times.

Kyle, it do be like they say, no Scotland, no party. That is true. I mean, look, I'm a massive fan of the Tartan Army now. Scotland, I wasn't familiar with your game. Incredible work. And they kind of came onto the Irish home turf and out drank them of Boston. I will say, very fun story.

The World Cup content of Europeans coming to America and just enjoying the hatch. out of it has been so fun to watch. I think it's the content everyone wants to see. Shout out to Scotland. And now a word from our sponsor, ServiceNow. Neil, I'm so sick of having homework. You haven't been in school for years. Yeah, well, it feels like I have homework dealing with AI that was supposed to handle the parts of work I hate, but just describes the problems back to me. Lucky for you, Service Now's AI specialists are different. They aren't a tool. Think of them as digital teammates who can actually do the work. They can resolve cases, process requests,

close loops without generating extra work for you. When you can truly delegate to AI, you can get back to the work only you can do the work that requires a person with ideas and judgment. And you know, a pulse. To put AI to work for people, visit servicenow.com. That's service now.com. Last Friday, SpaceX pulled off the biggest IPO in history. Since then, it's only gotten bigger, much bigger. Elon Musk's rocket and AI giant has blasted off on the stock market, climbing another 5% yesterday to topple Amazon as the fifth biggest company in the world. SpaceX is now worth $2.65 trillion, surging 49% since its public listing and staring down Microsoft at number four on the list.

In a career that's left people's jaws on the floor for good and bad, this might be Elon's most gravity-defying accomplishment yet. At the same time, it's climbing up the charts. SpaceX is making aggressive moves to ensure it's bringing in the money to justify its questionably gigantic valuation, Yesterday, it agreed to take over Cursor, an AI coding startup, and a deal valued at $60 billion. Before SpaceX's IPO in April, it signed an unusual arrangement with Cursor that gave it the right to buy the startup later in the year. All it took was four days after the IPO for Elon to pounce. Cursor is a big get for SpaceX's AI ambitions, because remember, not only does this company send rockets to space, but it also aims to become the dominant force in artificial intelligence. Cursor, founded by four MIT grads all 25 years old, is one of the fastest growing startups in history

and sits at the heart of perhaps the most commercially successful use case for AI vibe coding. Kyle, this stock, at least for now, is going to the moon. Yes, it is. And shout out to the cursor, people being 25 with $60 billion. I'm 33, but I'm co-hosting a podcast. So we're pretty close. There's been so much hype about SpaceX, in particular, how it could have the valuation it has. You said, fifth largest company by market cap in the United States.

And just to level set, it does bring in a lot less revenue than these mega cap peers around it. The company brought in $18.7 billion in 2020. If you look at Microsoft's revenue, $281.7. Amazon's revenue. Billion. Yeah, sorry, $281.7 billion. Amazon, $717 billion. And so this tends to get people very worked up who say, how can it justify this valuation?

But if you look at Elon's track record of delivering stock market growth, there might not be a better person on the planet to make numbers go up into the right than Elon. I think this is a bet on Elon's ability to drive the stock even higher. And also the future of SpaceX and space becoming even more important, they kind of dominate that market. I think that's why you're seeing the price be as high as it is right now. There's also just insane enthusiasm from individual investors. Some of these numbers are just truly mind-blowing about how individual investors are retail investors like you and me and just regular non-professional people are spending money on this stock. So public, which is a financial platform, said that SpaceX stock buying was 533% above the second most traded stock. We're seeing that retail investors have bought almost as much SpaceX over the last two trading sessions as they bought across the entire U.S.

stock market last week. So they're buying basically, there's the stock market that people are buying into, and then there's SpaceX, and those levels are equivalent in terms of retail investors. They're just putting their faith in Elon, and he's making moves like buying cursor that could eventually bring in more revenue to eventually maybe justify this valuation. That's right. I mean, I was at a wedding over the weekend, and I had a New Jersey uncle talking about the SpaceX IPO. Like, he gets everyone excited about his stock. And with the democratization of investing, We're seeing retail investors pile in and drive this stock to, you know, incredibly high numbers compared to the revenue of its peers. I think the cursor deal is also a really great move for SpaceX, basically leveraging this pop in the IPO to acquire a company that helps them continue to or start to dominate more in the AI space.

If you look at cursor going back, they said one of their issues was, or their bottleneck for the company was access to compute. with XAI and SpaceX, Elon has a ton of compute to give to cursor, and I think it allows them not to go after necessarily the model layer of where Anthropic and Open AI are dominating, but compute encoding tools, which maybe are where the actual money is in AI. So using the IPO to get this company, I think, was a really good move. It also is probably promising for future IPOs. I bet OpenAI and Anthropic, we're watching this very closely. They're expected to IPO later this year.

and based on the SpaceX IPO, they're probably feeling pretty good. Neil, the year is 2001. Your Little League baseball team just won the town championship. You're surrounded by your teammates, the largest slice of pepperoni pizza you've ever seen, and that red and white checkered tablecloth with a cool lamp above your head.

It feels like heaven, but you know this place by another name, Pizza Hut. Now, fast forward to 2026. Well, things have changed for the hut. Its U.S. sales have fallen for roughly the past two years. It's expected to close around 250 underperforming U.S. units this year, and with the ultimate sign of a beat-up brand in need of rejuvenation, it's now being sold to private equity.

That's right. On Tuesday, Yum Brands, whose portfolio also includes the likes of KFC and Taco Bell, said it had to agree to sell Pizza Hut to two companies in a combined deal valued at $2.7 billion. The restaurants in the United States and around the world excluding mainland China will be acquired by private equity firm, long-range capital for $1.5 billion, Yum, China, a separate entity, will acquire Pizza Hut's restaurants in mainland China for $1.2 billion. In the U.S., Pizza Hut is the second largest pizza restaurant operator behind Dominoes with about 6,300 stores and $5.1 billion in domestic sales last year. However, this is amidst a backdrop of stalled growth among U.S. pizza chains,

where sales fell 0.3% last year compared with 2024 levels, making pizza the only food category to register a decline during the period among the 10 tracked, according to market research firm Technomic. Neil will PE be able to return Pizza Hut to its former glory, or do we think this gets dumped to another firm in seven years? It's going to be an uphill climb for sure. I mean, you said people are eating less pizza in general, and so the pie is shrinking, no pun intended. And for Pizza Hut's share of that pie, it's also shrinking. just this is the ugly duckling in the Yom portfolio or was before they dumped it.

Six years ago, they had an 18% share of the revenue of all of Yom brands. But then fast forward to 2025, that was down to 12%. Young brands, when it spun out of Pepsi with these fast food companies, changed pizza strategy from a place that you mostly dine in to carry out and takeout, which is in delivery, which is what where the pizza industry was doing. but it's been completely dominated in that space since from Domino's, which took over the role of number one pizza chain in 2017 and has just zoomed by Pizza Hut in the years since. That's right.

And I think if you think about delivery in general, it used to be like, oh, yeah, you would get pizza delivered. That felt very natural. But now you can get everything delivered with the rise of Uberie, it's DoorDash, Grubhub. And so the competition for delivery is just massive. And I think Pizza Hut is feeling those headwinds. Let's also talk about long-range capital, the acquirer of Pizza Hut in the U.S. and around the world, excluding mainland China. Their portfolio is a bit diverse, let's say.

They includes a gym chain 24-hour fitness, Batesville, a company that makes caskets and cremation earns as well. And so I think they're trying to do a cradle-to-grave situation here where you eat a lot of pizza, you need the gym, and eventually we all die. I mean, they kind of have your whole life, Neil. I'm at the combination Pizza Hut funeral home. I mean, the synergies are very clear to me. We'll see what they do with Pizza Hut. We've talked on the show about how Pizza Hut is doing some retro stuff.

Some of the franchisees have really reverted some of the design in some of their locations to the pizza huts of your that you were talking about. But I'm not sure that's going to be enough to face these more broader challenges that the pizza industry is facing in general. That's right. And also private equity in fast food, in general. general, definitely facing some challenges as well. It's been kind of a boom in this area. Private equity firms in recent years have acquired Subway, Duncan, Jersey mics, other chains, trying to help them grow globally, but also trying to combine back-end operations, as private equity normally does. Panera was acquired by a private equity firm, JAB Holdings. They wanted to

IPO it. It didn't get to that point. And so now they're going back and saying, okay, how do we actually grow this brand organically? So it is a really tough. space. We'll see if long range capital can pull it off. Let's move on. Lionel Messi began his final campaign for Argentina in the World Cup last night. And if you still had any doubt that Messi is the goat, well, he dropped a hat trick to remind everyone he still has it with Argentina defeating Algeria 320. Now, Messing being good at soccer is not surprising at all. However, it's where Messi took the pitch that has some people scratching their heads. And that's Kansas City. That's right, Kansas City, only the 31st largest metro in the United States, is positioning

itself as the mecca of soccer in the U.S., investing nearly $200 million in public spending required to stage the tournament, including $40 million to renovate the chief's home of Arrowhead Stadium to meet FIFA's pitch requirements. And it's not just this year. Zooming out over the past 15 years, the region has invested approximately $650 million into soccer facilities, building on efforts of the Kansas City Chief's late owner, Lamar Hunt, who was a massive advocate of U.S. professional soccer. Now, these efforts have paid off from a talent perspective, attracting four national teams, Argentina, England, the Netherlands, and Algeria to establish World Cup training

camps in the area, but the financial ROI still needs to be proved out. Kansas City is hoping to host 650,000 visitors and generate an estimated $653 million in economic impact from this World Cup. Neil, normally I have to shoehorn a Midwest reference into the show, but now with Kansas City, the Midwest is the headline. It just fell in your laugh. Funny how that works for everyone who's just meeting Kyle for the first time. He's a proud Minnesota boy. It's a fascinating strategy because if you go about 500 miles to the northeast and look at a city like Chicago, Chicago said it did not want to host any World Cup games. The former mayor, Rahm Emanuel, took Chicago's name out of the running for being a host. city because he said there's too much taxpayer risk. I'm looking at the bottom line, my balance sheet

here, and I'm just not seeing an ROI from pouring hundreds of millions of dollars into infrastructure and getting our city ready. I don't see that this is going to pay off. Then you go to Kansas City where they are just completely taking the opposite tack. The chief's president, Mark Donovan, said he acknowledged this. Financially, quote, if you do a Harvard Business School case study, if you look at this just on paper, this doesn't make sense. But if you look at the impact it has on the community, the footing that it puts on, and the exponential benefits in the future of doing this successfully, it made perfect sense. And there's been a lot of discussion about whether cities and locations should be spending taxpayer money on new arenas and sports and things like that.

You know, I think we saw maybe an endorsement of that strategy. Maybe it doesn't pay off from a financial ROI perspective that at least in New York, over the past couple of days and weeks, we've seen how a city can maybe come together and raise its profile on a national and global stage because of a sports team doing good. Not that New York actually needed that, but perhaps Kansas City might because when you have Messi in there scoring three goals, people are like, wow, Kansas City, maybe that's a place I want to visit. That's what they're banking on.

Yeah, I mean, I think they're banking on those 650,000 visitors, checking out, obviously driving a lot of economic impact for the area, and then hopefully telling their friends, coming back, driving a lot of buzz for Kansas City. But also, I think focusing on a particular niche is an effective strategy, too. dominating soccer, which is kind of up for grabs in the U.S. could be a really smart, forward-looking move for Kansas City. Mark Donovan, who you quoted earlier, said,

like, if you look at this impact, it has on the community, it's also really positive ROI. People get very excited about it. So we'll see if that ROI, you know, becomes a little more tangible in the future from a financial perspective. I also want to call out the city of Lawrence, Kansas, who is hosting Algeria.

I have heard the quote, rock chalk, Algeria, which I never thought I would hear. They have fully embraced this team, and I think that is also what makes the World Cup so special. The Algerian flag is painted on the ground. In the training facility, a sports bar owner of Johnny Taverns, Rick Renfro,

said, quote, when I meet people from other countries, we talk about the exact same things. What kind of beer do you like to drink? How many kids do you have? What does your youngest do? We're all regular people who want to take care of our families. I think now more than ever,

culture's coming together and celebrating is exactly what we need. And shout out to Kansas City. for doing that. All right, coming up, we unpack the Froyo Renaissance. Neil, I want to tell you about something I personally love very much. Is it me, your good friend and co-host? No, it's not my work friend and co-host. It's Spectrum Business, which keeps businesses of all sizes connected seamlessly with fast, reliable internet, advanced Wi-Fi, phone, TV, and mobile services, all backed by 100% U.S.-based support.

Spectrum business offers tailored connectivity solutions with packages built for your business budget. In fact, millions of business owners rely on Spectrum business to keep them connected. So whether your business is big or small, visit Spectrum.com slash business to learn more. That's Spectrum.com slash business. Restrictions apply. Services not available in all areas. I'm shopping for Father's Day gifts, and I'm sick of giving the same old, boring ties and mugs every year. What are you gifting this year, Toby? I'm treating my dad to Viori. Whether he's on the fairway at the airport or kicking back in the yard, Viori's everyday state. are designed to keep him looking and feeling his best.

With Viori's fitness go-toes, performance essentials, and travel-ready layers, you can give them an adventure-ready makeover in one place. Get 20% off your first order at viori.com slash mbdaily. That's viori.com slash mbdaily. Exclusions apply. Visit the website for full terms and conditions. Have you ever thought about what all these early morning call times are doing to our body?

Honestly, no. But that's because I've found a wellness hack that's easy and and delicious. And no, it's not another gummy vitamin. It's the longevity mix from Blueprint. Science back, precision dose, no BS. For a limited time only, our listeners get 20% off, plus free shipping at Blueprint.com by using code MBDS at checkout. That's code MBDS at Blueprint.com for 20% off. After you purchase, they will ask you where you heard about them. Please support our show and tell them our show sent you. walk around Manhattan, Los Angeles, or Miami any summer evening, and it won't be unusual

to see young people waiting in outrageously long lines for frozen yogurt. Yep, the creamy, may be better for you, sweet treat is so back after years of dormancy, fueled by a new cohort of stores, social media, and a rabid Gen Z fan base. Mimi's, Berties, Mika, and Mythos are a few of the insurgent Froyo shops that have been slammed by customers demanding a colorful concoction they can post on Instagram. On one recent sweltering Saturday, a New York Times writer counted 74 people waiting in line ahead of her at Mika in the West Village

at noon. It's not just anecdotal. Sales for frozen yogurt really are booming. In the U.S., servings of frozen yogurt spiked 26 in the year through March, according to Circana. And last year, 129 new frozen yogurt shops opened up in the country, a 50% bump

from the prior year. A number of factors are driving Froyo's Renaissance, including the perceived health benefits of the dessert, greater interest in so-called affordable indulgences in this era of high inflation, and of course, FOMO after seeing a viral video. Kyle, you're waiting in line for Frozen Yogurt in 2026? I haven't yet, but this story kind of makes me want to go try it. I have to say, whoever came up with frozen yogurt dropping to Froyo, like, I feel like it's like the Justin Timberlake meme from the social network where he's like, frozen yogurt, drop the Zen and Gert. Just go with Froyo. It's cooler. Like, what a rebrand. I'll say every 10 to 15 years,

the friagnosance happens, Neil. Like everyone gets so excited about froyo, like clockwork. What's interesting this time around is it's being driven by Gen Z. And I think partly because of healthier lifestyles or the perception of healthier lifestyles. But also, people are drinking less alcohol. It feels like they're going out to bars less. And this becomes maybe a third space, which meets the demands of Gen Z to be a healthier option. Also, I think the design of these places is very intentional.

The owner of one of the Froyo places was saying, like, it's ideal for taking photos. That's exactly what we want. We want people to spread it on Instagram. That's how you get lines down the West Village in Soho. And so a really good strategy. Howard Schultz is actually advising this company as well. And he said it's just like Starbucks and coffee. They're in the commodity business.

This is something that anyone can make. And so you have to have this extra it factor to drive people to their stores. And I think they're really focusing on that. And clearly they're pulling it off quite well. Is Froyo healthier than ice cream? I want to believe, deal. Don't tell us. One should probably ask and find out the answer, too.

So typically, it does have fewer calories and less saturated fat than ice cream. However, it does have more added sugars to balance out the tartness. But if you do the topping... It's all about the topics deal. Then you have more calories potentially than ice cream. So, yes, if you want the probiotic gut health benefits of yogurt, nutritionists say just just have yogurt not not frozen yogurt which is essentially uh you know a lot a lot of sugar uh so that's just i'm just laying out the information there you can take it with you want if you

want to still wait in line for frozen yogurt i know there's still long lines for ice cream personally i mean i think frozen yogurt's okay but there's a bunch of bunch of places that aren't necessarily the fancy ones i mean people are playing up to 30 dollars for frozen yogurt here i mean with three toppings, it costs $14. So more toppings you get, the higher the price tag, more calories. I'm not trying to yuck anyone's young. That all sounds extremely delicious, but I have to go to bat for ice cream to hear. I mean, I'm a fan of ice cream, but Neil, I'm not a nutritionist, but everyone knows

toppings don't count for calories. Let's sprint to the finish with some final headlines. Snap, the company behind Snapchat, unveiled its long-awaited augmented reality glasses yesterday, called Spex, hoping to become a significant hardware player in a post-smartphone world. Snap releasing glasses may not shock you, but the price tag will. Spex will cost $2,195. That's way above Meta's Raybans, which go for as little S350, and more than 15 times the Spectacles' glasses Snap released in 2016.

These, of course, have a little more firepower than the first generation. Snap describes specs as a, quote, wearable computer built into see-through augmented reality glasses that allow you to do things like play games or ask an AI to identify what the heck you're looking at. Kyle, everyone is asking the same question. I had more than $2,000. Who would buy these? I'm not quite sure.

And you said it in your intro, you can get Meadow Raybans for nearly one-tenth of the cost. This is a space that's getting increasingly, increasingly competitive. Apple is rumored to be launching glasses or spectacles of their own in the coming years. And so this space is probably only going to heat up a little more. I think the price tag for these compared to the competitors way too high. and it feels like Snapchat is just trying to find their next thing, which they might have to do. So I applaud the innovation.

I personally will not be buying them. And we didn't even mention the design. So they're very thick framed. They look like glasses, like semi-normal glasses, but they're very thick frames, like almost goggles-like. Like, how would you describe this? Yeah, it's like they're, they are thick frame. Maybe they're going for like the professorial look.

That's their target ICP? It's that, like, just times 10 in terms of the width and the bulkiness. Definitely check out pictures of CEO Evan Spiegel wearing them because I don't know if it's necessarily an endorsement of it. Okay, up next, there's nothing more American than taking a perfectly good dish than frying it to make it better. To celebrate the United States 250th birthday, McDonald's is bringing back fried apple pies for the first time in over 30 years. The limited time run begins on June 23rd and will be available at most U.S. restaurants. fried apple pie has been a staple of the McDonald's menu beginning in the 1960s, but in 1992, the chain swapped it out for a baked crust when everyone started caring about their health

and all that. Kyle, I just hope they use the same friar as the French fries. Oh, I hope so too. And also, I want to bring back the word or emphasize the word semi-quincentennial, which means the 250th birthday. I want more semi-quincentennial treats. We were talking about pizza at earlier. I want to see them go full retro as well.

I love this idea of bringing it back and celebrating America's birthday. Finally, we close out every Wednesday show with Suggestion Box, where Kyle and I recommend something fun or helpful to help get you over the hump of the week. I'll go first, and my rec is for all the people who get motion sickness in cars. I know there are a lot of you. Did you know that Apple has a feature that can help? Let me introduce you to the magic dots, or as they're officially known, vehicle motion cues.

Introduced two years ago, vehicle motion cues puts a bunch of dots on the screen of your Apple device that moves in conjunction with the car. So when the car moves left, the dots go to the right. When the car speeds up, the dots move down without getting into the whole science of it all. A bunch of people, I know, swear that the magic dots allows them to read or do work without getting nauseous on the road. So if you want to try this out, just hit your settings button, then search for vehicle motion cues and you should be good to go from there. Well, Neil, solving motion sickness, incredible. I was with somebody in Uber once, and I was like showing them something on my phone. They're like, I got really car sick.

Can you put on vehicle motion cues? Like, let me show you how to do this. And then these like a ton, dozens of these dots pop up. And it does move along with the car. You see it go up and down. And obviously that stabilizes stuff within your eardrum because that seems to be where we get our balance. So that people that get car sickness highly recommend it. Then again, we had one of our Morning Brew editors.

We're talking about this on Slack yesterday. Actually, this doesn't work for me. So he recommended glasses, motion sickness glasses, which you can find on Amazon for $10. The brand is high on H-I-O-N. So first-try magic dots. If that doesn't work, you can get the glasses. I will say, maybe look worse than Snaps glasses. But it doesn't matter because car sickness sucks and we don't like to have it.

True. Maybe Stam needs to pivot to motion sickness as well for their spectacles. Okay, my rec, this is not sponsored by Apple, but I'm going to go to Apple as well, just like Neil, is Widows Bay on Apple TV. I got this wreck from our colleague at Morning Bureau, Andre, so shout out to Andre. This is one of the most original shows I've seen in a minute, kind of a mix of like Stephen King horror vibes with like Parks and Rec City administration. Super original, really, really good, and feels like a breath of fresh air in the TV landscape. So if you haven't seen Windows Bay on Apple TV, go check it out. And if you like it, say thank you to Andre.

Cool. I mean, I've heard things about it. Is it scary? It's a little scary, and I don't particularly like horror as a genre. It's not like jump scare scary. It's just a little eerie, and I've been able to handle it. I'm confident you can handle it, Neil. Thanks, Kyle. Yeah, I've heard great things. Okay, that is all the time we have. Thanks for starting your morning with us and have a wonderful Wednesday. Thanks for hopping on, Kyle. And if people want to hear more of your lukewarm Midwestern takes, where can they find you?

That is my brand lukewarm Midwestern takes. I co-host another podcast here at Morning Brewing called Per My Last Email. It is work and career advice for early to mid-career professionals. Go check that out. And as always, Neil, thanks for having me.

This was super fun. To share your thoughts on the episode or anything else, send an email to Morning Brew Daily at MorningBrew.com or DM us on Instagram at MB Daily Show. Let's roll the credits. Emily Milliron is our supervising producer.

Raymond Lou is our senior producer. Our producer is Olivia Graham and our associate producer is Olivia Lake. Technical direction by Nina Miller. Hair and makeup is in a froyo coma. Too many toppings. Devin Emery is our president and our shows are production of Morning Brew.

Thanks, everyone. Let's run it back tomorrow.