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Matt Davis — Need2Know Chedditor

Table of Contents

• Disney Will Bet Bigger on Its Biggest Fans

• Anthropic’s Revenue Run Rate Passes $65 Billion

• Jeanie Buss Pushes Back on $12.5 Billion Lakers Sa …

• The Future of Plastic Might Be Growing in a Field

• Paramount Seeks $1.88 Billion Bond in WB Deal

• Poll of the Day: That Yellow and Purple, Innit

• Poll of the Day: You Like Rousseau!

What’s the Stock Market Up To, Eh?

$SPX ( ▼ 0.69% )  $DJI ( ▼ 0.22% )  $NDX ( ▲ 1.59% )  

Companies Mentioned in Today’s Newsletter

$ANTHZZX ( ▼ 0.59% )  $OPEAZZX ( ▲ 0.62% )  $WMT ( ▲ 0.76% )  $SOFI ( ▼ 3.55% )  

Disney Will Bet Bigger on Its Biggest Fans

Rather than just hoping casual, out-of-state tourists will fly in, Disney $DIS ( ▲ 0.44% ) is betting its $60 billion decade-long investment plan on a different demographic: The "superfans" who treat its parks like a pilgrimage and are already their biggest spenders.

The crown jewel of this charm offensive? Fixing the infamous "Disco Yeti" (pictured above, in an artist’s impression) inside the company’s Expedition Everest ride, part of its Animal Kingdom franchise, which broke in 2006 and has been sitting in a strobe-light-fueled "B-mode" depression ever since. Thomas Mazloum, the company’s new “Experiences Chairman,” triumphantly announced to a crowd of 12,000 devotees, "We are bringing the Yeti back to life."

Yes. Why build entirely new, expensive rides when you can simply repair the ones people already love? As Mazloum put it, of such repairs, "They’re small, they’re immediate, but they’re meaningful." 

And the fans are eating it up. Gavin Doyle, founder of MickeyVisit.com, an actual website with a lot or readers, in fact, gushed that "people feel like Disney hears what they have been asking for." 

If you’re a casual traveler, don't feel offended. Disney still wants your money for their long-term expansions. But for the local passholders and “superfans” the message is clear: They love you, they hear you, and they might finally overhaul Tomorrowland using Walt Disney’s original vision for the 1955 opening day land that dreamed of an
“imaginative, wondrous, and optimistic future.” What a fantasy, indeed.

Quote of the Day

Anthropic’s Revenue Run Rate Passes $65 Billion

Nothing spells "AI hype cycle" quite like a company pulling in an eye-watering $65 billion annualized revenue run rate while trying to avoid the wrath of the Pentagon.

Anthropic $ANTHZZX ( ▼ 0.59% ) has quietly informed its investors of this sevenfold revenue explosion since last year, easily eclipsing chief rival OpenAI’s $OPEAZZX ( ▲ 0.62% ) modest $40 billion run rate. In the second quarter of 2026 alone, Anthropic pulled in $11.5 billion — a casual 14-fold jump from the same period last year. It’s a stellar performance, especially when you are trying to convince the world that your $965 billion IPO valuation is rational and not, you know, bonkers.

Still, no blockbuster tech story is complete without some light national security drama. Back in June, Anthropic had to temporarily turn off its crown jewel models, Claude Fable 5 and Mythos 5, for two weeks to comply with an export control directive. This followed a minor hiccup where the company was (checks notes) blacklisted by the Pentagon because discussions on how the military could use its models "spiraled out of control."

But don’t worry, they are on top of it. They promise. Anthropic now says, “We look forward to deepening our government collaboration.” And surely, the Trump administration will find that sentiment heartwarming.

In the meantime, as the company gears up for its would-be IPO, everyday users can take comfort in knowing they helped fund a nearly trillion-dollar empire.

Jeanie Buss Pushes Back on $12.5 Billion Lakers Sale

What is more heartwarming than professional sports? A messy, multi-billion-dollar sibling rivalry wrapped inside an incredibly complex family trust. Of course.

The basketball world was briefly stunned by reports over the past week that the Buss family had voted to sell their remaining 17.8% stake in the Los Angeles Lakers to billionaire buyers Joshua Kushner and Bob Iger. At a total valuation of $12.5 billion, the deal would officially end the family’s historic run that began in 1979. More importantly for Jeanie Buss, it would force her to step down as the team's governor under league rules.

But Jeanie has no plans of letting go of her crown, and she brought a very expensive lawyer out to prove it. Her attorney, Adam Streisand, fired off a strongly worded letter to her siblings’ counsel, asserting that no sale of the stake “can be effectuated without approval by the current co-trustees, i.e., Jeanie, Janie, and Joey Buss.” Streisand made it clear that the trustees are legally bound to protect Jeanie's role as Controlling Owner, warning that any attempt to bypass this “would constitute a breach of trust, breach of fiduciary duty and be in contempt of court.”

Iger and Kushner tried to play nice, claiming they intended to keep Jeanie on as governor anyway. However, Iger, whom I wouldn’t trust as far as I could throw him based on having read his memoir a couple of years ago, quickly added, “If things change, they’ll change.”

No wonder Jeanie is pushing back. She isn’t looking to step away, even if her five siblings outside her immediate circle feel very differently. As this new chapter of high-stakes sibling warfare unfolds, only one outcome is completely guaranteed: The big winners will be lawyers billing by the hour.

Song of the Day: Harmony, ‘Role Model’

Here’s a beautifully crafted, emotionally mature resolution to themes of heartbreak, single-hood, and the passage of time. So it’s just like this newsletter!

The Future of Plastic Might Be Growing in a Field

If you’ve recently enjoyed the existential dread of learning there is likely "a plastic spoon in your brain right now," you are not alone.

We are currently facing a massive "microplastics epidemic," with synthetic particles successfully invading our hearts, lungs, and reproductive organs. Humanity’s solution so far? Paper straws that turn to mush in five seconds and wooden forks that threaten to splinter your tongue. As PlantSwitch CEO Dillon Baxter rightly points out, "everyone hates paper straws, right? No one wants a paper straw in their drink."

Enter PlantSwitch, a company hoping to replace our indestructible single-use plastic habit with “PHA,” a naturally occurring, biodegradable plant-based material. Instead of drilling for petrochemicals, the company is leveraging "agricultural waste streams as input." Yes, the future of packaging might literally be growing in a field of wheat straw and rice hulls.

This material actually feels like your beloved plastic and can run on existing manufacturing equipment. PlantSwitch is aiming to dodge the typical "huge increase in price" that usually dooms green alternatives. They've already snagged massive partners like Walmart $WMT ( ▲ 0.76% ) and SoFi $SOFI ( ▼ 3.55% ) Stadium, to prove their business model.

But don't get too attached to the eco-friendly forks. Baxter reveals that food packaging is just a Trojan horse: "we're a material science company and we're wearing a food packaging costume right now," he said. Once they scale and drop the cost, they plan to move into cosmetics, consumer goods, and industrial packaging, too.

I just care about those poor little sea turtles, personally.

Paramount Seeks $1.88 Billion Bond in WB Deal

It can be awkward when you, Paramount $PSKY ( ▲ 1.46% ) , agree to pay your shareholders $7 million a day in penalties if your mega-merger with Warner Brothers $WBD ( ▲ 1.97% ) gets delayed, but then crying foul when the deal…actually gets delayed.

Yet that’s where we are in the colossal $110 billion deal. In a desperate bid to rival Netflix $NFLX ( ▲ 2.3% ) and Disney $DIS ( ▲ 0.44% ) , Paramount’s leadership willfully signed a contract containing a massive "ticking fee" that kicks in after September 30. But now that 12 states have crashed the party with an antitrust lawsuit, Paramount is staring down a potential $1.7 billion in unrecoverable ticking fees while the lawsuit plays out. Terrified of the tab, Paramount has run to a federal judge asking that the challenging states be forced to post a whopping $1.88 billion bond to cover the cost of the delay.

Paramount’s logic is that the states have “ample resources to post” the cash.

California Attorney General Rob Bonta, who is leading the charge to block what he calls a potential "media behemoth" with the power to spike prices, is not handing out any tissues. Bonta pointed out that Paramount and Warner Bros “are two sophisticated companies who willfully decided to include a costly ticking fee as a provision in their merger contract.”

According to Bonta, Paramount isn’t a victim; they just want a free pass. “Now, they’re trying to get a do-over,” Bonta scoffed. “Paramount went into this process with eyes wide open. They are lying in a bed of their own making, and once again, trying to blackmail us to get us to back down.”

It’s no coincidence, of course, that Bonta and his friends are all Democrats and that David Ellison, who’s leading the merger at Paramount, is the son of staunch Trump ally, his nepo-daddy, Larry. Whether the judge forces taxpayers to fund Paramount's financial safety net remains to be seen, and let’s be honest, it’s unlikely. But one thing is certain: Gambling $7 million a day on regulatory smooth sailing is an incredibly expensive way to learn how antitrust laws work.

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Poll of the Day: That Yellow and Purple, Innit

Poll of the Day: You Like Rousseau!

We asked: Do you think the new AI billionaires are spending their money in a classy, dignified, and respectful way?

You answered:

⬜️⬜️⬜️⬜️⬜️⬜️ Yes, absolutely. Nothing screams "old-money refinement" quite like bolting a Peloton bike to the open-air rooftop flybridge of a £10 million superyacht so you can frantically pedal to nowhere while navigating the rough Pacific. (16)
⬜️⬜️⬜️⬜️⬜️⬜️ Yes. It takes immense dignity to reject the "theater of traditional private aviation" — specifically, the vulgarity of sipping champagne on crisp linen tablecloths — and instead use WhatsApp to book a private jet in under 30 seconds. (15)
⬜️⬜️⬜️⬜️⬜️⬜️ No, but they are incredibly respectful of my social media feed. I deeply appreciate 25-year-old tech founders spending their fortunes to plaster their Lamborghinis all over the gram. (5)
🟨⬜️⬜️⬜️⬜️⬜️ It depends on your definition of "respectful." If it means custom-painting a Rolls Royce Cullinan a bespoke, blinding shade of bright blue and orange just to avoid the existential horror of driving somewhere and seeing someone with the same car — then yes. (48)
⬜️⬜️⬜️⬜️⬜️⬜️ Who cares about dignity? As long as they keep buying electric Ferraris and customized Porsches, the luxury market is saved. (16)
🟩🟩🟩🟩🟩🟩 “When the people shall have nothing more to eat, they will eat the rich.” —Jean-Jacques Rousseau (310)
410 Votes via @beehiiv polls

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