Hello, N2K’ers!

Pick this week’s winning news haiku about a possible “AI bubble” (Sam Altman’s words, not ours) in today’s poll of the day, below. ⬇️

Now, let’s talk about the news you Need2Know?

—Matt Davis, Need2Know Chedditor

News You Need2Know

• LSD lowers anxiety in drug trials

• Let’s talk gambling with BetMGM’s CEO

• Last mile robots gonna deliver ur groceries soon

• Walmart launches $35/month wireless plan

• Newsmax sues Fox for alleged monopoly

• Poll of the day: Let’s pick this week’s news haiku …

What’s the stock market up to, eh?

$SPX ( ▲ 0.83% ) $DJI ( ▲ 0.77% ) $NDX ( ▲ 0.98% )

Companies mentioned in today’s newsletter

MindMed, BetMGM, $UBER ( ▼ 1.03% ) , Serve Logistics, $WMT ( ▲ 1.5% ) , $NMAX ( ▼ 3.76% ) , $FOXA ( ▲ 1.22% )  

LSD lowers anxiety in drug trials

LSD, a substance once stigmatized for its association with the most boring people you know, is gaining recognition as a potential medical treatment, thanks to promising new research.

A mid-stage clinical trial conducted by drugmaker MindMed and highlighted in the Journal of the American Medical Association revealed significant reductions in anxiety symptoms among patients with moderate-to-severe generalized anxiety disorder. Encouragingly, these benefits often persisted for up to three months.

The study tested various doses of LSD on nearly 200 patients, revealing that 65% of those given the optimal dose — 100 micrograms — showed marked improvement after 12 weeks, with 50% considered to be in remission.

Frederick Barrett, the director of Johns Hopkins University's psychedelic research center, noted this development as a vital step forward, stating, “I see this paper as a clear step in the direction of reviving that old research, applying our modern standards and determining what are the real costs and benefits of these compounds.”

Despite the progress, challenges remain, particularly regarding how long the effects last and the need for re-treatment. Dr. Maurizio Fava from Mass General Brigham Hospital, the study's lead author, remarked, “It’s possible that some people may need retreatment...but the long-lasting effect is quite significant.”

Song of the day: Just Mustard, ‘We Were Just Here’

Imagine Irish Nirvana with a synth-pop slant. This is a song about “searching for ecstasy, holding onto love, and grasping for the rush of feeling alive.” These are impulses I know nothing about.

Let’s talk gambling with BetMGM’s CEO

You know what’s a great business? Gambling!

We spoke with Adam Greenblatt, CEO of BetMGM, about the company's preparations for the new sports season, market momentum, and technological strides.

"The beginning of the season is...it's a mix of emotions," Greenblatt said. "There is an excitement of the season to come. It's the busiest part of the year for us and for the industry." 

BetMGM is seeing a significant shift in betting trends, with users diversifying away from traditional money line, total, and spread outcomes. Greenblatt highlighted the rapid growth of "Same Game Parlays, player props, and the live betting experience." Last season alone, BetMGM witnessed a 50% increase in same game parlay bets, a trend expected to continue. A new "live SGP experience" is set to launch for the NFL season, allowing bettors to adjust their parlays as the game unfolds.

Competition in the sports betting app space is intense, but BetMGM is confident in its product. "Without reservation, our product is in the most competitive state it's ever been," Greenblatt said. The company has invested heavily in app speed, user journeys, payment ecosystems, and "player insights" to build user confidence.

Adding a touch of star power, BetMGM recently unveiled its "Make it Legendary" campaign featuring “Mad Men” actor Jon Hamm. Greenblatt explained the choice: "Just his talent, his suaveness, and his universal appeal, just making him a natural fit for BetMGM's sophisticated brand identity." 

Financially, BetMGM is on a strong trajectory, with net revenue up 35% year-on-year and online sports betting up a massive 61% in the first half of 2025. Greenblatt expressed confidence in reaching half a billion dollars in earnings and beyond, with the football season being a crucial step.

Today on the ‘gram: That’s a lot of percents

Post of the day: Osaka’s $100m Labubu deal

Quote of the Day

Last mile robots gonna deliver ur groceries soon

The future of urban mobility is here, and it’s rolling down our sidewalks. Serve Robotics, which spun out of Uber $UBER ( ▼ 1.03% ) , is now a leader in autonomous delivery, transforming last-mile logistics with its innovative robots.

"Last-mile logistics is incredibly inefficient," said CEO Ali Kashani. "It hasn't really seen a lot of improvements for really decades."

Serve Robotics is tackling this head-on with "really cute little robots that roam around cities and bring you whatever you need, whenever you need it."

These robots are already active in Los Angeles, Dallas, Miami, and Atlanta, with Chicago on the horizon. The company has aggressively scaled its fleet, from "100 robots at the end of last year to more than 400 today, and we will have 2,000 robots by the end of this year."

A recent strategic move was the acquisition of Valu Robotics for approximately $63 million. "They're one of the pioneers in using foundational AI for autonomous logistics," Kashani said. This acquisition will "accelerate our roadmap, which means our product gets better, our economics gets better. Our speed to market gets better, and it extends our lead in the space."

Serve Robotics counts Uber Eats as a key customer, with "more than 2,500 restaurants on Uber Eats that are using our robots today." The robots have also successfully piloted with 7-Eleven, Pizza Hut, and Walmart. The user experience is designed to be seamless and "you don't have to tip the robot," although I do think that the delivery guys in my neighborhood are going to gleefully destroy this guy’s business when they hear about that quote.

Regarding the societal impact, Kashani believes this technology will "create a lot more jobs than it might remove." Which sounds, I don’t know…dubious? However, he highlights the current inefficiency: "it costs about $10 right now to ship something from Chinatown to your front door. But if you ship it from China to your front door, it only costs $2." Serve Robotics aims to reduce that cost significantly, enabling more local businesses and deliveries. "We need to address this. It's inefficient, it's unsafe. It's not good for cities. It creates emissions and accidents and traffic. So we have to address these and I believe when we do, we are gonna create more jobs."

Should you check your 401(k) today?

👍️ 

Yes.

Walmart launches $35/month wireless plan

OnePay, the fintech venture majority-owned by Walmart $WMT ( ▲ 1.5% ) , is stepping further into the digital marketplace by adding wireless plans to its growing suite of offerings. Starting Wednesday, users can access OnePay Wireless directly through the OnePay app. The plan costs $35 per month for unlimited 5G data, talk, and text on AT&T’s network — no credit checks or activation fees required.

The addition is part of OnePay’s wider ambition to become an American “super app” akin to WeChat or Alipay, which offer diverse financial services in a single platform. Already, OnePay provides credit and debit cards, high-yield savings accounts, buy-now-pay-later loans, and peer-to-peer payment options through its digital wallet.

Gigs, the mobile services startup partnering with OnePay, believes the move will be game-changing for consumers. “The average consumer largely overpays for their phone bill,” said Gigs CEO Hermann Frank. “We can now offer a product at a price point about half of what typical consumers pay, with all the modern features you require.”

Newsmax sues Fox for alleged monopoly

Newsmax $NMAX ( ▼ 3.76% ) has filed a federal antitrust lawsuit against conservative media giant Fox News $FOXA ( ▲ 1.22% ) , accusing it of monopolistic practices and efforts to suppress right-leaning competitors.

Filed in Southern Florida, the lawsuit claims Fox News has engaged in various anticompetitive behaviors, including coercing distributors into exclusionary agreements and utilizing intimidation tactics. According to the suit, Fox even hired private detectives to investigate Newsmax executives.

"Fox has sought to protect and expand its monopoly power in the Right-leaning Pay TV News Market," attorneys for Newsmax wrote, suggesting that such practices have hindered Newsmax's growth. "But for Fox's anticompetitive behavior, Newsmax would have achieved greater pay TV distribution, seen its audience and ratings grow sooner, gained earlier 'critical mass' for major advertisers and become, overall, a more valuable media property," the suit continued.

In response, a Fox News spokesperson retorted, "Newsmax cannot sue their way out of their own competitive failures in the marketplace to chase headlines simply because they can't attract viewers."

#Burn.

Poll of the day: Let’s pick this week’s news haiku!

Poll results: You’d like to see more shame resignations

We asked: Should American CEOs resign out of shame?

You answered:

🟩🟩🟩🟩🟩🟩 Yes. I wish more leaders would "apologize to society" and quit over minor infractions. (400 votes)

 🟨🟨🟨⬜️⬜️⬜️ Nope. One of the great things about America is we give people a second chance when they've made mistakes. And third chances. And so on. (200 votes)

600 Votes via @beehiiv polls