Hello, N2K’ers!

This week, our world famous News Haiku^TM competition focuses on news that Albania’s prime minister has “hired” an AI-generated “Minister” (a.k.a. a robot) to root out corruption. Send me your haiku by Thursday at noon Eastern for consideration. Now let’s talk about the news you Need2Know, eh?

—Matt Davis, Need2Know Chedditor

News You Need2Know

• Stocks rise as Fed cuts interest rates

• Objective Zero’s mission to end veteran suicide

• YouTube has paid out $100 billion to creators

• U.S. probes Tesla over stuck door handles

• Jerry quits Ben & Jerry’s over activism issues

• Poll of the day: Taking the fun out of it

What’s the stock market up to, eh?

$SPX ( ▼ 0.1% ) $DJI ( ▲ 0.57% ) $NDX ( ▼ 0.33% )

Companies mentioned in today’s newsletter

$NVDA ( ▼ 2.63% )  $GOOG ( ▼ 0.62% )  $TSLA ( ▲ 1.01% )  $UL ( ▲ 0.91% )  

Stocks rise as Fed cuts interest rates

The Federal Reserve announced a quarter-point cut to its key interest rate yesterday, bringing it down to approximately 4.1%. This is the Fed’s first rate cut since December, with officials signaling two more reductions likely before the year ends. The decision comes as the central bank grows increasingly concerned over the nation’s weakening labor market.

"In this less dynamic and somewhat softer labor market, the downside risks to employment appear to have risen," said Fed chair Jerome Powell during a press conference after the two-day meeting. There’s been a sharp slowdown in hiring and a rise in unemployment, factors that could ultimately impact economic growth.

The Fed’s decision is not without internal dissent. Newly appointed policymaker Stephen Miran, an ally of the president’s, who preferred a larger half-point rate cut, cast the sole dissenting vote. Powell emphasized, however, that there wasn’t “very much support” among officials for a more aggressive reduction. Ya’burnt.

Most stocks rose on the news although the S&P was dragged down just a touch by Nvidia $NVDA ( ▼ 2.63% ) which fell around 3% on news that China is banning companies from buying its AI chips.

The New York Times ran a big story on high unemployment for college grads yesterday including this important line:

It’s got some disturbing graphs in there, too. If you know an unemployed college grad, tell ‘em I said “keep your chin up.” Because these are some unprecedented rough times.

Song of the day: Rafiq Bhatia, ‘Clearing, Crickets’

This four-minute meditation is taken from Mr. Bhatia’s new album “Environments” and sounds like the thick humidity of a languid summer evening — just like the ones that have just ended for another year.

Objective Zero’s mission to end veteran suicide

Betsy and Chris Mercado, co-founders of Objective Zero, are on a mission to combat military suicide. Their nonprofit, was "founded on the belief that the simple act of listening can save lives," Chris explains. This conviction stemmed from a six-hour phone call where he supported a former soldier struggling with suicidal thoughts, realizing the profound impact of non-judgmental conversation.

Objective Zero now supports over 27,000 service members, veterans, family members, and caregivers by providing "access to volunteer on-demand peer support through text, voice, and video chat, and also access to wellness tools, training, and resources," Betsy said. Their app facilitates connections based on shared experiences, fostering "a shortcut to trust when you're able to connect with someone that's been where you been, seen what you've seen and done what you have done."

Their success, from a Kickstarter campaign to a thriving platform, is due to "a lot of amazing people that are supporting us," Betsy said. Their ultimate goal is "functional zero," where military connection is no longer a factor in suicide rates, a hope strengthened by their collaboration with over 200 organizations.

Today on the ‘gram: Instead of using their brains?

Post of the day: The Brits are not always kind

Quote of the Day

YouTube has paid out $100 billion to creators

YouTube continues to solidify its place as a leading platform for the creator economy. On Tuesday, the Alphabet-owned $GOOG ( ▼ 0.62% ) video giant announced it has paid creators, artists, and media companies over $100 billion since 2021. The staggering milestone comes as YouTube celebrates its 20th anniversary and underscores the platform’s massive influence in shaping modern media and entertainment.

“YouTube creators have the power to shape culture and entertainment in ways we never thought possible,” said YouTube chief product officer Johanna “Nobody’s” Voolich.

It’s true. My brother-in-law has a podcast. You should check it out. Wait. He got banned from YouTube for saying some edgy things? Okay. Check it out somewhere else. Good luck finding the link!

The company credited its success in part to people watching YouTube on their TVs, noting a 45% year-over-year increase in the number of channels earning over $100,000 from YouTube.

My favorite YouTube channel is a Dutchman building a cabin in the Italian alps. He has nearly a million subscribers and is probably making about $20K a month, based on my incredibly accurate calculations. There’s 179 episodes so far and I’m going to warn you, it’s not exactly fast and furious viewing.

Should you check your 401(k) today?

👍️ 

Yes, again.

U.S. probes Tesla over stuck door handles

The U.S. National Highway Traffic Safety Administration has opened a probe into approximately 174,000 Tesla $TSLA ( ▲ 1.01% ) Model Y vehicles from 2021 after reports of electronic door handles becoming inoperative. The issue, which could pose significant safety risks, has raised concerns among owners and regulators alike.

NHTSA stated it received nine reports of parents being unable to open exterior doors on affected vehicles, including situations where parents attempted to regain access to the car after removing or placing a child in the rear seat. Alarmingly, in four of these incidents, parents had to break a window to enter the vehicle. While Tesla vehicles do feature manual door releases inside the cabin, NHTSA noted that children may struggle to locate or use these releases, even if the driver is aware of them.

Tesla has yet to respond to requests for comment. If the issue is deemed to pose an unreasonable safety risk, the investigation could lead to a potential recall. Just when their stock price was going on a nice little recovery run, too.

Jerry quits Ben & Jerry’s over activism issues

Jerry Greenfield, co-founder of the beloved ice cream brand Ben & Jerry’s, is stepping away after 47 years, citing frustration with the company’s inability to maintain its independence under parent company Unilever $UL ( ▲ 0.91% ) . In a letter posted by his co-founder, Ben Cohen, on social media platform X, Greenfield criticized Unilever for stifling the social justice mission that defined the brand:

“For more than 20 years under their ownership, Ben & Jerry’s stood up and spoke out in support of peace, justice, and human rights … It’s profoundly disappointing to come to the conclusion that that independence … is gone,” Greenfield wrote.

He lamented the silencing of the brand’s voice during a critical time "when our country’s current administration is attacking civil rights, voting rights, the rights of immigrants, women, and the LGBTQ community.”

Unilever plans to spin off Ben & Jerry’s into The Magnum Ice Cream Company, but Greenfield and Cohen have called for the brand to become independently owned again. A Magnum spokesperson expressed gratitude to Greenfield but disagreed with his perspective, stating, “We remain focused on carrying forward the legacy of peace, love, and ice cream.”

And profits, of course.

In November, Ben & Jerry’s sued Unilever in federal court in New York, accusing it of silencing Ben & Jerry’s statements in support of Palestinians in the Gaza war. In its complaint, Ben & Jerry’s said Unilever also refused to let the company release a social media post that identified issues it believed would be challenged during President Donald Trump’s second term, including minimum wages, universal health care, abortion and something called “climate change,” which I must say, sounds a bit worrying.

Ben, meanwhile, is staying on. I also did a little bit of digging into Mr. Häagen and Mr. Dazs and it turns out those people were made up by Reuben and Rose Mattus, Polish immigrants to the Bronx who started making the ice cream in 1960. They wanted a “Danish-sounding name” for the luxury brand as a tribute to the Danish treatment of Jews during the Holocaust. Thanks, Wikipedia. You learn something every day, eh?

Poll of the day: Taking the fun out of it

Poll of the day: You ain’t hyped on matcha

We asked: “Will you continue drinking matcha if it’s 75% more expensive?”

You answered:

🟨⬜️⬜️⬜️⬜️⬜️ No. A grande matcha latte already costs $5.97 at Starbucks. That would take it over $10! (145 votes)

⬜️⬜️⬜️⬜️⬜️⬜️ Yes. I am a devotee of drink trends, and until Zendaya stops ordering a venti iced matcha green tea latte with coconut milk, I WILL BE ORDERING THESE DAMNED DRINKS NO MATTER WHAT THEY COST. (35 votes)

🟩🟩🟩🟩🟩🟩 I'm fine with a regular cup of coffee and have never even tried matcha, for God's sake. (488 votes)

668 Votes via @beehiiv polls