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    …and Walmart eyes smart TVs
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                   Feelin’ chipper (Walid Berrazeg/Getty Images)
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                 <div style="font-family:'General Grotesque', Arial;font-size:13px;line-height:1;text-align:center;color:#000000;">
                  Last Week’s Market Moves
                 </div>
                </td>
               </tr>
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                <td style="font-size:0px;word-break:break-word;">
                 <div style="height:20px;line-height:20px;">
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                </td>
               </tr>
               <tr>
                <td align="left" class="desktop marketIndices" style="font-size:0px;padding:0;word-break:break-word;">
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                  <tr>
                   <td>
                    <span class="text" style="font-family: 'General Grotesque', Arial; font-size: 13px; line-height: 22px; padding: 0;">
                     Dow Jones
                     <br/>
                     <span style="font-family: 'General Grotesque Bold', Arial; font-weight: 700;">
                      38,628
                      <span style="color: rgb(255, 80, 0);">
                       (-0.11%)
                      </span>
                     </span>
                    </span>
                   </td>
                   <td>
                    <span class="text" style="font-family: 'General Grotesque', Arial; font-size: 13px; line-height: 22px; padding: 0;">
                     S&amp;P 500
                     <br/>
                     <span style="font-family: 'General Grotesque Bold', Arial; font-weight: 700;">
                      5,006
                      <span style="color: rgb(255, 80, 0);">
                       (-0.42%)
                      </span>
                     </span>
                    </span>
                   </td>
                   <td>
                    <span class="text" style="font-family: 'General Grotesque', Arial; font-size: 13px; line-height: 22px; padding: 0;">
                     Nasdaq
                     <br/>
                     <span style="font-family: 'General Grotesque Bold', Arial; font-weight: 700;">
                      15,776
                      <span style="color: rgb(255, 80, 0);">
                       (-1.34%)
                      </span>
                     </span>
                    </span>
                   </td>
                   <td>
                    <span class="text" style="font-family: 'General Grotesque', Arial; font-size: 13px; line-height: 22px; padding: 0;">
                     Bitcoin
                     <br/>
                     <span style="font-family: 'General Grotesque Bold', Arial; font-weight: 700;">
                      $52,030
                      <span style="color: rgb(0, 200, 5);">
                       (+10.44%)
                      </span>
                     </span>
                    </span>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
               <!--[if !mso]><!-->
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                <td align="left" class="mobile marketIndices" style="font-size:0px;padding:0;word-break:break-word;">
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                  <tr>
                   <td>
                    <span class="text" style="font-family: 'General Grotesque', Arial; font-size: 13px; line-height: 22px; padding: 0;">
                     Dow Jones
                     <br/>
                     <span style="font-family: 'General Grotesque Bold', Arial; font-weight: 700;">
                      38,628
                      <span style="color: rgb(255, 80, 0);">
                       (-0.11%)
                      </span>
                     </span>
                    </span>
                   </td>
                   <td>
                    <span class="text" style="font-family: 'General Grotesque', Arial; font-size: 13px; line-height: 22px; padding: 0;">
                     S&amp;P 500
                     <br/>
                     <span style="font-family: 'General Grotesque Bold', Arial; font-weight: 700;">
                      5,006
                      <span style="color: rgb(255, 80, 0);">
                       (-0.42%)
                      </span>
                     </span>
                    </span>
                   </td>
                  </tr>
                  <tr>
                   <td>
                    <span class="text" style="font-family: 'General Grotesque', Arial; font-size: 13px; line-height: 22px; padding: 0;">
                     Nasdaq
                     <br/>
                     <span style="font-family: 'General Grotesque Bold', Arial; font-weight: 700;">
                      15,776
                      <span style="color: rgb(255, 80, 0);">
                       (-1.34%)
                      </span>
                     </span>
                    </span>
                   </td>
                   <td>
                    <span class="text" style="font-family: 'General Grotesque', Arial; font-size: 13px; line-height: 22px; padding: 0;">
                     Bitcoin
                     <br/>
                     <span style="font-family: 'General Grotesque Bold', Arial; font-weight: 700;">
                      $52,030
                      <span style="color: rgb(0, 200, 5);">
                       (+10.44%)
                      </span>
                     </span>
                    </span>
                   </td>
                  </tr>
                 </table>
                </td>
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        <!--[if mso | IE]><table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="column-outlook" style="vertical-align:top;width:580px;" ><![endif]-->
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                 <div style="font-family:'General Grotesque', Arial;font-size:16px;font-weight:400;line-height:24px;text-align:left;color:#000000;">
                  <p>
                   <b>
                    Hey Snackers,
                   </b>
                  </p>
                  <p>
                   Mickey Mouses of the world are
                   <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                    <u>
                     uniting
                    </u>
                   </a>
                   at Disneyland: 1.7K actors who perform at the California park as characters like Minnie, Goofy, and Elsa are moving to unionize. The group (“Magic United”) is seeking higher pay… and probably more ventilation in the Donald Duck suit.
                  </p>
                  <p>
                   The S&amp;P 500 rode to a record high on Thursday, but snapped its five-week win streak on Friday as investors digested hotter-than-expected inflation reports. Traders slimmed bets on early interest-rate cuts. Meanwhile, bitcoin sailed past $50K on #hodlers’ high hopes for spot ETFs.
                  </p>
                 </div>
                </td>
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                 <div style="font-family:'General Grotesque', Arial;font-size:16px;font-weight:400;line-height:24px;text-align:left;color:#000000;">
                  <strong>
                   Btw...
                  </strong>
                  Do you want to start getting Snacks daily? Or prefer to unsubscribe? Manage your subscription preferences
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                   here
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                  .
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                 </p>
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                   BIGCHIP
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                 <div style="font-family:'General Grotesque Bold', Arial;font-size:24px;font-weight:700;line-height:32px;text-align:left;color:#000000;">
                  <p>
                   Nvidia, now worth more than Google, gears up to report as AI chip rivals crash its solo party
                  </p>
                 </div>
                </td>
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                 <div style="font-family:'General Grotesque', Arial;font-size:16px;font-weight:400;line-height:24px;text-align:left;color:#000000;">
                  <p>
                   <b>
                    It’s pronounced en-vidia…
                   </b>
                   and companies are en-vious.
                   <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                    <b>
                     Nvidia
                    </b>
                   </a>
                   <b>
                   </b>
                   will report earnings on Wednesday after surpassing
                   <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                    <b>
                     Alphabet
                    </b>
                   </a>
                   last week as the US’s third-most-valuable company behind
                   <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                    <b>
                     Microsoft
                    </b>
                   </a>
                   and
                   <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                    <b>
                     Apple
                    </b>
                   </a>
                   (it’s worth $1.8T — yeah, trillion). The chip titan, once known mostly for its sophisticated graphics cards for gaming consoles like
                   <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                    <b>
                     Nintendo
                    </b>
                   </a>
                   's Switch, is now synonymous with AI computing.
                  </p>
                  <ul style="padding-left:18px">
                   <li style="margin-bottom:12px">
                    <p>
                     <b>
                      Shovels for the gold rush:
                     </b>
                     Nvidia’s AI chips have become the gold standard for large language models (including
                     <b>
                      OpenAI
                     </b>
                     ’s ChatGPT), and as of August made up 70% of global AI-chip sales.
                    </p>
                   </li>
                   <li style="margin-bottom:12px">
                    <p>
                     <b>
                      Nvidia stock has more than 3X’d
                     </b>
                     over the past year as tech giants raced to buy its supercomputing tech.
                     <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                      <b>
                       Meta
                      </b>
                     </a>
                     <b>
                     </b>
                     alone spent an estimated $9B+ on Nvidia chips.
                    </p>
                   </li>
                   <li style="margin-bottom:12px">
                    <p>
                     <b>
                      AI can see your halo:
                     </b>
                     Because Nvidia doesn’t manufacture its own chips, the companies it relies on for production have seen a halo-effect boost. Shares of
                     <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                      <b>
                       TSMC
                      </b>
                     </a>
                     (which makes Nvidia semiconductors) and
                     <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                      <b>
                       ASML
                      </b>
                     </a>
                     (which supplies TSMC) have gained.
                    </p>
                   </li>
                   <li style="margin-bottom:12px">
                    <p>
                     <b>
                      The #s:
                     </b>
                     In November, Nvidia reported that Q3 revenue had tripled to a record $18B, while profit was up over 1,200%. This week, Nvidia expects to report ~$20B in Q4 sales.
                    </p>
                   </li>
                  </ul>
                  <p>
                   <b>
                    The easy days may be over…
                   </b>
                   Nvidia was positioned to dominate the early days of the genAI boom thanks to its powerful graphics processors.
                   <b>
                   </b>
                   Now competitors are catching up: shortly after Nvidia intro’d a new version of its genAI chip in November, rivals
                   <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                    <b>
                     Intel
                    </b>
                   </a>
                   <b>
                   </b>
                   and
                   <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                    <b>
                     AMD
                    </b>
                   </a>
                   announced their own AI chips. Meta, OpenAI, and Microsoft all said they’d use AMD’s chip, which CEO Lisa Su described as the industry’s “most advanced AI accelerator.” Meanwhile, Alphabet,
                   <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                    <b>
                     Amazon
                    </b>
                   </a>
                   , and Microsoft are cookin’ up their own AI chips. Google said it trained its Gemini AI model on its own processors, not Nvidia’s.
                  </p>
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                      <img height="17px" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.robinhood.com%252Fmarketsnacks_assets%252Fv2%252Ftakeaway-black.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4ucm9iaW5obyIsInRpbWUiOjE3MDg0MzQzNjEuNDc0MzQ5NX0:1rcPov:73X4Xl5RFOjboMOztjLp3csIq05e45up4ADQSs1L_-o" width="17px"/>
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                     <td style="font-family: 'General Grotesque Bold', Arial; width: 100%; padding: 0; height: 17px; line-height: 0; padding-top: 1px;">
                      THE TAKEAWAY
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                  <p>
                   <b>
                    The chip bag’s full of air…
                   </b>
                   with plenty of space left for more. While Nvidia’s #thriving, it has the burden of supplying most of the industry, which has led to production strains and shortages. Companies want alternatives to Nvidia’s pricey processors to keep up with the explosive pace of AI expansion. There’s room for competitors: AMD’s boss expects the AI-chip market will be worth over $400B in 2027.
                  </p>
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                 <p style="border-top:solid 1px #e3e9ed;font-size:1px;margin:0px auto;width:100%;">
                 </p>
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                  <div style="font-family: 'General Grotesque Bold', Arial; font-weight: 700; letter-spacing: 0.03em; text-transform: uppercase; color: #1C1C1C; padding: 6px 19px; border-radius: 30px; border: 0; background-color:#62E5DA; display: inline-block;">
                   Events
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                 <div style="font-family:'General Grotesque Bold', Arial;font-size:24px;font-weight:700;line-height:32px;text-align:left;color:#000000;">
                  <p>
                   Coming up this week
                  </p>
                 </div>
                </td>
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                 <div style="font-family:'General Grotesque', Arial;font-size:16px;font-weight:400;line-height:24px;text-align:left;color:#000000;">
                  <p>
                   <b>
                    I wrote you 50+ letters…
                   </b>
                   Gosling, step aside: Warren Buffett has been writing
                   <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                    <b>
                     Berkshire Hathaway
                    </b>
                   </a>
                   shareholders a letter every year since he took over the holding co in 1965. Investors scan them for investing + practical advice from the 93-year-old Oracle of Omaha. In this year’s missive (expected on Saturday) they may be looking for insight into why Berkshire trimmed its positions in tech cos like
                   <b>
                    Apple
                   </b>
                   and
                   <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                    <b>
                     HP
                    </b>
                   </a>
                   <b>
                    ,
                   </b>
                   and loaded up on Big Oil stock from
                   <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                    <b>
                     Chevron
                    </b>
                   </a>
                   and
                   <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                    <b>
                     Occidental
                    </b>
                   </a>
                   . It’ll be Buffett’s first letter since the death of his longtime biz partner, Charlie Munger.
                  </p>
                  <p>
                   <b>
                    Flat screens in aisle 5
                   </b>
                   … Analysts expect a full cart when
                   <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                    <b>
                     Walmart
                    </b>
                   </a>
                   drops earnings today. America’s #1 retailer topped estimates in November as its go-to grocery biz helped lift sales. Walmart’s CEO said “deflation” has lowered prices of higher-ticket items like toys and electronics, which could hit margins but lure thrifty shoppers. Walmart's also reportedly in talks to buy TV maker
                   <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                    <b>
                     Vizio
                    </b>
                   </a>
                   for $2B+. Since smart TVs can display ads and collect viewing data, Walmart could use the purchase to supercharge its $2.7B/year ad biz.
                  </p>
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                 </p>
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                   Zoom out
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                  <p>
                   Stories we’re watching
                  </p>
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                  <p>
                   <b>
                    PS5’s golden years…
                   </b>
                   <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                    <b>
                     Sony
                    </b>
                   </a>
                   ’s sending its PlayStation 5 console into early retirement, saying it’ll soon “enter the latter stage of its life cycle.” Sales of the towering console (it’s giving
                   <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                    <u>
                     Sauron
                    </u>
                   </a>
                   ) fell 4M short of expectations last year. Execs expect that was the PS5’s sales peak, despite supply-chain kinks that made it hard to buy the four-year-old console until recently. But it’s a rough time for gamers who just got their hands on one: no major titles from PS franchises like God of War and Spider-Man are planned for the next full year.
                  </p>
                  <p>
                   <b>
                    Keep ’em at 10 and 2…
                   </b>
                   <b>
                    Alphabet
                   </b>
                   -owned
                   <b>
                    Waymo
                   </b>
                   issued its first recall (via software update) last week after two of its robotaxis hit the same towed truck a few minutes apart. Rival
                   <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                    <b>
                     GM
                    </b>
                   </a>
                   -owned
                   <b>
                    Cruise
                   </b>
                   has even bigger roadblocks: its entire driverless fleet was pulled last year after one of its cars dragged a pedestrian 20 feet, causing serious injuries. Cruise’s CA license got suspended, several execs were ousted, and regulators are investigating. These incidents haven’t fostered public support: some San Franciscans recently torched a Waymo vehicle.
                  </p>
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                  What else we're Snackin'
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                      <b>
                       <u>
                        Trippy
                       </u>
                      </b>
                     </a>
                     <b>
                      : OpenAI
                     </b>
                     unleashed Sora, a text-to-video generator that can produce cinematic-quality clips (including a terrifyingly realistic woolly mammoth). The impressive tech hasn’t yet been publicly released, as OpenAI evaluates dangers like disinfo.
                    </p>
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                      <b>
                       <u>
                        Year3
                       </u>
                      </b>
                     </a>
                     <b>
                      :
                     </b>
                     This weekend marks the second anniversary of Russia’s invasion of Ukraine. Russia’s military budget grew by two-thirds from last year, while Ukraine needs $468B (almost 3X its 2023 output) to rebuild.
                    </p>
                   </li>
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                     <a class="css-0" rel="noopener" style="color:#26A19B;font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:1px" target="_blank">
                      <b>
                       <u>
                        Beyhair
                       </u>
                      </b>
                     </a>
                     <b>
                      :
                     </b>
                     Beyoncé hinted that she’ll launch a hair-care line called Cécred today. 53% of all celeb-led retail brands are in the beauty aisle, where Selena Gomez’s
                     <b>
                      Rare Beauty
                     </b>
                     and Rihanna’s
                     <b>
                      Fenty
                     </b>
                     are staples.
                    </p>
                   </li>
                  </ul>
                  <p>
                  </p>
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                    NYC sues social media
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                   • Feb 16, 2024
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                    Squishmallows vs. Build-A-Bear
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                   • Feb 15, 2024
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                    Temu’s Bowl blitz
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                   • Feb 14, 2024
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                   This Super Bowl had a record 59M female viewers (possibly thanks to T. Swift)
                  </p>
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                  This Week
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                  <ul style="padding-left:18px">
                   <li style="margin-bottom:12px">
                    <p>
                     <b>
                      Tuesday
                     </b>
                     : Earnings expected from
                     <b>
                      Walmart, Home Depot
                     </b>
                     ,
                     <b>
                      Palo Alto, Teladoc,
                     </b>
                     and
                     <b>
                      Caesars Entertainment
                     </b>
                    </p>
                   </li>
                   <li style="margin-bottom:12px">
                    <p>
                     <b>
                      Wednesday:
                     </b>
                     Earnings expected from
                     <b>
                      Nvidia, Rivian, Etsy, Lucid,
                     </b>
                     and
                     <b>
                      Marathon Oil
                     </b>
                    </p>
                   </li>
                   <li style="margin-bottom:12px">
                    <p>
                     <b>
                      Thursday:
                     </b>
                     MLB spring training. NASA spacecraft scheduled to make the US’s first lunar landing in 50+ years. Earnings expected from
                     <b>
                      Moderna, Newmont Mining, Wayfair, Block, Keurig Dr Pepper, Carvana, Live Nation,
                     </b>
                     and
                     <b>
                      Bookings
                     </b>
                    </p>
                   </li>
                   <li style="margin-bottom:12px">
                    <p>
                     <b>
                      Friday:
                     </b>
                     ETHDenver ethereum event. 30th SAG Awards tomorrow. Earnings expected from
                     <b>
                      Warner Bros. Discovery
                     </b>
                     and
                     <b>
                      Bloomin’ Brands
                     </b>
                    </p>
                   </li>
                  </ul>
                  <p>
                   Authors of this Snacks own shares of: Alphabet, Amazon, Apple, Block, Disney, GM, Microsoft, Moderna, Newmont Mining, Nvidia, and Walmart
                  </p>
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