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   Daily Brew // Morning Brew // Update
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     Elon Musk's space company made its IPO plans public...
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             May 21, 2026
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              Presented By
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               Hello there.
              </strong>
              What’s a mention of AI that’s even less welcome than praising the tech at a college commencement? Saying that your company’s layoffs of thousands of people will replace “lower-value human capital” with AI, as Standard Chartered CEO Bill Winters recently learned. Winters urged employees in a memo yesterday not to be unsettled by “a quote taken out of context.” But it’s hard to imagine a context that makes this one better besides “say something that’s sure to make everyone mad.”
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               —Holly Van Leuven, Matty Merritt, Dave Lozo, Molly Liebergall, Abby Rubenstein
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               In today’s newsletter,
              </strong>
              we’ll get into:
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               <span>
                SpaceX filing publicly for its IPO
               </span>
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               <span>
                A lawsuit that has Wall Street talking
               </span>
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               <span>
                Stephen Colbert’s last night in the host chair
               </span>
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               MARKETS
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            <tr>
             <td class="pad5m">
             </td>
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            <!-- Nasdaq -->
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                <td align="center" class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
                 <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F6097ec1c26b17401a61bfbfe4440c75ebfea1886-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NzkzNTUyODcuMzM3ODc3NX0:1wPzap:BPfTltpNpOkKpPz1oQy0y8TiR1-spPUVQeaUTMahIl4" style="width:22%" width="20"/>
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                  Nasdaq
                 </p>
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                <td class="markets-value-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  26,270.36
                 </p>
                </td>
                <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
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                    <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                     +1.55%
                    </p>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
            <!-- END Nasdaq -->
            <!-- S&P -->
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                 <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F6097ec1c26b17401a61bfbfe4440c75ebfea1886-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NzkzNTUyODcuMzM3OTY4OH0:1wPzap:AZ_yRKZhUb1somdNBHV__cMTQO4UTSZ2kEw2MTguPPM" style="width:22%" width="20"/>
                </td>
                <td class="markets-ticker-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  S&amp;P
                 </p>
                </td>
                <td class="markets-value-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  7,432.97
                 </p>
                </td>
                <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                 <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
                  <tr>
                   <td style="background-color:#28d31a4d;border-radius:8px;padding:10px 8px" valign="middle">
                    <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                     +1.08%
                    </p>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
            <!-- END S&P -->
            <!-- Dow -->
            <tr>
             <td class="pads10 pads6m lastline" style="text-align:center;mso-padding-alt:0 20px 0 20px;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;border-collapse:collapse" width="100%">
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                <td align="center" class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
                 <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F6097ec1c26b17401a61bfbfe4440c75ebfea1886-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NzkzNTUyODcuMzM4MDU5Mn0:1wPzap:9SH1EI77hQ7RbqptKstMDFu_LKG-h6ZkIn5vW6EbLpw" style="width:22%" width="20"/>
                </td>
                <td class="markets-ticker-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  Dow
                 </p>
                </td>
                <td class="markets-value-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  50,009.35
                 </p>
                </td>
                <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                 <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
                  <tr>
                   <td style="background-color:#28d31a4d;border-radius:8px;padding:10px 8px" valign="middle">
                    <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                     +1.31%
                    </p>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
            <!-- END Dow -->
            <!-- 10-Year -->
            <tr>
             <td class="pads10 pads6m lastline" style="text-align:center;mso-padding-alt:0 20px 0 20px;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;border-collapse:collapse" width="100%">
               <tr>
                <td align="center" class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
                 <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fe4a85d043f857cc8adaca9d546c099f6d7db37ba-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NzkzNTUyODcuMzM4MTUwM30:1wPzap:veE7F3NZuLckPv5jdxVmEm73zuq7QMuPQC6eVn3-88U" style="width:22%" width="20"/>
                </td>
                <td class="markets-ticker-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  10-Year
                 </p>
                </td>
                <td class="markets-value-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  4.572%
                 </p>
                </td>
                <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                 <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
                  <tr>
                   <td style="background-color:#ff03034d;border-radius:8px;padding:10px 8px" valign="middle">
                    <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                     -9.0 bps
                    </p>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
            <!-- END 10-Year -->
            <!-- Bitcoin -->
            <tr>
             <td class="pads10 pads6m lastline" style="text-align:center;mso-padding-alt:0 20px 0 20px;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;border-collapse:collapse" width="100%">
               <tr>
                <td align="center" class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
                 <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F6097ec1c26b17401a61bfbfe4440c75ebfea1886-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NzkzNTUyODcuMzM4MjQwOX0:1wPzap:OK0vy0fiWzgksgA9ePENlQ6PQj1V-I-cuRLf8XE78Eg" style="width:22%" width="20"/>
                </td>
                <td class="markets-ticker-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  Bitcoin
                 </p>
                </td>
                <td class="markets-value-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  $77,320.92
                 </p>
                </td>
                <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                 <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
                  <tr>
                   <td style="background-color:#28d31a4d;border-radius:8px;padding:10px 8px" valign="middle">
                    <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                     +0.89%
                    </p>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
            <!-- END Bitcoin -->
            <!-- Target -->
            <tr>
             <td class="pads10 pads6m lastline" style="text-align:center;mso-padding-alt:0 20px 0 20px;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;border-collapse:collapse" width="100%">
               <tr>
                <td align="center" class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
                 <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fe4a85d043f857cc8adaca9d546c099f6d7db37ba-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NzkzNTUyODcuMzM4MzI5fQ:1wPzap:iJTY_cgcMWyi9JLLtUA0hhp4rBWzb473sTyyaBdvMJw" style="width:22%" width="20"/>
                </td>
                <td class="markets-ticker-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  Target
                 </p>
                </td>
                <td class="markets-value-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  $122.33
                 </p>
                </td>
                <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                 <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
                  <tr>
                   <td style="background-color:#ff03034d;border-radius:8px;padding:10px 8px" valign="middle">
                    <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                     -3.86%
                    </p>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
            <!-- END Target -->
            <!-- START REGULAR TEXT -->
            <tr>
             <td style="padding:3px 15px 10px">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;border-collapse:collapse;font-size:13px">
               <tr>
                <td style="padding-right:4px">
                 Data is provided by
                </td>
                <td style="margin:0;padding-right:5px">
                 <a style="display:block" target="_blank">
                  <img height="16px" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F61a0dac0b53d6766459afdca784ae8fe604f17ed-720x102.png%253Fh%253D32%2526q%253D100%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NzkzNTUyODcuMzM4NDIyOH0:1wPzap:LfJo59X_n_dwEqymJp-gdjVN4p_7NAnJG-LyL1SRPlQ" style="vertical-align:middle;height:16px;display:inline"/>
                 </a>
                </td>
               </tr>
              </table>
              <p style="text-align:left;margin:0;padding:0;font-size:13px;line-height:22px">
               *Stock data as of market close, cryptocurrency data as of 6:00pm ET.
               <a class="link-sm" rel="noopener" style="color:#333;border-bottom:1px solid #1c7ff2;text-decoration:none" target="_blank">
                Here's what these numbers mean.
               </a>
              </p>
             </td>
            </tr>
            <!-- END REGULAR TEXT -->
            <tr>
             <td style="mso-padding-alt:0px 15px 15px 15px;padding:0 15px">
              <ul style="margin-top:0;padding-left:30px">
               <li style="margin-bottom:10px;line-height:22px">
                <span>
                 <strong style="color:#000">
                  Markets:
                 </strong>
                </span>
                <span>
                 Investors were as confident that the sun will come out tomorrow as Little Orphan Annie,
                </span>
                <span>
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  sending stocks up
                 </a>
                </span>
                <span>
                 as oil prices fell yesterday after President Trump said that the US was “in the final stages” of making a deal with Iran and everyone waited for Nvidia’s earnings (more on that in a bit).
                </span>
               </li>
               <li style="margin-bottom:10px;line-height:22px">
                <span>
                 <strong style="color:#000">
                  Stock spotlight:
                 </strong>
                </span>
                <span>
                 Target fell (after an initial boost), even though it looks like the retail chain’s turnaround plan is working. The company
                </span>
                <span>
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  reported
                 </a>
                </span>
                <span>
                 that sales grew last quarter—and doubled its annual growth forecast—but cautioned that consumers are stretched.
                </span>
               </li>
              </ul>
              <div style="display:none">
              </div>
             </td>
            </tr>
            <tr>
             <td style="mso-padding-alt:0px 20px 15px 20px;padding:0 20px">
              <div style="background-color:#e8e8e8;margin-top:0;margin-bottom:15px;padding:15px;line-height:22px">
               <p style="margin-top:0;margin-bottom:0;line-height:22px">
                <strong style="color:#1c7ff2;font-size:16px">
                 Markets Sponsored by The Crew
                </strong>
               </p>
               <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                Want daily analysis of the investing landscape?
                <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                 Brew Markets
                </a>
                is our newsletter designed to help you make sense of market moves.
                <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                 Subscribe now
                </a>
                .
               </p>
              </div>
             </td>
            </tr>
           </table>
          </td>
         </tr>
        </table>
        <!--[if !mso ]><! -- -->
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      <!-- END MARKETS -->
      <!-- STORY ARTICLE -->
      <!--[if !mso ]><! -- -->
      <div class="c6" style="margin-bottom:7px">
       <!-- <![endif]-->
       <table border="0" cellpadding="0" cellspacing="0" class="story-container" role="presentation" style="border-collapse:collapse" width="100%">
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            NEW S-1 JUST DROPPED
           </p>
          </div>
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                <a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
                 SpaceX shows its finances and future in IPO filing
                </a>
               </p>
              </div>
             </table>
             <div class="header-image-container" style="padding-top:15px">
              <a style="border:none;text-decoration:none" target="_blank">
               <img alt="SpaceX Falcon Heavy launch" src="https://inboxflows.com/_/image/https%253A%252F%252Fmorningbrew.com%252Fcdn-cgi%252Fimage%252Fwidth%253D1336%252Cformat%253Dauto%252Fhttps%253A%252F%252Fstorage.morningbrew.com%252Fimage%252F2026-05-21%252Fimage-c8d0da880ba1d1dca7d7c5e6e3d5706f20b966e7-5626x3751-jpg%252FFalconHeavy-Viasat3F3/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3NzkzNTUyODcuMzM4NTM3Mn0:1wPzap:uZGvS7sI2dHFYdbQtT86omxo8xomgi6jQxgexa4s9OE" style="width:100%;max-width:670px;display:block" width="670"/>
              </a>
              <p style="margin:0;padding:0;line-height:22px">
               <span class="source" style="margin-top:5px;margin-bottom:0;padding-left:10px;line-height:14px;display:inline-block">
                <small>
                 <em>
                  SpaceX Falcon Heavy launch on April 29. Nurphoto/Getty Images
                 </em>
                </small>
               </span>
              </p>
             </div>
             <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse" width="100%">
              <tr>
               <td class="content-container" style="padding:15px 15px 0">
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 SpaceX filed its
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  first comprehensive prospectus
                 </a>
                 yesterday with the Securities and Exchange Commission, giving investors a peek at its finances, as it prepares to list on the Nasdaq exchange under the ticker SPCX.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 The company aims to raise up to $80 billion at a valuation that could reach $2 trillion. It’s expected to surpass Saudi Aramco for the title of largest IPO in history. Elon Musk, SpaceX’s CEO, CTO, and chairman, will hold 85% of the company’s voting control. The listing will likely propel Musk to become the world’s first trillionaire.
                </p>
                <h2 style="color:#000;margin:0 0 15px;font-family:Helvetica,Arial,sans-serif;font-size:19px;font-weight:700">
                 So, how’s business?
                </h2>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 SpaceX reported a net loss of $4.3 billion for Q1 2026, despite taking in $4.69 billion in revenue.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 The company breaks its business down into three units: Space (rockets), Connectivity (Starlink satellite internet), and AI (xAI, the Grok chatbot, Colossus data centers). The Connectivity unit
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  made $1.19 billion
                 </a>
                 in the first quarter. By comparison, the Space unit lost $619 million, and the AI unit lost $2.5 billion.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Here are some other interesting factoids revealed by the filing:
                </p>
                <ul style="margin-top:0;padding-left:30px">
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   For the 1 billion performance-based restricted shares that Musk received in January to vest, the company must establish a permanent human colony on Mars with at least 1 million inhabitants, “subject to Mr. Musk’s continued employment with us through the date on which achievement is certified by our board.”
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   SpaceX stock will be available to retail traders upon its debut via Robinhood, Schwab, Fidelity, E*Trade, and SoFi. Most appropriate company ever for hodlers to send to the moon?
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   The company spent $15 billion developing its updated version of the Starship megarocket.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   SpaceX called the creation of trillion-dollar market opportunities one aspect of its “repeatable business model.” It sees a total addressable market of $28.5 trillion.
                  </span>
                 </li>
                </ul>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  Zoom out:
                 </strong>
                 SpaceX’s IPO is likely to be the first of three massive public offerings this year, followed by OpenAI and Anthropic. But Musk won’t be done with big business deals—Wedbush analyst Dan Ives predicts that SpaceX and Tesla
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  will merge in 2027
                 </a>
                 .—
                 <em>
                  HVL
                 </em>
                </p>
               </td>
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            Sponsored By LMNT
           </p>
          </div>
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           <p class="h1" style="color:#333;margin-top:8px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:24px;font-weight:700;line-height:26px">
            <a style="text-decoration:none;color:#000!important;border-bottom:none!important" target="blank">
             <strong style="color:#000">
              Get the tea
              <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fteacup-without-handle_1f375.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NzkzNTUyODcuMzM4OTE2M30:1wPzap:ibIfJa5UHsFRQIg4GfWYa94_aB5NMRyKZJc5GSiYB-U" style="max-width:18px" width="18"/>
             </strong>
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          <a style="border:none;text-decoration:none" target="_blank">
           <img alt="Sponsor: LMNT" class="sponsored-header-image" src="https://inboxflows.com/_/image/https%253A%252F%252Fmorningbrew.com%252Fcdn-cgi%252Fimage%252Fwidth%253D1336%252Cformat%253Dauto%252Fhttps%253A%252F%252Fstorage.morningbrew.com%252Fimage%252F2026-05-20%252Fimage-a8bff5bf9842067d18c2c3e04cd930cac36819a2-1041x599-jpg%252FDECLARATION_MOCKUP_V7_horizontal_1200x600.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3NzkzNTUyODcuMzM5MDMwNX0:1wPzap:8ywImpCaT2uQHUi4dUCobBnjCqxPwuO9pDAUZyKa7sI" style="width:100%;max-width:670px;padding-top:15px;display:block" width="670"/>
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             <p style="margin-top:0;margin-bottom:15px;line-height:22px">
              Did you hear? LMNT is expanding from the world of drink mixes into the world of tea drink mixes.
             </p>
             <p style="margin-top:0;margin-bottom:15px;line-height:22px">
             </p>
             <p style="margin-top:0;margin-bottom:15px;line-height:22px">
              Their new
              <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
               Lemonade Iced Tea
              </a>
              provides the same science-backed electrolyte formulation you know LMNT for, plus naturally occurring caffeine and a powerful blend of antioxidants.
             </p>
             <p style="margin-top:0;margin-bottom:15px;line-height:22px">
             </p>
             <p style="margin-top:0;margin-bottom:15px;line-height:22px">
              The formula has exactly 50mg of caffeine, which two decades of research has shown to be the “just right” serving size. It was designed to
              <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
               support a healthy lifestyle
              </a>
              without hammering the adrenals or messing with sleep.
             </p>
             <p style="margin-top:0;margin-bottom:15px;line-height:22px">
              Give the new tea a try and
              <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
               get a free
              </a>
              LMNT sample pack with your purchase.
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            WORLD
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              <img alt="Raul Castro" src="https://inboxflows.com/_/image/https%253A%252F%252Fmorningbrew.com%252Fcdn-cgi%252Fimage%252Fwidth%253D1336%252Cformat%253Dauto%252Fhttps%253A%252F%252Fstorage.morningbrew.com%252Fimage%252F2026-05-20%252Fimage-e2dbd64c7f7add8e24f98196add9e8056f16c406-4000x2667-jpg%252FGettyImages-2212257184.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3NzkzNTUyODcuMzM5MTM2Nn0:1wPzap:xD5Bi5Kgoeb9SXQY_BPAG9bqFzU_UfRTf8g84fvL8FY" style="width:100%;max-width:670px;display:block" width="670"/>
              <p style="margin:0;padding:0;line-height:22px">
               <span class="source" style="margin-top:5px;margin-bottom:0;padding-left:10px;line-height:14px;display:inline-block">
                <small>
                 <em>
                  Yamil Lage/Getty Images
                 </em>
                </small>
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              </p>
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              <tr>
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                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fscales_2696.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NzkzNTUyODcuMzM5MjI0OH0:1wPzap:33FNlPpMe4g7gIZSH4dbLlDb6ToaLlPe-xM9hXVjwps" style="max-width:18px" width="18"/>
                  US charges Cuban President Raúl Castro with murder.
                 </strong>
                 US prosecutors
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  unveiled
                 </a>
                 a criminal indictment against the former Cuban leader yesterday for his alleged role in the killing of four people by downing a pair of civilian planes operated by the Cuban exile group Brothers to the Rescue in 1996. The charges come as the White House has ratcheted up pressure on Cuba’s communist government, including through a fuel blockade that has hobbled the nation’s economy. It follows the US’ arrest of Venezuelan President Nicolás Maduro, a staunch ally of Cuba. Cuba is unlikely to allow Castro, now 94, whose late brother Fidel Castro led the country’s 1959 revolution, to be extradited.
                 <em>
                  —AR
                 </em>
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fchart-with-downwards-trend_1f4c9.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NzkzNTUyODcuMzM5MzE1Mn0:1wPzap:uDnHRrWzzTjqqRUNEo5HSOXVveYn036wXVN3wqzbK00" style="max-width:18px" width="18"/>
                 <strong style="color:#000">
                  Nvidia earnings exceeded expectations, but stock still dropped.
                 </strong>
                 What does an overachiever need to do to get some respect in this economy? Unclear, as CNBC said that analyst expectations for Nvidia “
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  may have hit unattainable highs
                 </a>
                 .” The company brought in $81.62 billion for the quarter, beating an expected $78.86 billion. CEO Jensen Huang said on the earnings call, “Demand has gone parabolic….Agentic AI has arrived.” He also said that Nvidia chips power every hyperscaler, and that the Nvidia platform is the only one running “every frontier AI model”—Anthropic, OpenAI, Google’s Gemini, SpaceXAI, and Meta. But its stock still dipped 1.26% in after-hours trading, so perhaps it could take up a handicraft?—
                 <em>
                  HVL
                 </em>
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fnegative-squared-latin-capital-letter-a_1f170.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NzkzNTUyODcuMzM5NDA3fQ:1wPzap:BVcS7FoHZAJ0rnDLFhbc38fqsVpFQ79yEblaiKpfG2k" style="max-width:18px" width="18"/>
                 <strong style="color:#000">
                  Harvard votes to limit A grades.
                 </strong>
                 To crack down on grade inflation, the number of undergraduate A grades that Harvard University instructors can dole out will be
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  limited
                 </a>
                 to 20% of students in each course, plus an allowance for up to four additional students, beginning in fall 2027. While getting straight A’s will be tougher, there’ll be no limit on A-minus grades. Nearly 70% of Harvard faculty voted to approve the measure, according to results announced yesterday, though it’s overwhelmingly unpopular among students. For context, about two-thirds of letter grades given to Harvard undergraduates during the 2024–25 school year were A’s, up from roughly one-third in 2012–13. The
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  new cap
                 </a>
                 could inspire other prestigious universities to follow suit.
                 <em>
                  —ML
                 </em>
                </p>
               </td>
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            ANOTHER LAYER
           </p>
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                <a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
                 JPMorgan banker countersues in viral sexual harassment case
                </a>
               </p>
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               <span class="source" style="margin-top:5px;margin-bottom:0;padding-left:10px;line-height:14px;display:inline-block">
                <small>
                 <em>
                  Spencer Jones/Getty Images
                 </em>
                </small>
               </span>
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                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 The JPMorgan Chase banker at the center of a viral sexual harassment case
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  countersued
                 </a>
                 on Tuesday, claiming defamation. In her countersuit, Lorna Hajdini claims her former colleague Chirayu Rana made false allegations against her that have made her life a “living nightmare.”
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  ICYMI:
                 </strong>
                 Last month, Rana filed a lawsuit claiming that Hajdini sexually harassed and assaulted him. His suit included graphic allegations that she forced him to be a “sex slave” and used racist language—details that caught the internet’s attention:
                </p>
                <ul style="margin-top:0;padding-left:30px">
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   AI-generated videos of the two together and memes featuring the allegations have
                  </span>
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    flooded
                   </a>
                  </span>
                  <span>
                   social media.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   Media personalities, like Joe Rogan and Megyn Kelly, have weighed in on the case.
                  </span>
                 </li>
                </ul>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Hajdini has denied the allegations, and her lawyers say there was no sexual relationship. Her countersuit accuses Rana of attacking previous employers with similar allegations. Meanwhile, Rana’s lawyer
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  has said
                 </a>
                 the pushback for his client boils down to his being a man accusing a woman of harassment and that his claims will be proven true in court.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  What do we know for sure?
                 </strong>
                 Last May, Rana filed an internal complaint with the bank over his allegations, seeking $22 million, according to the Wall Street Journal. After an internal investigation that the bank said found no merit to the claims, JPMorgan offered Rana a $1 million settlement, per the WSJ. Rana filed suit instead, and a preliminary hearing is set for next week.—
                 <em>
                  MM
                 </em>
                </p>
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            SIGNING OFF
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                <a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
                 Colbert’s 11-year
                 <em>
                  Late Show
                 </em>
                 run ends tonight
                </a>
               </p>
              </div>
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              </a>
              <p style="margin:0;padding:0;line-height:22px">
               <span class="source" style="margin-top:5px;margin-bottom:0;padding-left:10px;line-height:14px;display:inline-block">
                <small>
                 <em>
                  Scott Kowalchyk/CBS
                 </em>
                </small>
               </span>
              </p>
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                 <em>
                  Lord of the Rings
                 </em>
                 and Neutral Milk Hotel enthusiast Stephen Colbert will host
                 <em>
                  The Late Show
                 </em>
                 for the final time tonight,
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  ending
                 </a>
                 an 11-year run at CBS after the network canceled the show for what it said were “purely financial” reasons. But many—
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  including Colbert
                 </a>
                 —believe the cancellation came at the behest of President Trump, a frequent target of the comedian’s jokes and ridicule.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 The top-rated late-night show was informed of its fate
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  last summer
                 </a>
                 , shortly after CBS parent company Paramount settled a $20 billion lawsuit with Trump over its editing of a
                 <em>
                  60 Minutes
                 </em>
                 interview with then-Democratic presidential candidate Kamala Harris. Colbert called the settlement a “big fat bribe.” Not long after, the FCC approved the Paramount-Skydance merger.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  The future of late night:
                 </strong>
                 Network TV viewership has been
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  down
                 </a>
                 for everyone in the last decade, as younger audiences gravitate away from appointment TV viewing and toward online clips—something that networks have a hard time monetizing.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  What’s next for Colbert?
                 </strong>
                 He is scripting a
                 <em>
                  Lord of the Rings
                 </em>
                 film for Warner Bros., a dream project for the longtime Tolkien nerd. He said he has no plans to get into politics, despite a mild
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  endorsement
                 </a>
                 from former President Barack Obama.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  What’s next for the time slot?
                 </strong>
                 Starting tomorrow, CBS will air
                 <em>
                  Comics Unleashed
                 </em>
                 , a syndicated talk show hosted by businessman Byron Allen.
                 <em>
                  —DL
                 </em>
                </p>
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                   </a>
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                <!-- END SOCIAL LINKS -->
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          <div class="tag-container" style="padding:15px 15px 0">
           <p class="h3" style="color:#1c7ff2;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700;line-height:22px">
            READER POLL
           </p>
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                <div class="snap-poll-container" style="margin-bottom:15px;line-height:22px">
                 <div style="margin-bottom:5px">
                  <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                   Will you be watching Stephen Colbert’s final show tonight?
                  </p>
                 </div>
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  Yes, I’m hoping he has the pope on.
                  <br/>
                 </a>
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  No, I’m not a fan.
                  <br/>
                 </a>
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  Nah, I’ll wait for the clips tomorrow.
                  <br/>
                 </a>
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  Maybe, if I can stay up late enough.
                  <br/>
                 </a>
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            MOLLY EXPLAINS THE INTERNET
           </p>
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               <p class="h1 story-title" style="color:#333;margin-top:8px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:24px;font-weight:700;line-height:26px">
                <a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
                 “The roar at full time”
                </a>
               </p>
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              <img alt="Scene outside the stadium after Arsenal wins" src="https://inboxflows.com/_/image/https%253A%252F%252Fmorningbrew.com%252Fcdn-cgi%252Fimage%252Fwidth%253D1336%252Cformat%253Dauto%252Fhttps%253A%252F%252Fstorage.morningbrew.com%252Fimage%252F2026-05-20%252Fimage-d5fddc4840d8c909a4f56dd20e8a166fcbbc92dd-5732x3863-jpg%252FGettyImages-2277202331.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3NzkzNTUyODcuMzQwNDIyNn0:1wPzap:By6L0QmjDNYoOXdt71jkMiMENdG1QQKcR1Z5P9WXne0" style="width:100%;max-width:670px;display:block" width="670"/>
              <p style="margin:0;padding:0;line-height:22px">
               <span class="source" style="margin-top:5px;margin-bottom:0;padding-left:10px;line-height:14px;display:inline-block">
                <small>
                 <em>
                  Julian Finney/Getty Images
                 </em>
                </small>
               </span>
              </p>
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                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <em>
                  The online world can be a beautiful yet confusing series of tubes. On Thursdays, the Brew’s Molly Liebergall untangles them for you.
                 </em>
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 The New York Knicks just pulled off a historic comeback, but this week’s loudest sports screams happened an ocean away, hours beforehand.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 On Tuesday evening, an Arsenal fan, @Modhabobo, captured the moment when the club
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  won
                 </a>
                 its first Premier League title in 22 years, sending North London into a deafening frenzy of whoops, hollers, and car honks that sounded borderline apocalyptic from the poster’s balcony (you can decide for yourself
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  here
                 </a>
                 ).
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Celebrations continued after dark as Arsenal fans basked in their historic triumph over Manchester City, whose draw with Bournemouth cemented Arsenal’s title win.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 “I hope my brother is looking down smiling,” @Modhabobo captioned his post. “Hiren, Arsenal won the league!!”
                 <em>
                  —ML
                 </em>
                </p>
               </td>
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            Sponsored By Chilipad
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           <img alt="Sponsor: Chilipad" class="sponsored-header-image" src="https://inboxflows.com/_/image/https%253A%252F%252Fmorningbrew.com%252Fcdn-cgi%252Fimage%252Fwidth%253D1336%252Cformat%253Dauto%252Fhttps%253A%252F%252Fstorage.morningbrew.com%252Fimage%252F2026-05-20%252Fimage-617a19deac3dec1c5824d8ff8047e17d50b46329-1440x810-webp%252F04-26-chilipad-lifestyle-branded-affiliate-image-01-1920x1080-2x11.webp/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3NzkzNTUyODcuMzQwNTU2Nn0:1wPzap:aqLYK1pnE8UFKRf-IpNyemu6_99wTbTezpfzQ0TB_ig" style="width:100%;max-width:670px;padding-top:15px;display:block" width="670"/>
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             <p style="margin-top:0;margin-bottom:15px;line-height:22px">
              <strong style="color:#000">
               Great sleep isn’t random.
              </strong>
              It’s temperature—and Chilipad by Sleepme
              <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
               has been proving that for years
              </a>
              . Chilipad 2.0 is what happens when a company actually listens to its customers: a quieter dock, a remote that ships in every box, no subscription fees, and a price that hasn’t budged.
              <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
               Better sleep starts tonight
              </a>
              .
             </p>
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            NEWS
           </p>
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               <p class="h1 story-title" style="color:#333;margin-top:8px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:24px;font-weight:700;line-height:26px">
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                 What else is brewing
                </a>
               </p>
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                <ul style="margin-top:0;padding-left:30px">
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    OpenAI
                   </a>
                  </span>
                  <span>
                   plans to file confidential paperwork for an IPO as soon as Friday, multiple news outlets reported yesterday. The ChatGPT maker is currently valued at $850 billion.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    The IRS
                   </a>
                  </span>
                  <span>
                   agreed not to pursue any future tax liability claims against President Trump, his family, or his companies, as part of the deal to end Trump’s $10 billion suit against the agency. Meanwhile,
                  </span>
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    two police officers
                   </a>
                  </span>
                  <span>
                   who defended the Capitol on Jan. 6, 2021, filed a lawsuit to block the deal’s plan to set up a $1.8 billion fund to compensate victims of DOJ “weaponization.”
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    Jeff Bezos
                   </a>
                  </span>
                  <span>
                   backed getting rid of income taxes for the bottom half of US earners—but also said raising his own taxes wasn’t necessary in an interview with CNBC. “You could double the taxes I pay, and it’s not going to help that teacher in Queens,” the Amazon founder said.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    James Murdoch
                   </a>
                  </span>
                  <span>
                   , son of media mogul Rupert Murdoch, has agreed to acquire New York Magazine, the Vox Media Podcast Network, and Vox.com from Vox Media, reportedly for $300+ million.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    Barney Frank
                   </a>
                  </span>
                  <span>
                   , a longtime liberal Massachusetts congressman, has died at age 86. Frank crafted key financial reforms after the 2008 crisis and was the first member of Congress in a same-sex marriage.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    Kevin Warsh
                   </a>
                  </span>
                  <span>
                   , the next chair of the Federal Reserve, will be sworn in tomorrow, at a time when a majority of Fed officials are thinking about
                  </span>
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    raising rates
                   </a>
                  </span>
                  <span>
                   rather than cutting them.
                  </span>
                 </li>
                </ul>
               </td>
              </tr>
             </table>
            </td>
           </tr>
          </table>
         </td>
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            RECS
           </p>
          </div>
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           <tr>
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             <div class="header-image-container" style="padding-top:15px">
              <img alt="To-Do List" src="https://inboxflows.com/_/image/https%253A%252F%252Fmorningbrew.com%252Fcdn-cgi%252Fimage%252Fwidth%253D1336%252Cformat%253Dauto%252Fhttps%253A%252F%252Fstorage.morningbrew.com%252Fimage%252F2025-11-24%252Fimage-ff42f96869558a4ad4ab4f10936a3830dbf1d044-1350x330-png%252FMB_newsletter_banner_new.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3NzkzNTUyODcuMzQwNjY2fQ:1wPzap:DC-yqL3xcWcV8zZ2A4HhssMe8wA0pmsgNBoi-D3Rsb8" style="width:100%;max-width:670px;display:block" width="670"/>
              <p style="margin:0;padding:0;line-height:22px">
              </p>
             </div>
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              <tr>
               <td class="content-container" style="padding:15px">
                <div>
                 <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                  <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NzkzNTUyODcuMzQwNzcwNX0:1wPzap:jL3OSegAQoMepvZKB-0ZQDeSiIvMAZKhybM9N5Srf4U" style="max-width:18px" width="18"/>
                  <strong style="color:#000">
                   Organize:
                  </strong>
                  A pack of four
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   heavy-duty tubs
                  </a>
                  .**
                 </p>
                 <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                  <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NzkzNTUyODcuMzQwODgwNH0:1wPzap:Lnj6SPKsScxY8hfg72rN8cH394ciTE9gK1bf-xd-E2I" style="max-width:18px" width="18"/>
                  <strong style="color:#000">
                   Watch:
                  </strong>
                  Dominate your MDW barbecue with these
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   grilling tips
                  </a>
                  .
                 </p>
                 <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                  <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NzkzNTUyODcuMzQwOTY4NH0:1wPzap:WBawjzPTl5cRljogTm2jY0zDEOQXU-hRLlvXlPRxXpc" style="max-width:18px" width="18"/>
                  <strong style="color:#000">
                   Play:
                  </strong>
                  Put your geometry skills to the test with this
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   guess the angle game
                  </a>
                  .
                 </p>
                 <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                  <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NzkzNTUyODcuMzQxMDgxfQ:1wPzap:VRIbQVjQ8_uPb9lJnmVwDHWo5q2tJ-vTe-RtgFWdN3g" style="max-width:18px" width="18"/>
                  <strong style="color:#000">
                   Make friends:
                  </strong>
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   Five phrases
                  </a>
                  to use to befriend anyone, according to a friendship researcher.
                 </p>
                 <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                  <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NzkzNTUyODcuMzQxMTd9:1wPzap:lSgUekL5jkxg1lTP7aybnJxnFP5vlok2rbTIzXjc35Q" style="max-width:18px" width="18"/>
                  <strong style="color:#000">
                   HR leaders, stop doomscrolling:
                  </strong>
                  SSR cuts through the vendor noise and delivers you
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   the right HR software matches
                  </a>
                  —fast. No guesswork, no spam. Trusted by 3m+ teams.
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   Get your shortlist
                  </a>
                  .*
                 </p>
                 <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                  <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NzkzNTUyODcuMzQxMjU1N30:1wPzap:oVeiPxDpLsYmqX15oXvqTkGP4YG-JtiKyqu06M6Mweg" style="max-width:18px" width="18"/>
                  <strong style="color:#000">
                   Forget 10k steps:
                  </strong>
                  If you’re trying to lose weight, the
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   viral Japanese walking trend
                  </a>
                  proves this one-size-fits-all rule is outdated.
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   Take this quiz
                  </a>
                  to calculate your optimal steps to finally move the scale.*
                 </p>
                 <placementslot data-id="e1fe6887630b">
                 </placementslot>
                 <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                  <sup>
                   <em>
                    *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission.
                   </em>
                  </sup>
                 </p>
                </div>
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            PLAY
           </p>
          </div>
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             <div class="header-image-container" style="padding-top:15px">
              <img alt="Games available from Morning Brew" src="https://inboxflows.com/_/image/https%253A%252F%252Fmorningbrew.com%252Fcdn-cgi%252Fimage%252Fwidth%253D1336%252Cformat%253Dauto%252Fhttps%253A%252F%252Fstorage.morningbrew.com%252Fimage%252F2025-09-11%252Fimage-3524949da8d220051120175f97246671d52e0b38-2700x660-png%252FIMG_9052.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3NzkzNTUyODcuMzQxMzUyMn0:1wPzap:OsIuhKV5yU2QDc-_tk-pMCl5s59LGEc2lvTQnHESOuY" style="width:100%;max-width:670px;display:block" width="670"/>
              <p style="margin:0;padding:0;line-height:22px">
              </p>
             </div>
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                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  Brew Mini:
                 </strong>
                 Be forewarned—today’s puzzle is kind of graphic.
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  Play the Mini here
                 </a>
                 .
                </p>
                <h2 style="color:#000;margin:0 0 15px;font-family:Helvetica,Arial,sans-serif;font-size:19px;font-weight:700">
                 Three Headlines and a Lie
                </h2>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Three of these headlines are real and one is faker than a sub-$10 breakfast. Can you spot the odd one out?
                </p>
                <ol>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   The
                  </span>
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    Amish
                   </a>
                  </span>
                  <span>
                   are falling in love with AI
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   What is junk journaling? Susan B. Anthony’s hologram
                  </span>
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    explains
                   </a>
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   Huge, hungry
                  </span>
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    whales
                   </a>
                  </span>
                  <span>
                   are San Francisco’s latest traffic headache
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   Score! World Cup fans get free soccer-themed
                  </span>
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    condoms
                   </a>
                  </span>
                  <span>
                   to help them play the field
                  </span>
                 </li>
                </ol>
               </td>
              </tr>
             </table>
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          <div class="tag-container" style="padding:15px 15px 0">
           <p class="h3" style="color:#1c7ff2;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700;line-height:22px">
            SHARE THE BREW
           </p>
          </div>
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             <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse" width="100%">
              <tr>
               <td class="content-container" style="padding:15px">
                <a>
                 <img alt="Referrals Get Rewarded" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F186d427b237afa331a96448ae17d5a27b6d8ca2a-1350x330.png%253Fw%253D1340%2526q%253D100%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NzkzNTUyODcuMzQxNDQ0fQ:1wPzap:R0I3qBpuYqd-m8o-2-DFfuhAgoS1IPVmbGHjENFlGRY" style="width:100%;max-width:670px;margin-bottom:15px;display:block" width="670"/>
                </a>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Share the Brew, watch your referral count climb, and unlock brag-worthy swag.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Your friends get smarter. You get rewarded. Win-win.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <b>
                  Your referral count:
                 </b>
                 0
                </p>
                <a class="stb-btn" style="color:#fff;text-align:center;background-color:#1c7ff2;border-radius:4px;width:100%;max-width:150px;padding:15px;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:900;text-decoration:none;display:block;margin-top:inherit!important;margin-bottom:inherit!important;margin-right:inherit!important;margin-left:inherit!important">
                 Click to Share
                </a>
                <p style="margin-top:15px;margin-bottom:15px;line-height:22px">
                 Or copy &amp; paste your referral link to others:
                 <br/>
                 <a class="link" style="color:#252525;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  morningbrew.com/r/?kid=979c4554
                 </a>
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            ANSWER
           </p>
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                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 We made up the one about Susan B. Anthony’s hologram.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <span style="text-decoration:underline">
                  Word of the Day
                 </span>
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Today’s Word of the Day is: apocalyptic, meaning “of, relating to, or resembling an apocalypse.” Thanks to a reader named Reid for the intense suggestion. Submit another Word of the Day
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  here
                 </a>
                 .
                </p>
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