Big news

MARKETS

• Trade: In a literal sense, President Trump physically held up a folded piece of paper he identified as a "very simple" Mexico trade deal in front of reporters. In a figurative sense, he said he's "holding up" a trade deal with China unless Beijing agrees to earlier terms.
• U.S. markets: The Dow snapped a six-day winning streak.

TECH

Trends Come and Go, but the Internet Is Forever

No one is as extremely online as Mary Meeker, famed Silicon ValleyVC并验证了互联网先知。

That's why we spent yesterday poring over her 2019 Internet Trends report. Actual transcript of the Brew's Slack:

• Ryan [12:38 PM] I am hundo p going through all 333 slides
• Neal [12:38 PM] Haha def
• Kinsey [12:38 PM] Required reading

Before we get to what we learned from those 333 slides, a note on why yesterday was Christmas for internet lovers:

• Meeker began the tradition in 1995 while working as an analyst for Morgan Stanley.
• Her inaugural report included info on "how to use the internet" and notes on "lots of upside" to recorded music and television online (...)

Fast forward to this millennium, and Meeker's still a tech world sage. Her teams have invested in Facebook, Spotify, Square, Twitter, Snap, Slack, and Uber, to name a few.

To (some of) Meeker's trends

More than half the human population is online. 51% of the world, or 3.8 billion people, used the internet last year. And Americans are spending more time online than ever-6.3 hours/day last year, per Meeker. Over 25% of U.S. adults consider themselves "almost constantly online."

• 使用量增长和强劲回报是技术投资高20年高的部分原因。

谷歌and Facebook still own the ad spending game, though Amazon and Twitter are on the up. Overall U.S. internet ad spend jumped 22%, but the costs to acquire new customers are growing quickly.

• For that reason, Meeker is bullish on free trials and "freemium" subscription models.

现在人们关心隐私，公司将其变成卖点。在第一季度，全球网络流量中有87％被加密。三年前，只有53％。

Bottom line: As the internet continues to evolve, trends that made tech valuable even a year ago are changing. Today, succeeding online is all about being nimble.

反托拉斯

State AGs Object to T-Mobile/Sprint Merger

Yesterday, a group of at least 10 state attorneys general filed a lawsuit in Federal District Court against T-Mobile (-1.58%) and Sprint's (-6.80%) planned $26 billion-plus merger. New York and California's AGs are leading the charge.

The backstory: Ever since it was announced last year, the deal has inspired both fears of increased prices and dreams of a 12 Angry Men-style courtroom showdown.

• Then, FCC Chairman Ajit Pai said last month he supported the union as long as it meant expanded broadband connectivity for rural Americans and 5G for all of us.

But this latest move is...weird. The FCC handed over the case to its partner-in-antitrust-crime, the DOJ, which hasn't made a decision yet. Experts say it's very unusual for state attorneys general to bring a case on a topic that the Justice Department is reviewing. We don't know which judge will get the case yet, but we bet they're practicing in the mirror as you read this.

活力

英国石油公司的能源报告:认为我们谈过这个问题

BP's (+0.62) yearly energy market review suggested a vicious cycle similar to our keto diet/entire pizza seesaw. Extreme weather causes people to use more energy on heating and cooling, which increases carbon emissions, which scientists say can cause...extreme weather.

The numbers: The report said global primary energy use increased 2.9% last year, likely in response to unusually hot and cold temperatures. Carbon emissions from energy use in turn grew 2%.

• 这是自2011年以来最大的跳跃，相当于在全球增加4亿乘乘用车。在美国，能源消耗增长了3.5％，这是10年下降10年后30年来最强的增长率。
• 这也是全球经济增长放缓。

on one side: Global renewable energy consumption increased 15% in 2018, and China's renewables consumption has grown 20x in the last 10 years. Overall, renewables accounted for about a third of the necessary increase in power generation.

on the other side: Coal accounted for about the same proportion.

Bottom line, borrowed from BP Chief Economist Spencer Dale: "Renewables can't grow quickly enough."

TECH

我们都需要一个富士康才能依靠

Going through a rough patch? Need to move your production outside of China if the trade war goes nuclear? There's a Foxconn here to help.

苹果公司最大的制造合作伙伴表示，如果特朗普总统受到威胁要对中国商品的关税提交大约3000亿美元的威胁，则它具有足够的能力将美国与iPhone的生产转移到其他地点。大多数iPhone都是在中国制造的，会受到关税的影响。

• 半导体部门主管Young-Way刘说25%of Foxconn's manufacturing capacity lies outside of China.
• 目前尚不清楚您的iPhone在与中国的情况下降时最终会在哪里组装，但是富士康在巴西，日本，墨西哥和捷克共和国等国家 /地区拥有植物。或众所周知，世界杯C组。

放大：富士康在昨天的首次投资者会议上还有很多问题要回答。最紧迫的是：当他辞职竞选台湾总统时，谁将继任主席特里·仓？

BANKING

Wells Fargo Can't Find a CEO

街上的消息（以及期刊）是银行正在努力寻找成为首席执行官的人。这些天，没有人愿意接管前蒂姆·斯隆（Tim Sloan）的闹鬼办公室，后者于3月下旬辞职。

The Wells Fargo (-0.02%) board has reportedly approached some very strong-résuméd people, including JPMorgan consumer banking chief Gordon Smith, PNC Financial Services CEO William Demchak, and former U.S. Bancorp head Richard Davis. No dice.

It's a tough sell. Wells Fargo may be the fourth-largest bank in the U.S., but it takes the cake when it comes to scandal. Whoever becomes CEO will have to juggle rebuilding the bank's muddied reputation, answering to lawmakers on the warpath, and improving struggling business units.

招聘变得如此艰难，我们在当地的咖啡店找到了这一点。

还有什么

• 亚马逊(+ 0.16%)显示这毕竟是人类,关闭tering its U.S. restaurant delivery service after four years.
• BREX是一家金融科技初创公司，以其...创业公司的信用卡而闻名，以26亿美元的估值筹集了1亿美元。
• 宇部r's (-0.38%) Elevate conference kicked off yesterday. The company has ambitions to become a major player in air transportation.
• Dropbox（-0.26％）推出了重新设计。
• 朱尔（Juul）告诉投资者销售再次攀升，因为它转向了一些青少年的口味，因此短暂回调了它。
• Bill Ackman, activist investor and sizable United Technologies (-3.96%) shareholder, sent a letter to the company saying a merger with Raytheon (-5.11%) makes no sense, per the WSJ.

BREAKROOM

Currency Manipulation
Rank the following USD notes by total circulation:

$ 1，$ 2，$ 5，$ 10，$ 20，$ 50，$ 100

Breakroom Answers

Currency Manipulation

$100: 13.4 billion notes
$1: 12.4
$20: 9.4
$ 5：3.1
$10: 2.0
$50: 1.8
$2: 1.3