Brew Markets
Brew Markets breaks down the day’s most compelling stock market stories and explores what they mean for you. Hosted by Ann Berry, an investor, board member and former CEO, the show delivers refreshing insights into trading trends and money moves, every weekday afternoon.
The Business of Owning a Sports Team (ft. Orioles Owner David Rubenstein)
Episode 259: What does owning a sports team actually involve – and can they be run like regular businesses? Today, Ann sits down with David Rubenstein, owner of the Baltimore Orioles and co-founder of the Carlyle Group ahead of the release of his new book, “Inside the Owner’s Box.” They unpack the soaring valuations of sports franchises, the rise of private equity and startup leagues, and why David believes ownership is about more than making money. Plus, David discusses his commitment to Baltimore and what he calls “patriotic philanthropy.” Finally, Ann gives more details on her next steps.
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NVIDIA’s Hidden Venture Fund & Lucky Strike + Show Announcement
Episode 258: Today, Ann breaks down yet another blockbuster quarter from NVIDIA and why its nearly $48 billion worth of private-company investments caught our attention. Then, we spin through market headlines, including earnings from Dollar Tree, Dollar General, Okta and Salesforce, plus why Wendy’s shares are sliding. We hit the lanes with Lucky Strike and unpack its push to reinvent bowling for a younger generation – and whether the strategy is paying off. Finally, we announce big changes coming to the Brew Markets Daily show.
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Meta’s Addiction Case Settlement & Tracking Tariffs
Episode 257: Today, Ann explores Meta’s $16.7 billion settlement in the landmark trial over teen social media addiction – and the changes coming to how teens can use its apps. Then, we spin through market headlines, including earnings from J.M. Smucker, Bath & Body Works and Abercrombie & Fitch, plus the cyberattack sending Boston Scientific shares sliding. Finally, from where tariff refunds are showing up in corporate earnings to the escalating trade war between the U.S. and Canada – we delve into the world of tariffs.
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The Treasury vs. Fed & Foot Locker Stumbles
Episode 256: Today, Ann is joined by economist and Fed expert Danielle DiMartino Booth to discuss the Treasury’s buyback plan and what she’s watching for at the Jackson Hole Economic Policy Symposium. We also spin through market headlines, including how Foot Locker is weighing on parent company Dick’s Sporting Goods, Oura Health’s upcoming IPO and what’s helping fuel Bloom Energy’s stock surge.
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The Global Reach of Iran Sanctions & Royal Caribbean’s Premium Push
Episode 255: Today, Ann breaks down the Trump administration’s plan to expand economic pressure on Tehran – and why the latest wave of sanctions could have consequences far beyond Iran’s borders. Then, we spin through market headlines including another development in the Paramount-Warner Bros. merger, Alibaba’s $10 billion share sale and what’s behind Bitcoin’s massive three-day rally. Finally, private islands, swim-up bars and towering water slides: we take a listener’s question and dive into Royal Caribbean’s premium consumer playbook.
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Why Prudential is Shrinking to Grow (ft. CFO Yanela Frias)
Episode 254: Prudential Financial, the 150-year-old insurance OG, is in the midst of a strategic pivot as it works to reshape its business. For insight into the transformation, Ann is joined by Yanela Frias, Prudential’s Chief Financial Officer. They unpack the company’s five-year plan, its exit from emerging markets and how it’s using AI to enhance the underwriting process. Plus, Yanela reflects on her 30-year career at Prudential and why she’s made a point of never staying in the same role for more than three years.
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Walmart’s Warning Sign & Unusual AI Data Sources
Episode 253: Today, Ann dives into Walmart’s latest earnings – and unpacks what the retail bellwether’s rare sales miss tells us about the state of the consumer. Then, we take a spin through market headlines, including earnings results from John Deere, Alibaba and Labubu-parent company Pop Mart. Plus, why a C-suite departure at CrowdStrike sent the stock tumbling. Finally, from airlines to academia – we follow the data trail and survey the unlikely sources feeding the AI boom.
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Why the Treasury is Buying U.S. Debt & Commercializing Gene Editing
Episode 252: Today, Ann explains the Treasury’s decision to double its debt buybacks — and what could be driving the move. Then, we spin through market headlines, including earnings from Estée Lauder and Target, why Moderna stock is surging and robotics maker Unitree’s blockbuster IPO. Finally, we take a listener's question and dive into CRISPR Therapeutics to unpack why the biotech company behind the world’s first approved gene-editing therapy still isn’t profitable.
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Wendy’s Reinvented & Solving Microsoft’s Copilot-palooza Problem
Episode 251: Today, Ann explores Wendy's turnaround efforts as CEO Bob Wright approaches his 90-day mark in the big seat.. Then, Ann welcomes Charles Lamanna, Microsoft’s Executive Vice President of Copilot, Agents and Platform, to discuss what sets Copilot apart, how AI agents are changing the way we work and the future of enterprise AI. Finally, we take a quick spin through some market headlines, including why shares of buy-now-pay-later platform Klarna are sliding and what Home Depot’s earnings tell us about the housing market.
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Meta Heads to Court & Reddit’s Rise to the S&P 500
Episode 250: Today, Ann breaks down Meta’s landmark social media trial that could cost the company up to $1.4 trillion. Then, we spin through the market headlines, including L3Harris’s surprise leadership shakeup, why Boeing shares are tumbling, Synchrony Financial’s bet on shopping through ChatGPT and the latest development in the Paramount-Warner Brothers merger. Finally, we look at Reddit’s rollercoaster stock ride as it prepares to join the S&P 500.
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Turning Art Into a Financial Asset Class
Episode 249: Can art be considered an asset class? Today, Ann delves into that question with Andrew Wolff, Founder and CEO of Beowolff Capital. They discuss the massive art market that still lacks many of the features we take for granted in traditional financial markets – and his mission to build the infrastructure needed to spread its economics beyond a small group of winners. They also delve into his journey to acquire Artsy and Artnet and how his team is using AI and data to rethink everything from art discovery to valuations.
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...General Motors Wants to Power More Than Cars (ft. CFO Paul Jacobson)
Episode 248: How does a 117-year-old automobile company continue to create new engines of growth? Today, Ann welcomes Paul Jacobson, Chief Financial Officer of General Motors, for a far-reaching conversation about how the company is expanding its relationship with customers beyond the initial car sale – through digital subscriptions, insurance products and more. They also delve into Paul’s conviction in the future of EVs despite the current slowdown, GM’s push into vehicle-to-grid technology and its growing defense business. Plus, Paul shares his approach to breaking the “CF-No” stereotype and what he’s learned from working alongside CEO Mary Barra.
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Goldman Sachs’ New $2B Revenue Stream & Chili’s Banks on Chicken
Episode 247: Today, Ann digs into Goldman Sachs’ latest bet on ETFs and why the bank has spent billions on the sector. Then, an earnings roundup that includes On Holding, CAVA, Chili’s and more. Next up, a look at the Nelson Peltz-Wendy’s saga and a record deal in the sports world.
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Nvidia's $500B Financing Bet & The Rise of Robotics
Episode 246: Today, Ann unpacks Nvidia’s partnerships with top Wall Street asset managers to unlock up to $500 billion in AI infrastructure financing. Then, we spin through a few market headlines, including Bumble’s strategic U-turn and Joby Aviation’s defense move. Finally, we’re joined by Zeno Mercer, Head of Robotics and AI Research at VettaFi, to explore why robotics could be entering a new growth cycle, how AI is becoming an enabler for the industry and why the opportunity extends across sectors.
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Wall Street's Earnings Beat Amid AI Anxiety & Zuckerberg’s AI Manifesto
Episode 245: Today, it’s a Brew Markets Newsletter Team takeover! Mark Reeth and Lucy Brewster join us to talk through some of the stories they’ve been covering. First up - it's all about earnings! With roughly 90% of the S&P 500 having reported, we step back and take stock of what corporate results are telling us about the market. Then, we dive into Mark Zuckerberg’s 6,500-word AI manifesto and unpack the biggest takeaways. Finally, we spin through the headlines moving markets today, including Berkshire Hathaway’s latest results, Intel’s $15 billion stock offering, Archer Aviation’s deal to acquire thre...
Reinventing a 158-Year-Old Lawn & Garden Company (ft. ScottsMiracle-Gro CEO)
Episode 244: How does a 158-year-old lawn & gardening company convince consumers to buy more outside of spring? Today, Ann is joined by Nate Baxter, President and CEO of ScottsMiracle-Gro, to discuss his ambition to “push the edges of the season” and transform the lawn-care giant into a lifestyle brand. We also dig into the company’s efforts to reach a younger generation of consumers, how new media talent is reshaping its marketing strategy and why acquisitions will play a bigger role in ScottsMiracle-Gro’s next chapter.
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Google’s Brain Drain & Surgical Robotics Showdown
Episode 243: Today, Ann unpacks Google’s AI leadership reshuffle and why investors are paying attention. Then, we spin through the market headlines, including why Papa John’s and Celsius shares are sliding, how Burger King is giving parent company Restaurant Brands International a boost, and why Versant Media is betting on growth beyond the TV screen. Plus, we survey why shares of United Wholesale Mortgage – the largest U.S. mortgage lender – plunged nearly 50% today. Finally, we take a listener question to explore the evolving landscape of robotic-assisted surgery and what it could mean for industry leader Intuitive Surgical.
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SpaceX Craters & Propping up the Yen (ft. Apollo’s Torsten Slok)
Episode 242: Today, Ann unpacks SpaceX's first-ever earnings report as a public company and why, despite headlines beats, investors still hit the sell button on the stock. Then, we're joined by Torsten Slok, Partner and Chief Economist at Apollo, for a wide-ranging conversation on why the United States is propping up the Japanese yen, how AI could reshape the labor market, and Kevin Warsh's new approach to forward guidance. Finally, we break down earnings from Disney, Bloomin' Brands and Dine Brands.
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Caterpillar Bulldozes into AI & How Situational Awareness Lost $35B
Episode 241: Today, Ann surveys Caterpillar’s record quarterly results, fueled by the data-center boom – and explains how the construction-equipment giant became yet another unlikely winner of the AI trade. Then, we spin through earnings from McDonald’s, Wayfair, Palantir and Kimberly-Clark. Finally, we unpack what really happened at Leopold Aschenbrenner’s Situational Awareness hedge fund, how it lost roughly $35 billion in asset value and why Citadel stepped in.
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Visa Takes on Scammers & Weyerhaeuser Branches Out into AI
Episode 240: Today, Ann unpacks Visa’s $2.4 billion acquisition of fraud intelligence company BioCatch as the payments giant looks to combat increasingly sophisticated cyberattacks and AI-powered scams. Then, we spin through market headlines, including reports of a pharmaceutical mega-merger between AstraZeneca and Bristol Myers Squibb, earnings from Tyson Foods and Nissan, and Boeing securing FAA clearance for its smallest 737 Max after years of delays. Finally, we dive into Weyerhaeuser – the 126-year-old timber company looking to double its profit with an AI-powered strategy.
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Why Hotels are Selling Experiences - Not Just Rooms (ft. Marriott International CEO)
Episode 239: Today, Ann is joined by Anthony Capuano, President & CEO of Marriott International, for a wide-ranging conversation about the future of travel, how AI could reshape hotel bookings, and the importance of Marriott's Bonvoy loyalty program. They also discuss whether the K-shaped economy is showing up in hotel demand, the rise of experiential travel and the leadership lessons that have guided Anthony's rise to the top of one of the world's largest hospitality companies.
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Chipotle Faces Lettuce Scare & Airlines Defy Fuel Costs
Episode 238: Today, Ann unpacks Chipotle's stronger-than-expected quarter and why the fast-casual chain was able to shake off an industry-wide food safety scare. Then, it's another earnings bonanza as we break down why Meta shares are plunging while Microsoft stock is soaring. Plus, from sneakers to coffee to tacos, what Steve Madden, Starbucks and Yum! Brands’ earnings are telling us. Finally, we put tickers on stickers and fly through the airline earnings that are taking off – even as fuel costs soar.
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A Divided Fed & LVMH’s Succession Story
Episode 237: Today, hot off the press, Ann unpacks the Fed’s decision to hold rates steady – and why policymakers weren’t all united. Then, it’s an earnings bonanza as we survey results from Ford, Procter & Gamble and Wingstop. Plus, the CBIZ–Grant Thornton merger, set to create the fifth-largest audit firm in the U.S. – and why DoorDash is taking to the skies. Finally, we discuss all things LVMH: earnings, succession and the family exposé that pushed CEO Bernard Arnault to fire back on X.
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The Coke Consumer Indicator & J&J’s $5.5B Talc Settlement
Episode 236: Today, Ann unpacks Coca-Cola's earnings and asks whether a can of Coke is really an indicator of economic health. Then, we spin through market headlines including why Corning stock is tumbling, whether investors are buying into UPS' turnaround strategy, PayPal's impressive quarter and Johnson & Johnson's proposed settlement that could finally bring its decade-long talc litigation to an end. Finally, Ann is joined by David Schassler, Head of Multi-Asset Solutions at VanEck, for a wide-ranging conversation about gold, China's position in the AI race and this week's Fed meeting.
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Tariffs Return & Silicon Valley’s AI Debate
Episode 235: Today, Ann discusses the latest wave of tariffs - this time hitting a market already grappling with a host of other pressures. Then we spin through market headlines including the Paramount-Warner Bros. Discovery merger delay, Peacock’s content heading to YouTube and Cracker Barrel’s leadership shake-up. We also cover the U.S. resuming Mexican cattle imports and China's blockbuster IPO. Finally, we survey the open vs. closed model AI debate dividing Silicon Valley.
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Why AI Can't "Vibe Code" Business Travel
Episode 234: Today, Ann is joined by Ariel Cohen, co-founder and CEO of Navan, the corporate travel and expense management platform that counts Yahoo!, Netflix and Anthropic among its clients. They discuss why Cohen describes Navan as an "Amazon for travel” and how the company is disrupting and modernizing business travel. They also unpack how Navan is using AI to improve the traveler experience, the acquisition strategy supporting its global expansion and why the lines between business and personal travel are increasingly blurring.
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Tesla-SpaceX Merger? & Steel Dynamics Goes Aluminum
Episode 233: Today, Ann dives into Tesla’s earnings and explains why one analyst comment has piqued her curiosity about a potential Tesla–SpaceX merger. Then, we spin through market headlines, including earnings from Alphabet, Comcast and Harley-Davidson, as well as Taco Bell’s bid to win back customers. Finally, we answer a listener question and delve into Steel Dynamics – the modern steelmaker that’s betting aluminum will be its next frontier for growth.
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Reddit Rethinks Google Deal & 3M Beyond the Post-it Note
Episode 232: Today, Ann unpacks a new report suggesting Reddit may be rethinking its AI licensing agreement with Google. Then, we spin through the market headlines, including what sent Super Micro Computer stock soaring and Pegasystems stock tumbling. We also cover Nike's strategy shift in China, Cal-Maine Foods' earnings report and France becoming the first EU country to ban social media for children under 15. Finally, we delve into earnings from 3M, the 120-year-old manufacturer in the midst of a major turnaround.
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Betting Against SpaceX & Cooling Data Centers
Episode 231: Today, Ann lays out how some investors are betting against SpaceX – and what Elon Musk has to say about it. Then, we spin through market headlines including earnings from General Motors and Hasbro, Jersey Mike's upcoming IPO, and a new partnership between Disney and Kraft Heinz. Finally, we answer a listener's question and dive into the HVAC industry – one of the unexpected winners of the AI boom – to examine whether legacy cooling companies can continue riding the AI wave as chip technology evolves.
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Chevron Looks to Iraq & Taco Bell Under Pressure
Episode 230: Today, Ann surveys Chevron's latest move into Iraq and why the energy giant signed a preliminary agreement to develop two massive oil fields in the country. Then, we dive into earnings, including AMC's record-setting quarter and Domino's supply-chain growth engine. We also unpack Alibaba's latest AI model and the newest development in the Paramount–Warner Bros. merger. Finally, we examine the market fallout from the food-borne illness outbreak making headlines and ask what history can teach investors.
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OpenAI, Stripe, Kalshi & Investing Before the IPO
Episode 229: How can everyday investors gain exposure to the world's most sought-after private companies? Today, Ann is joined by Mike Dinsdale, CEO of Powerlaw Capital Group, whose publicly traded fund invests in private companies like OpenAI, Stripe, Kalshi and Canva before they go public. They discuss what happens when a portfolio company like SpaceX lists, reinvesting those proceeds into the next group of private companies, and the challenges of valuing private businesses. They also unpack why more companies are staying private for longer – and what ultimately drives the share price of a publicly traded fund that invests in private co...
Consumers are Stressed & Big Banks’ Biggest Quarter
Episode 228: Today, Ann surveys new grocery data and how a spending slowdown is putting pressure on food companies. Then, we spin through market headlines including Eli Lilly’s expansion into psychedelics, United Airlines’ multi-billion-dollar fuel problem and UnitedHealth’s turnaround strategy. Finally, we bring back Ticker-on-a-Sticker to survey earnings from some of the biggest banks, including JPMorgan and Goldman Sachs.
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Can Stripe Save PayPal? & Hollywood’s Ad-Tech Play
Episode 227: Today, Ann surveys Stripe and private equity firm Advent International's $53 billion bid for PayPal - and whether going private could help revive the payments giant after years of struggles. Then, we dive back into earnings with reports from Johnson & Johnson, Conagra Brands and Cartier-owner Richemont. We also unpack the latest macro developments, including the newly released Producer Price Index and key takeaways from Fed Chair Kevin Warsh's second day on Capitol Hill. Finally, we answer a listener's question with a deep dive into entertainment company Cineverse and its bet that a string of acquisitions will fuel future growth.
JPMorgan’s Historic Quarter & IBM’s Worst Day Ever
Episode 226: Today, Ann discusses JPMorgan's historic earnings report and the surprising role payments OG Visa played in the blockbuster results. Then, we spin through the stories moving markets today, including IBM's profit warning, Chipotle's expansion into Mexico and New York's data center ban. We also unpack the latest Consumer Price Index and Fed Chair Kevin Warsh's testimony from Capitol Hill. Finally, we break down how markets are reacting to the landmark housing affordability law that just went into effect.
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Shein’s Latest IPO Attempt & WD-40’s Winning Formula
Episode 225: Today, Ann breaks down Shein's IPO plans and why the fast-fashion giant is turning to Hong Kong after two prior listing attempts. Then, we survey the stories moving markets today, including a fresh lawsuit in the Paramount-Warner tie-up, TSMC's blockbuster revenue report and the first nuclear fusion company to go public. Finally, we dive into WD-40's latest earnings and the one product driving roughly 80% of the company's revenue.
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The Driverless Car Debate & The Price of Eggs
Episode 224: Today, Ann and John bring you a Summer Friday special - a curiosity episode! As we near the end of this quieter stretch between earnings seasons, they're digging into some of the stories that caught their eye this week. They explore the debate over whether Americans actually want driverless cars on their roads and why Barnes & Noble Education is reinventing the way it sells textbooks to students. They also examine the price-fixing claims scrambling the egg industry and ask whether liquor stocks are priced for a "big tobacco moment."
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Uniqlo Bets on Basics & Pawn Shop Stocks Soar
Episode 223: Today, Ann breaks down blockbuster earnings from Uniqlo parent Fast Retailing – and what’s helping it zip past the rest of the apparel industry. Then we spin through market headlines, including earnings results from Levi Strauss and PepsiCo, plus why AstraZeneca shares are tumbling after a late-stage trial miss. Finally, we take a listener’s question and unpack why some pawn shop stocks are trading at all-time highs – and what that could be telling us about the American consumer.
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Loews' Hidden Empire & Apple's U.S. Investment
Episode 222: Today, Ann breaks down the latest developments in the escalating conflict in the Middle East and how renewed tensions are rippling through global markets. Then we spin through today’s market headlines, including Apple’s move to shore up its domestic supply chain and Waymo’s expansion into new markets. Finally, we answer a question from the audience and take a closer look at Loews Corporation – the holding company behind Loews Hotels – and the billionaire family behind it all.
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Wall Street Rates SpaceX & the Global Investor Playbook
Episode 221: Today, Ann surveys the wave of initiating coverage reports from Wall Street's biggest banks as SpaceX's post-IPO quiet period comes to an end. Then, we spin through today's market headlines, including Walmart's bid to win over cost-conscious consumers, why Rivian shares are sliding and Microsoft's push to replace outside AI models with its own. Finally, we welcome Jeanne Sun, Head of Portfolio Advisory at Citi Wealth, for a wide-ranging conversation on where Asian investors are putting money to work, the opportunities outside of AI and what the upcoming midterm elections could mean for investors.
SK Hynix Hits Wall Street & Comcast Splits… Again
Episode 220: Today, Ann surveys South Korean memory chip giant SK Hynix’s U.S. Nasdaq listing, why it differs from a traditional IPO and what the size of the blockbuster offering says about investor demand. Then we take a spin through the market headlines, including Lockheed Martin's $3.5 billion push into undersea warfare technology, SpaceX joining the Nasdaq-100 and why Microsoft's Xbox is getting a major overhaul. Finally, we unpack the rapidly evolving media landscape through the lens of legacy powerhouse Comcast – and the growing web of spin-offs reshaping its business.
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