TOGETHER WITH

Hey there weekday warrior,

Today, we’re getting into Reddit’s latest fight over user data, the CBO taking a big, steamy dump on the big beautiful bill, and a brutal employment print. But first...

In the June 5, 2018 edition of The Water Coolest, we discussed Howard Schultz stepping down as Exec Chair of Starbucks, presumably so he could play golf and launch a campaign for President of the Condo Association at Del Boca Vista. He had resigned as CEO the year before.

Of course, it wasn’t a long retirement. Only a few years later (in 2022), he took over as CEO… for the third time. “Just when I thought I was out, they pull me back in.” Did you really think Howard was going to sit around and watch ‘rona-related supply chain issues and blue-haired baristas with dreams of unionizing bring his empire to its knees?

Enjoy the next 4 minutes and 18 seconds of blue-chip news and commentary.

Keep on snapping necks and cashing checks,

– tyler

Things that feel legal but aren’t

Reddit: *monetizes user-generated content and refuses to share the wealth with Subreddit mods who ensure it doesn’t become 4chan*

Also Reddit: "bIG ai SCrApEd OuR DaTa AnD DiDn’T PaY uS FoR iT… WhAT wILl ThE ShAREHolDErS tHiNk?!”

Looks like Anthropic figured out what everyone with an internet connection already knew: Reddit $RDDT ( ▲ 5.52% ) is free (just wait until they hear about Wikipedia).

The glorified message board founded by Mr. Serena Williams is suing the maker of Claude for training its models on Reddit user data without its consent. That’s a real problem considering Reddit has inked lucrative deals with OpenAI and Google to access its data for training purposes…

So, before you think “Reddit deserves karma for standing up for its users,” keep in mind that this has to do more with protecting its gravy train than the sanctity of u/harambe69420’s Star Wars fan fiction.

This is not legal advice...

Reddit pointed out that its Ts & Cs are pretty clear about what its data can and cannot be used for. And last time it checked, Anthropic decided not to pursue a licensing deal (I guess we know why)…

The case could set the precedent for how courts view intellectual property on the interwebs as AI startups’ insatiable appetite for training data grows.

Side note: can we all agree that it is absolutely terrifying that our AI overlords are being trained on Reddit sh*tposts?

Warning: may lead to higher after-tax profits

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Their expert CPAs and proprietary tech help you go beyond filing with personalized strategies that support long-term success, year-round.

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👋 Tell them I said whatsup when (not if) you book your free call. These guys are awesome to work with. And even if they weren’t, just imagine what you’re going to do with all that extra $$$…

+ The results are in…

The bean counters over at the Congressional Budget Office ran the numbers, and turns out all the haters were right… POTUS’ budget/spending bill would increase the US budget deficit by $2.4T over the next decade. To which supporters replied, “Seems like a 2035 problem.”

The CBO’s modeling confirmed pretty much what everyone already knew: the big beautiful bill came with a side order of crippling debt and economic uncertainty.

And you’ll never guess who’s screaming “I told you so” the loudest. Elon has become the most outspoken opponent of the bill. After calling the bill a "disgusting abomination” on Tuesday, the Nick Cannon of Silicon Valley continued his crusade on Wednesday…

+ You gotta pump those numbers up. Those are rookie numbers in this racket.

Not that it really matters, because it’s ADP’s version, but the May 2025 jobs report was pretty damn bleak. According to the second most trusted employment data source in the game (spoiler: it’s a two-man race), payrolls grew by just 37k. That was the lowest figure in 2 years… and reignited a fire in POTUS’ belly…

Donny Politics used the opportunity to pressure J-Poww to lower interest rates: “ADP NUMBER OUT!!! ‘Too Late’ Powell must now LOWER THE RATE.” Perhaps you recall that the President has been publicly shaming Jerry Interest Rates pretty much since the beginning of his second term.

+ Remember that time Amazon forced states and municipalities into a no-holds-barred public death match for the honor and privilege of being the site of its HQ 2? Well, finding a home for its newest data center was nothing like that. I just wanted to remind you that it was kinda f*cked up. Anyway, Amazon $AMZN ( ▲ 2.16% ) is planning to invest $10B to build out data centers in North Carolina… and I think I speak for all of us when I say ‘North Carolina, come on and raise up, take your shirt off, twist it round your head, spin it like a helicopter.’

+ Circle had the chance to do the funniest thing with its ticker symbol (see: JERK). A 36-year-old man-child can dream. The stablecoin issuer (anddd we just lost everyone over the age of 55) priced its IPO above the projected range. CRCL will raise just over $1B (that’s real money, to be clear). You can get your hands on shares later today.

+ US stocks “were a mixed bag on Wednesday as Wall Street digested a sharp slowdown in private-sector hiring growth, with one eye on prospects for US-China trade talks as a steel tariff hike kicked in.” (Yahoo! Finance)

+ The 10-year yield “tumbled after weaker-than-expected gauges of job creation and service-sector activity strengthened traders’ conviction that the Federal Reserve could cut interest rates as soon as September.” (Yahoo! Finance)

+ Oil “settled down just over 1% on Wednesday after U.S. data showed surprisingly large build in gasoline and diesel inventories, swelling fuel supplies with OPEC+ planning more output and trade tensions clouding the energy demand outlook.” (Reuters)

+ Bitcoin “moved marginally lower on Wednesday, remaining squarely within a trading range seen over the past few weeks as risk appetite remained quashed by uncertainty over U.S. trade tariffs and their economic impact.” (Investing.com)

⏪ Yesterday…

+ Dollar Tree reported before the bell

+ MongoDB, ChargePoint, and Five Below reported after hours

+ The Federal Reserve released its Beige Book Report

⏩ Today we’re keeping an eye on…

+ Ciena reports before the bell

+ Broadcom, Lululemon, DocuSign, Samsara, and Rubrik report after hours

+ Nintendo will release the Switch 2 in the U.S. and Europe

+ Lyft will hold its annual meeting with Engine Capital breathing down its neck…

+ The European Central Bank will announce its rate decision

Yesterday, I asked, “What was the best ORIGINAL McDonald's Snack Wrap?”

43.2% of you said “Ranch crispy (huge swing and a miss not calling it Wranch).”

Here’s what some of you guys had to say…

• Ranch crispy: “GOAT'd”

• Honey mustard grilled: “The grilled was like half the calories so I could eat three.”

• BBQ crispy: “Huge swing and a miss not having buffalo” This 100% did not exist. If so, maybe it was regional?

• Ranch crispy: “Snack wraps were only good for eating while driving. Not sure it's going to be as earth shattering for them as they hope.”

• Ranch crispy: “I don’t recall trying the crispy, but it sounds better than the grilled.”

But before we get into today’s question… did you check out Gelt yet? Their expert CPAs and proprietary tech help you go beyond filing with personalized strategies that support long-term success, year-round. Get smart about your 2025 taxes. Set up a free consultation.

Now, back to your regularly scheduled Exit Interview.

Ok, don’t freak out but…

Hear me out: Airbnb Hotels…

Oh, and one more thing…

Does this look like the face of a guy you should take financial advice from?

No, it’s the face of an individual who is financially irresponsible/dumb enough to be talked into spending money on a family photo shoot that he could have just done with his iPhone. So, act accordingly...

This is not financial advice. Nothing in this newsletter is an investment recommendation. All content is created for entertainment, educational, or informational purposes only. Do your own research, or do yourself a favor and hire a professional.

Sent from my iPhone, please excuse any tpyos.