Technology
Tech Titans Tumble
May 30, 2025
Flutter, the betting giant behind FanDuel, had a rough Q1 — but instead of blaming economic headwinds, it pointed the finger squarely at... its customers. CEO Peter Jackson said that favorable outcomes during March Madness (with top-seeded teams dominating the bracket) left the house holding the bag. In other words: when the favorites win, the gamblers do too — and the profits don’t.
Meanwhile, Wall Street was in an upbeat mood. Trade optimism fueled another leg higher for U.S. stocks, thanks to President Trump’s rosy commentary on a new trade deal with the UK and talk of easing tariffs on China.
Markets responded in kind: the S&P 500 climbed 0.6%, the Nasdaq 100 rose 1%, and the small-cap-focused Russell 2000 jumped nearly 2%. Risk-on sectors — industrials, materials, and energy — led the charge, while safe havens like utilities, real estate, and healthcare lagged.
The latest shake-up trend in entertainment? Slicing up media giants into smaller, more focused pieces. The strategy: offload legacy businesses like cable networks while hanging on to high-growth arms like streaming platforms and theme parks.
Comcast is leading the charge with its new spinoff initiative, wrapping traditional networks — MSNBC, CNBC, USA, E!, and others — into a newly named entity: Versant. The goal? Give shareholders a cleaner breakdown of Comcast’s business lines and shield the parent company from declining cable revenues.
The logic is catching on. Warner Bros. Discovery’s stock jumped on reports that it may be exploring a similar strategy — carving off its aging cable business to focus on its more promising platforms like Max and Discovery+, which just added 5.4 million subscribers. Add in a strong box office showing from “A Minecraft Movie” and “Sinners,” and you’ve got a compelling case for the split.
Disney’s long-debated dilemma — what to do with ESPN and ABC — could finally gain clarity depending on how well this plays out. CEO Bob Iger pumped the brakes on selling last year, but market momentum may soon change his tune.
Media empires have spent years building all-in-one content ecosystems. But now, the tide may be turning — investors seem more enthusiastic when companies simplify. The takeaway? Being a jack-of-all-media may no longer be a winning strategy. Sometimes, less is more.
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Before the papal announcement stole the headlines, a big development came from Washington: a new U.S.-UK trade agreement — or at least the blueprint for one. President Trump, alongside Commerce Secretary Howard Lutnick, laid out a framework that includes some hefty commitments.
Highlights? The U.S. will cut tariffs on British aluminum and steel and slash car import duties from 27.5% to 10% for up to 100,000 vehicles. In return, the UK will zero out ethanol tariffs — good news for American brewers — and open the gates wider to U.S. beef.
Still, the finer details are in flux. Trump said specifics are still being finalized, but markets were happy to take the deal at face value.
With the U.S. dollar down 9% against the pound this year, British imports are already getting pricier. But Wall Street cheered the handshake nonetheless: Bitcoin surged past $100K, and equities rallied on hopes that this signals an easing of international tensions — and tariffs.
Data Confirms the Obvious: Democrats Really Do Buy EVs
Economists finally crunched the numbers, and it turns out — surprise! — electric vehicle adoption in the U.S. isn’t just a matter of income or geography. Political affiliation plays a major role. One of the study’s authors even told Sherwood, “We were shocked at how clearly the pattern held up, even after accounting for every demographic factor we could think of.”
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