🐤 Fore-tysomethings

🏦 Markets: It’s been a Wall Street darling for months, but AI chipmaker Nvidia’s end-of-week sell-off fueled big stock market losses yesterday. The company’s stock value plummeted by 10%, driving the tech-heavy Nasdaq down a massive 2% for its sixth-straight losing session.

The S&P 500 also finished lower, though the Dow Jones Industrial Average managed to eke out a gain in part due to a strong performance by American Express after that company released its latest earnings report.

🏈 Work it out: NFL quarterback Zach Wilson has been at the center of speculation ahead of the upcoming draft. The #2 pick back in 2021 is now up for a possible trade from the Jets, and his decision to bypass workouts this week has only provided fuel for the rumor mill. Of course, Joe Douglas, the team’s general manager, downplayed the scuttlebutt. “There’s just not new to report on that,” he said, stressing that Wilson’s absence from training was not a big deal since phase-one workouts are “all voluntary.”

📱 What’s in store: U.S. officials have been paying a lot of attention to Chinese-owned TikTok (more on that later on in the newsletter), but China has been making moves of its own to target American social media apps. According to Apple, the Chinese government ordered it to remove WhatsApp and Threads, both owned by Facebook parent company Meta, from its app store. The iPhone maker issued a statement explaining that it is “obligated to follow the laws in the countries where we operate, even when we disagree.”

🇨🇦 Doc dollars: The cost of just about everything has been going up in recent years, but medical researchers in Canada have complained that they haven’t received a boost in funding and compensation to keep up with the industry’s demands. That changed this week, however, when the Canadian government passed a budget deal that includes more than $5 billion in such earmarks. “More funding for research and scholarships will help Canada attract the next generation of game-changing thinkers,” said Finance Minister Chrystia Freeland.

🦞 Shellfish desires: When Red Lobster turned its limited-time “Ultimate Endless Shrimp” promotion into a permanent menu item last year, it seemed too good to be true for many eager customers. And, at least from the company’s perspective, it seems it was. The company initially reported losing a whopping $12.5 million in the final quarter of 2023. Now, it’s pursuing Chapter 11 bankruptcy in hopes of getting its debt in order, making it the third company new CEO Jonathan Tibus has worked with to file bankruptcy since 2019.

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Living on the links has long been associated with older folks, but golf isn’t just a game for retirees and the adjacent resorts typically include spacious, upscale homes with plenty of creature comforts. So it might not be surprising that millennials (at least the ones who can afford it) are starting to gravitate toward this type of life.

Midlife movers

The eldest millennials were born in the early ‘80s, so they’re either approaching or have already reached middle age. Many have families and some money stashed away for a new home.

And some, like Gabrielle and Brandon Sloan (both 30 years old), decided that a golf resort provides the optimal experience. Even though Gabrielle hasn’t taken up the sport, her Florida residence offers the “family-friendly” community that she was looking for.

The Sunshine State has experienced a surge of incoming residents over the past few years, and that’s in part due to the prevalence of such private communities. But golf resorts nationwide are seeing increased interest, says New York real estate broker Cindy Scholz.

“Millennials are starting to solidify their lives,” she said. “And they are strategically using real estate to shape their lifestyles.”

Pandemic players

In addition to the appeal of exclusivity, there’s another reason many millennials are gravitating to golf resorts. During COVID-19, many folks picked up golf clubs, often for the first time, and developed a love for the game.

The National Golf Foundation reported that more rounds of golf were played last year than any other year on record. But even those like Gabrielle who don’t play can find something to love in these amenity-packed communities.

“There are millennials who have never picked up a golf club, and a country club is still the only place they want to be,” California agent Byron Wood explained.

It’s a divisive issue … but unlike most being debated on Capitol Hill, this one doesn’t neatly pit Democrats against Republicans. Legislators on both sides of the aisle say TikTok should be banned as long as it remains under the control of Chinese-owned ByteDance, but there’s also a bipartisan contingent opposed to such a sweeping measure against the popular app.

A decision is looming

Last month, the Republican-led House of Representatives passed a bill that would ban TikTok nationwide unless ByteDance divests it. Although President Joe Biden indicated that he would sign it into law if it lands on his desk, the legislation still faces a serious challenge in the Senate, where some influential lawmakers in both parties oppose it.

There have been some revisions to the language included in the bill as the House prepares to vote once again this weekend. Most notably, if it becomes law, ByteDance would have a full year (twice as long as in the initial version) to sell TikTok before a ban would be implemented.

A package deal

The revised legislation is being included in a broader bill that also includes foreign aid for Ukraine and Israel, and it’s expected to sail through the lower chamber today. With senators prepared to vote early next week, it appears that the most recent changes have resulted in increased support, prompting TikTok to plead its case in a statement describing the bill as an affront to the First Amendment.

“It is unfortunate that the House of Representatives is using the cover of important foreign and humanitarian assistance to once again jam through a ban bill that would trample the free speech rights of 170 million Americans, devastate 7 million businesses, and shutter a platform that contributes $24 billion to the U.S. economy, annually,” the company said.

You might have assumed that as technology improves, so would our collective pursuit of cleaner, renewable sources of energy. But as a new report reveals, the opposite appears to be true.

A tale of two Virginias

The northern region of Virginia is one of the world’s most robust internet nerve centers, which means that there’s a huge demand for electricity to keep all the data processors whirring and information flowing to every corner of the globe.

Meanwhile, the more rural area just across the border in West Virginia has been called on to meet the demand with a decidedly low-tech resource.

Yet another helicopter recently flew over Mary Gee’s home carrying surveyors scoping out the area for a place to plant one more power line. And like those before it, the electricity it distributes will be produced by burning coal.

“It’s not right,” she said. “These power lines? They’re not for me and my family. I didn’t vote on this. And the data centers? That’s not in West Virginia. That’s a whole different state.”

A not-so-hidden secret

Virginia officials like to tout their commitment to clean energy, but all it takes is a cursory glance at its neighbor to the west to find out what's really going on. And with data centers in the state growing exponentially over the past several decades, the insatiable need for energy is only growing.

• Amazon Web Services is pushing for a new data center worth $35 billion.
• Loudoun County rakes in $600 million in taxes each year directly from these centers.
• A single data center uses up to 50 times the power of a traditional office building.

These facilities offer jobs, tax revenue, and more … but ordinary Americans are left with higher energy costs and a dirtier environment.