Almost every single question on the Dominion Energy earnings call this week was about data centers.

(Only one of the 5 analysts that asked questions did not ask about data centers...)

BREAKING:

IT'S A MISS

175K JOBS, UNEMPLOYMENT TICKS UP TO 3.9%

Economists had expected 240K on jobs and a 3.8% unemployment rate.

bloomberg.com/news/live-blog…

LOTS MORE ON THE CHIPS ACT ROLLOUT WITH Mackenzie Hawkins

Joe Weisenthal & I get an update on Chips Act spending, who’s getting it and why, plus the recent ‘Secure Enclave’ drama between the FCC and Commerce Department.

bloomberg.com/news/articles/…

This is interesting from Steve Evans. A private equity company that invests in financial services companies bought a catastrophe bond in order to hedge overall portfolio risk. artemis.bm/news/gallatin-…

Incredible from Santi Ruiz interview with Jennifer Pahlka about government hiring processes and how absurd they can be.

TBH, I wouldn't be shocked if many large corporations also have unintended perversities built into their initial screening of job candidates
statecraft.pub/p/how-to-actua…

Good morning from Pablo, who has accepted delivery of a load of fresh cow manure for the garden and is now the happiest dog on the planet and refusing to leave his pile of cow poop.

NEW ODD LOTS:

Tracy Alloway and I had an amazing chat with Duolingo CEO Luis von Ahn.

One of the earliest developers of CAPTCHAs, he talked to us about AI, linguistics, and his work on how both computers and humans simultaneously learn from each other. bloomberg.com/news/articles/…

Singapore Airlines travellers are apparently all in on Odd Lots Joe Weisenthal Tracy Alloway

What just happened to construction jobs?

'What we are seeing is the re-tranching of the
banking system where banks parcel the riskiest
slice to private credit, providing less risky lending
themselves. Private credit could be the Ozempic
to help banks on yet another diet' - Huw van Steenis

oliverwyman.com/our-expertise/…

1/8
Good FT article on China's intractably unbalanced economy: 'China’s seeming reluctance to rebalance its economy is one of the great challenges facing global financial systems, threatening to worsen Beijing’s trade and diplomatic relations.'

ft.com/content/35471c… via @ft

Treasury out there every quarter asking to be refunded like some sort of capital markets Karen smh.

Joe Weisenthal Pricing power!

WHAT CORPORATE EXECUTIVES ARE SAYING ABOUT THE US ECONOMY

Happy Fed Day! In today's newsletter, I looked at what execs from McDonald's, Starbucks, Trane, Amazon etc. saying.

Big themes: Consumer slowing, capex booming, inflation normalizing,wages rising, and HVAC HVAC HVAC

As a half-Austrian, schnitzel measuring means something very different to me.

A 1,000+ acre rezoning for a $14B data center project was just shot down in AZ.

On a recent Odd Lots podcast, Brian Janous (ex-Microsoft top energy lead) talked about how future data centers are expected to receive more pushback from cities.

Joe Weisenthal Tracy Alloway

After last year’s heatflation comes this year’s sogflation.

There will be many more extreme weather events to come. We need a new kind of emergency economics to avoid erratic cycles of shocks and sellers’ inflation.

ICYMI - A surge in Texas power prices for August suggests another summer of heavy electricity demand — and potential grid strain.

August power prices for Dallas have jumped to $168.70 a megawatt-hour, the highest level in five years for this time of the year, and an 82% premium…

Good morning from Pablo and his spring garden.

NEW ODD LOTS:

The separate real estate market that's just for the ultra rich.

Tracy Alloway and I spoke to Hiten Samtani about the market for insanely $$ homes in places like Miami, Dubai, NYC, where prices got completely disconnected from the local market. bloomberg.com/news/articles/…