☑️Hold the phone. I hope you saved your stimulus check. Samsung announced the launch of its newest Galaxy model, coming to a store near you on September 18th.
The Galaxy Z Fold 2 (no that’s not an NFL play-call) will cost $1,999k and will be sold by all major carriers: Verizon, T-Mobile, and AT&T. RIP Sprint.
But Apple was also making noise yesterday, as the tech giant announced it is getting ready to launch its own 5G iPhones, watches, and an iPad air in October. Despite the rough economy both companies are going with the ‘Field of Dreams’ approach: “if you launch it, they will buy.”
☑️A relic. Wells Fargo, the US’ fourth-largest bank, is closing down its… museums. That’s right folks, Wells has operated 12 museums for years “celebrating” the company’s corporate history. This explains so much.
The bank is closing 11 of the 12 museums, only keeping its San Francisco corporate homage open. It’s part of the initiative of current CEO Charles Scharf to cut costs at the bank as it rebounds from the fake accounts scandal from 2016.
It’s unclear how much it costs to operate one museum, let alone twelve. When the new management took over we can assume their reaction was “wait, what?”
☑️Fedding time. The Fed is filling up on mortgage-backed securities. The central bank has now purchased $1T in mortgage bonds… since March. To put it in perspective, the Fed purchased $700B worth of bonds in 2008 during the financial crisis. Granted, those were toxic and this year’s purchases appear to be in good standing. Still, it’s a lot of f*cking bonds.
J-POWW’s shopping spree has helped keep rates low for homebuyers or those looking to refinance.
The downside is that the Fed’s balance sheet has gone from $4.7T to $7T dollars.
☑️Allow myself to introduce… Myself.
A new startup for meeting professionals virtually, Lunchclub, just topped $100M valuation as it has capitalized on an opportunity presented by the pandemic.
Now that networking has become virtual, Lunchclub allows people to connect and meet after filling out objectives, meeting interests, whether or not they are investors, or looking for capital. So it’s LinkedIn without the broetry?
The main difference? Lunchclub actually takes your profile and starts sending emails to potential matches. If they are interested, you and the prospect then get a link to a Google Meet (no Zoom?). It uses AI to find the “matches” within its network and the fresh $24.5M that it raised should help those robots work.