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Happy Friday! Any fun plans for the weekend? I would have started with a “hello,” but this public-speaking expert suggests that’s a pretty weak way to open things up.
What’s on deck:
Markets: Debt-fueled consumer spending has created a “super-duper” credit bubble.
Tech: Leaked pay data shows how much Tesla factory workers earn.
Business: Shopify merchants are being hit with another price hike.
But first, put the game on!
The big story
Super Bowl biz
Taylor Swift has her arms around Travis Kelce.
Patrick Smith/Getty Images
The Super Bowl comes with plenty of competition far from the gridiron.
Last year’s game drew an average of 115.1 million viewers, a record for a US-based telecast. And the NFL has gotten even bigger this season, Business Insider’s Emily Stewart writes.
Commercials are a key part of the game, but we’re far from the days of Coca-Cola’s “Hey Kid, Catch!”
A 30-second spot costs $7 million, and that’s just the starting point, write BI’s Ryan Joe and Lara O’Reilly. Developing and filming a Super Bowl ad typically runs 50% to 60% more than a regular one.
Taylor Swift adds another wrinkle, Ryan writes, as advertisers contemplate what an in-game Swift cutaway could mean for their ad slot.
For some first-time Super Bowl advertisers, the commercial is a jumping-off point for a bigger campaign, writes BI’s Lauren Johnson.
RYU/VCG via Getty Images
But it’s not just about the commercials.
The Super Bowl is also a calendar staple for the ultrawealthy, writes BI’s Madeline Berg. Some of the biggest names in their respective industries — from Elon Musk to Rupert Murdoch — have been known to attend the game and its events.
This year should also be star-studded. Private charter company VistaJet saw a 25% increase in flight bookings compared to last year, BI’s Taylor Rains and Grace Kay write.
And while it’s not on the level of Sun Valley, the famous “summer camp for billionaires,” putting enough powerful people in one location is bound to lead to some business. The new sports streaming service will give them plenty to discuss this year.
Meanwhile, American households are scheduled to shell out $17.3 billion on Super Bowl festivities, a $1 billion jump from last year, BI’s Juliana Kaplan and Cork Gaines report.
Of course, plenty of Americans will be banking on winning money instead of spending it. A record 68 million Americans are projected to bet $23.1 billion on the Super Bowl, according to the American Gaming Association.
The San Francisco 49ers are currently favored to beat the Kansas City Chiefs by two points, but it’s not just traditional bets people make. From the color of the celebratory Gatorade bath to the first song performed by Usher (the other musician in attendance) during the halftime show, there are plenty of unique prop bets to make.
3 things in markets
Your credit-card debt doesn’t care about your YOLO lifestyle. Aggressive consumer spending has created a “super-duper credit bubble,” top economist David Rosenberg said. US household savings are down, while their debt-fueled spending bulged last quarter.
Quants’ January report cards are in. Quantitative funds like Qube and Renaissance Technologies started 2024 strong, while Man Group’s AHL unit had mixed results. Here’s how some of the top systematic funds did.
The S&P 500 closed at an all-time high. The benchmark index closed just shy of 5,000 points on Thursday, after eking out gains of 0.1%. Strong growth, cooling inflation, and better-than-expected earnings are all likely to keep driving the gauge higher, according to UBS.
3 things in tech
Tesla factory workers got a pay bump in January.
Here’s how much Tesla factory workers earn. After pay increases went into effect last month, Tesla now pays US factory workers $22 to $39 an hour, according to documents seen by Business Insider. The pay varies based on workers’ locations.
Google’s AI product lead explains the company’s “clean-up.” Google Vice President Sissie Hsiao said the company is renaming its AI assistant from Bard to Gemini as a way to embrace the latter as the firm’s AI brand.
Uber finally turned a profit. The ride-hailing company earned $1.1 billion in 2023 — a big win for CEO Dara Khosrowshahi. It’s the first time in Uber’s 15-year history that it’s finished a year in the green.
3 things in business
Shopify just rolled out another price hike for merchants. Merchants with Shopify’s Plus plan will see their monthly payment jump from $2,000 to $2,500 a month. Plus, the company quietly announced a new program where it will buy Google and Meta ads on behalf of its merchants. It’s the first time Shopify is providing full marketing services for its merchants.
Amazon’s One Medical will shut down several corporate offices. A leaked email viewed by Business Insider showed that One Medical will close offices, change the CFO’s role, and shift to a regional corporate structure. The significant changes reflect the unit’s focus on cutting costs.
CEOs are feeling cheerful about the economy for the first time in two years. That’s according to the Conference Board’s latest Measure of CEO Confidence poll, published Thursday.
In other news
What’s happening today
Today’s earnings: PepsiCo and other companies are reporting today.