Axios

Ford's unexpected embrace of Tesla's charging technology dramatically escalates the battle for the future of electric vehicle (EV) charging — the next great Lightning vs. USB-C or VHS vs. Betamax-style standardization war.

Why it matters: EVs won't go mainstream until refueling them is as simple as filling up a gas-powered car.

Tens of thousands of real estate agents are giving up on the profession, thinning their pandemic-era ranks as the housing market comes back to earth.

Why it matters: Realtors are on the ground floor of the real estate market, making them well positioned to notice when it's cooling off, thus providing less opportunity to cash in.

Economic data released on Friday show a pickup in consumer spending, alongside persistent inflation, which suggests the Federal Reserve might not yet be done with its rate-hiking campaign.

Why it matters: Demand across the economy is still hotter than policymakers would like.

The perennial question in cryptocurrency is: what is it actually good for? How about downtown revitalization.

Driving the news: One native of Pittsburg, Kansas, dumped his 2020 stimulus check into dogecoin, multiplied his money 10 times over and bought an abandoned building downtown.

• Since then, the project has expanded to rehabbing three empty buildings in the downtown area, just ahead of the arrival of a major new tenant nearby.

Catch up fast: Ian Youvan is a 2017 graduate of Pittsburg State University. The freelance designer and side hustle expert learned about the local land bank, which put his eye on a large building that was available for only $12,000.

• Previously, it had been a hotel, a grocery distribution center and a sheet metal fabricator. Lately, it's just been full of junk.
• Youvan also been interested in cryptocurrency ever since the 2017 crypto boom, but he didn't have the patience to figure out how to get access to it. Not until Robinhood enabled crypto trading in 2018.

What he's saying: "I saw Marc Cuban and Elon hyping it and I was like: ' This s--- is so cheap,'" Youvan told Axios in an interview. "The funny thing is I got my [COVID] stimulus check and this was like a free roll."

• If he lost it all, it was no loss to him; but if it helped him cover his big real estate play, it would be amazing. Little did he realize he would get 100%.
• He actually threw in a couple hundred dollars of his own money on top of the check from D.C. Because he already knew what he wanted, he told himself that he'd sell as soon as his DOGE bag hit $12,000 — if it did.

Timeline: He took possession of the building summer 2021. As soon as he got the building, there was literally tons of junk that had to be cleared out.

Zoom in: A long-time tinkerer with autos and metal products, he originally just wanted the space for a large workshop.

• He didn't have an idea for the upper floors at first, but now they are crucial as the idea has since gotten much bigger.
• Youvan told Axios that he's since been able to bring in business partners. He invested alongside them, and together they are redeveloping three buildings downtown, including the one next door to the one he bought.
• The plan is to fill the upper stories with 10 apartments for young professionals and the first floor with medium-term office space and the like.
• They are considering putting in a food hall if they can get the funds together.

Timeline: Youvan said it would have taken years to do on his own, but with the new business partners, he should be ready to lease space this year (work was buzzing all over when Axios visited).

By the numbers: Pittsburg is a city of around 20,000 people in the southeast corner of Kansas. The downtown runs maybe 10 blocks or so long.

• There's so much parking.

The upshot: The timing is looking very good with the local university announcing plans this year to relocate its business school down the street, which should mean a giant increase in downtown activity.

The intrigue: Youvan is a long way from a crypto diehard.

• While he joked about calling the space Hotel Doge for a while, he's moved on to Town Talk Studios, named after a historic local brand.

What he's saying: "Crypto is a weird thing to me. I feel like it has so much potential, but I don't see the utility in it until I can buy my smoothie with some dogecoin, what's the point?" he said.

• Youvan's the first to admit that his DOGE purchase wasn't especially idealistic. It was a long shot to make some money, and it worked.

Yes, but: He's also not completely out of crypto. "I buy it every day. Right now I just buy SHIB. I just have my Robinhood spend like $2 a day," he said.

Bottom line: His friends followed him into dogecoin, but it was too late. They held on too long and ended up losing money. "The biggest thing I've learned is don't get greedy," Youvan added. "Sell."

California's state senate on Thursday overwhelmingly approved a ban on fossil fuel investments by the pension funds representing state employees and state teachers.

Why it matters: CalPERS and CalSTRS are the country's two largest state pension systems, with around $768 billion in combined assets under management.

Want intense mango and a touch of jalapeño in your steak sauce? A new machine from Kraft Heinz will let us mix custom-flavored ketchups (and other condiments) the way we do sodas at Coca-Cola Freestyle dispensers.

Why it matters: Concocting a food or drink at a machine like this is fun — and gives lots of data to the manufacturer, which can then go create products that conform to popular flavor combos.

The share of foreign-born workers in the U.S. labor force reached a record high last year, per new data from the Labor Department.

Why it matters: With more Americans aging out of the workforce than entering into it — and at a time of labor shortages — immigrants are playing an increasingly crucial role in the labor market.

Setting aside whether the U.S. actually ends up defaulting on its debt, Washington's hyper-partisan approach to the basic functions of government — like paying debts — could effect America's reputation as a borrower.

Why it matters: If another credit ratings agency strips the U.S. of its AAA rating — which S&P did after the 2011 debt ceiling fight — it could have ripple effects in the bond market that are tough to predict.

The broadest measure of U.S. corporate profits continued to decline last quarter, the Commerce Department said on Thursday.

Yes, but: That includes profits from the Federal Reserve, which has taken historic losses on its massive bond portfolio as it rose interest rates at a rapid clip. Strip that out and corporate profits hit an all-time high, as Bloomberg reports.

Ford electric vehicle owners will get access to Tesla Superchargers in the U.S. and Canada in a new partnership that appears likely to accelerate adoption of Tesla's preferred charging setup.

Why it matters: Charging access is widely seen as crucial to speeding EV adoption — and Tesla has the largest network of chargers, although until recently it has been open only to Tesla owners.

First, it was electronics — then it was cars — and now it's AI: The semiconductor chip is entering a new stratospheric phase.

Why it matters: Pandemic-era supply chain breakdowns and national security concerns cast a spotlight on the need for more chip capacity and, in particular, more domestic production.

The percentage of women with children who are working is back to a peak level last seen in 2019.

Why it matters: The pandemic was supposed to spell doomsday for working women, mothers in particular. That's not what happened.

Illumina investors voted chairman John Thompson off the board of directors on Thursday as Carl Icahn's months-long battle against the $32 billion gene-sequencing equipment maker crossed the finish line at the company's annual meeting.

Why it matters: Icahn's proxy fight has pushed a seasoned business leader off the board of a company seeking to improve cancer care and detection options, and elected a financier lacking relevant sector experience.

Germany's economy, the world's fourth-largest, is officially in a recession — a major blow for the European Union and a warning for the global economy.

Why it matters: Germany is the first major nation to officially enter a recession since the pandemic shock. It is a result of painfully high inflation and the most aggressive monetary tightening cycle in decades.

Laurie Schalow is Chipotle's chief corporate affairs and food safety officer, overseeing internal and external communications, sustainability, employee and guest service centers, social listening, food safety and quality assurance, as well as the Chipotle Cultivate Foundation efforts.

Why it matters: Schalow was brought in shortly after Chipotle's e coli outbreak in 2016 and has since put the food chain on the offensive.

Silicon Valley Bank employees had been hearing layoff rumors for weeks. When the pink slips actually hit yesterday, it was even messier than they had feared.

Driving the news: First Citizens Bancshares, which bought the failed lender two months ago, laid off nearly 500 SVB employees, as Axios was first to report.

ElevateBio, a Massachusetts-based developer of cell and gene therapies, raised $401 million in Series D funding led by existing investor Matrix Capital Management.

Why it matters: This is the year's largest biotech VC deal, topping the mark set just one day earlier when ReNAgade Therapeutics raised a $300 million Series A round.

An influential climate panel tasked with guiding the creation of a new global carbon market has sparked widespread concern in the nascent carbon removal industry, after it cast doubt on whether it would be counted as a carbon offset.

The big picture: On Wednesday, More than 100 companies and organizations sent a letter to the United Nations Framework Convention on Climate Change's (UNFCCC) secretariat objecting to the draft guidance.

After weeks of warnings about looming financial doom, markets still don't seem worried about a default.

Why it matters: It means those most directly exposed to the supposedly drastic downside of an unresolved debt ceiling fight are taking the dire predictions — or the risk of defaulting itself — with a heaping helping of salt.

Outdoor retailer Patagonia, which is steering profits into fighting climate change, has the top ranking in the 2023 Axios Harris Poll 100 brand reputation survey.

Why it matters: The outdoor apparel company appears to have successfully avoided polarizing battles that have ensnared other big brands, and alienated some consumers.

Gas prices are rising slightly compared to previous months, but they're still well below last year's levels as we head into Memorial Day weekend and the travel-heavy summer season.

• Nationally, the average price per gallon of regular gasoline has been $3.53 throughout May 2023, compared to $4.60 a year ago.

Scandalized brands are slowly bouncing back, this year's Axios Harris Poll 100 reputation rankings find.

Why it matters: No corporation, brand or leader is immune to crises, and rebuilding trust among consumers, shareholders and employees takes years of concerted communication campaigns.

A Chinese state-sponsored group has hacked into critical American infrastructure, including in the U.S. territory of Guam, Microsoft and the "Five Eyes" intelligence alliance warn.

Why it matters: Guam is home to three American military bases. The western Pacific island would play an important strategic role should the U.S. need to respond to any potential Chinese military attack on or blockade of Taiwan.

Target is making changes to its Pride Month 2023 collection after customer backlash including some violent confrontations between staff and customers over select LGBTQ+ items.

Why it matters: Other major brands such as Disney and Budweiser have become embroiled in LGBTQ issues as anti-LGBTQ legislation takes effect across the U.S.