Axios

MetaMask is no longer available the Apple App Store, though the disappearance may only be temporary.

Why it matters: Metamask is the best known crypto wallet, designed primarily for the Ethereum blockchain but also serving many others.

The world's banks earned $1.3 trillion in 2022, in "the best period for global banking overall since at least 2007," per a new report from McKinsey. The estimate for 2023 profits, at $1.4 trillion, is even higher.

Why it matters: The past two years' headlines have been filled with bad news for banks. But the industry as a whole looks astonishingly healthy. Which, if nothing else, is a good reminder to always look past the headlines.

At Axios' BFD event on Thursday, Inflection AI co-founder and CEO Mustafa Suleyman and co-founder Reid Hoffman leaned into the hype surrounding artificial intelligence.

• "We want to build a multi $100 billion business...Hopefully one day we'll IPO," Suleyman said.

Why it matters: Companies at the forefront of developing large language models have been experimenting with the structures of their corporate entities and cap tables.

Remember the hype about luxury pre-owned watches as an asset class? Turns out, they couldn't survive a rate-hike cycle.

What's happening: Since March 2022, the WatchCharts Overall Market Index has fallen more than 35%.

The Federal Deposit Insurance Corporation (FDIC) launched an advertising and social-media campaign this week with the tagline "Know your risk. Protect your money."

Why it matters: The campaign is targeted at the general public, and specifically at "people who may have lower confidence in the U.S. banking system or who are unbanked."

If you still play your favorite films and TV series on DVD, you'll soon have one fewer place to shop.

Driving the news: Beginning in 2024, Best Buy will stop selling DVDs and Blu-ray discs in-store and online — marking a major shift for the electronics company as streaming platforms continue to dominate the arena.

Recording artists like Lady Gaga, Drake and Nicki Minaj should unionize, argues one longtime music industry exec.

• "Artists were not involved in negotiating the rates that they get [for streaming]," Steve Stoute, CEO of digital music distribution startup UnitedMasters, said at the Axios BFD conference in New York yesterday.

The performance of Sam Bankman-Fried's attorneys through the first two weeks of his trial has left many questioning their defense strategy — or whether there is any strategy to speak of.

Driving the news: That answer may come soon. SBF's lawyers filed a letter motion Thursday arguing that "misappropriation" is a subjective term, one that shouldn't necessarily be based on the "expectations and understandings" of customers, investors and the like.

The defense did its best to diminish Caroline Ellison as a prosecution witness during cross-examination Thursday in the trial of Sam Bankman-Fried.

Why it matters: Ellison's testimony that SBF directed the undisclosed borrowing of $10 billion in FTX customer funds by its sister trading firm is crucial to the prosecution's case against him.

The grocery chain won't back down against a crypto exchange.

Driving the news: Trader Joe's has filed a federal lawsuit in California against the decentralized exchange Trader Joe seeking monetary compensation for damages and litigation expenses. It wants the exchange to stop using the grocery store's brand.

Over the summer, we were alert to signs that ordinary Americans' perception of the economy was, at long last, starting to improve. Early signs are that sentiment has turned back downward with the onset of fall.

Driving the news: The preliminary October University of Michigan consumer sentiment survey showed a steep falloff in views about the economy. The index fell to 63, from 68.1 in September. It had reached a recent high of 71.6 in July.

The Fed has a Lemonhead problem. That's the term that one investor is using to explain why the central bank's historic rate-hiking campaign hasn't done more damage to the economy (yet).

How it works: Like the candy, rate hikes start off sour — the S&P fell 19% last year; the tech industry shed a lot of jobs. But then they turn sweet — that's where we are now, with consumer spending and the labor market still looking relatively solid.

Actor and literacy advocate LeVar Burton will host the National Book Foundation's awards ceremony next month, the organization announced on Friday.

Why it matters: Burton replaces the foundation's original choice, actress-turned-daytime talk-show host Drew Barrymore. The organization dropped Barrymore after she said she would tape her show while television writers were on strike, though she ultimately did not.

Early on in San Francisco Fed president Mary Daly's career, big decisions were sometimes made in the men's bathroom, she told a roomful of high school students this week.

Why it matters: Daly wasn't included in these special pow-wows — and that could've been a barrier to her career, she said, speaking with Axios' Kate Marino at an event for International Day of the Girl.

The president of the United Auto Workers on Friday defended his negotiating approach and said the union is now prepared to expand its historic strike against the Detroit Three automakers at a moment's notice.

Why it matters: The shift in strategy comes as the unprecedented work stoppage nears the one-month mark. About 34,000 UAW members have walked out at six assembly plants and 38 parts distribution facilities run by General Motors, Ford and Stellantis.

California may sue to block Kroger's proposed $24.6 billion acquisition of Albertsons, which would merge two of the country's largest grocery chains, according to comments from state Attorney General Rob Bonta.

Why it matters: Bonta revealed his plans shortly after a meeting with FTC Chair Lina Khan, suggesting that he's working in concert with federal antitrust regulators.

Microsoft is finally closing its $69 billion purchase of Activision Blizzard, 633 days after announcing its bid.

Why it matters: The deal is the biggest acquisition in Microsoft's history, and the biggest ever in the games industry.

The U.S. is still into China, but wants to enjoy the benefits of an open relationship.

Why it matters: The increasingly fraught U.S.-China dynamic has seen the world's two largest economies challenging each other on multiple diplomatic, military and economic fronts, leading some to question whether a "decoupling" is in the cards.

It's all coming down to rent. More than half of the increase in inflation in September was driven by a surprising uptick in rent prices, per the Consumer Price Index data out Thursday.

Why it matters: Much of the story of inflation over the past year and a half has been about housing — and the latest numbers show that we haven't quite reached the final chapter.

QR codes with hyperlocal recycling instructions will soon show up on your milk cartons, ice cream tubs and more — meaning you'll be able to scan an item, type in your ZIP code and see if it's eligible to go in the blue bin.

• "Just because a product says it's recyclable, doesn't necessarily mean it's recyclable where you live," notes Rishi Banerjee, director of the Consumer Brands Association's SmartLabel program.

An Internal Revenue Service contractor accused of leaking the tax returns of former President Trump and thousands of other wealthy Americans to news organizations pleaded guilty to a federal charge on Thursday.

Why it matters: Charles Littlejohn's unparalleled leak of confidential IRS information revived congressional debate on tax issues and income disparity and shone a light on Trump's financial situation after he fought for years in the courts to block the release of his tax returns, per the Washington Post.

Most professionals are terrific readers. Just not of rooms.

• At parties, talking to friends, or especially in work meetings so many people are oblivious to the body language — and actual language — of those around them.

Why it matters: Imagine the tension and misunderstanding that could be averted if we were better at reading others.