Illustration: Greg Ruben / Axios; Photo: Mark Lennihan / AP

Snapchat announced Tuesday that Snaps no longer have to be confined to 10 seconds or less — now they can last forever, which is antithetical to its original purpose.

The features: A new "infinity" tool allows users to Snap without any time constraints, allowing users to share videos at a length users could share on Facebook or Instagram. They're also adding a new "loop" feature for videos so users can decide if Snaps play once or are repeated over and over, like Vine (RIP), and a suite of new camera features that include sophisticated photo-editing tools.

Why it matters: Snapchat has now rolled out its biggest product update of the year and its biggest ad update of the year within a week of its first-ever earnings report to investors (tomorrow) since becoming a publicly-traded company in February. The moves are likely meant to showcase to investors that they are thinking through ways to retain users and grow its advertising base, as Facebook and Facebook-owned Instagram continue to copy its features and eat at its growth.

Our thought bubble: The addition of sophisticated photo-editing features and the ability to create longer videos is part of Snap's strategic market pivot from being a self-proclaimed "photo-sharing" company in 2012 to a self-proclaimed "camera company" in 2016.

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"Hamilton" is a streaming hit for Disney+

Data: Google Trends; Chart: Andrew Witherspoon/Axios

The debut of "Hamilton" on Disney+ last Friday sent downloads of the app soaring over the weekend.

Why it matters: With theaters closed until 2021, "Hamilton" is the biggest litmus test for whether Broadway will ever be able to successfully transition some of its iconic hits.

Wall Street is no longer betting on Trump

Illustration: Sarah Grillo/Axios

Betting markets have turned decisively toward an expected victory for Joe Biden in November — and asset managers at major investment banks are preparing for not only a Biden win, but potentially a Democratic sweep of the Senate and House too.

Why it matters: Wall Street had its chips on a Trump win until recently — even in the midst of the coronavirus-induced recession and Biden's rise in the polls.

With new security law, China outlaws global activism

Illustration: Eniola Odetunde/Axios

The draconian security law that Beijing forced upon Hong Kong last week contains an article making it illegal for anyone in the world to promote democratic reform for Hong Kong.

Why it matters: China has long sought to crush organized dissent abroad through quiet threats and coercion. Now it has codified that practice into law — potentially forcing people and companies around the world to choose between speaking freely and ever stepping foot in Hong Kong again.