Here’s what you need to know
Evergrande tabled a plan to sell part of its property services unit. The Guangdong provincial government didn’t approve of the $2.6 billion, 51% stake sale, Reuters reports.
Facebook is piloting its digital wallet in the US and Guatemala. However, the much ballyhooed Novi wallet is missing a key feature: Facebook’s promised Diem cryptocurrency. Meanwhile, the company will pay up to $14.25 million to settle claims it prioritized non-American workers for some US jobs.
Netflix employees will walk out Wednesday. At least 1,000 are expected to participate in the protest of management’s response to concerns about comedian Dave Chappelle’s recent standup special. Meanwhile, Netflix beat expectations for subscriber growth in its latest earnings report.
Rights activists are stepping up calls to boycott the 2022 Beijing Olympics. The groups say China’s human rights record has worsened since it hosted the Games in 2008.
What to watch for
Tesla is expected to post ebullient earnings despite the ongoing chip shortage. The company won’t post its full revenue figures until after markets close Wednesday, but it has already revealed its most important metric: Tesla sold 241,300 electric cars last quarter, up 20% from the one previous. It’s the sixth straight quarter in which Tesla has broken its own sales records, thanks, in part, to a pandemic-fueled bump in demand for cars.
The electric vehicle giant has so far managed to dodge the supply chain woes that forced other automakers to cut production. When Tesla couldn’t find the right semiconductors for its cars, it rewrote the software and swapped in alternate chips.
Those kinds of improvisations have allowed Tesla to open two new factories in Austin and Berlin while other carmakers have shuttered plants. But CEO Elon Musk says the chip shortage—combined with shipping bottlenecks—could still derail Tesla’s growth.
Markets haiku: The first US bitcoin ETF takes off
Is bitcoin doing today?
Oh, new ETF
Bitcoin closed in on a record high after the first US bitcoin ETF started trading on Tuesday. With more than $625 million of intra-day trading volume, ProShares’ fund ranks as one of the most popular ETF launches on record.
Is Intel Apple’s toxic ex?
Well, it’s complicated.
At Apple’s Unleashed event Monday, the company said it will use its own homegrown processors in its MacBook Pro laptop, effectively ending its relationship with Intel.
It’s not exactly a surprise:
💖 Intel and Apple hook up in 2006 for processors
🤫 Rumors swirl around how long the couple will last
🔼 A 2019 truce between Apple and Qualcomm entangles things
💔 Apple ends its 15-year fling with Intel in 2021…
💘 … and Intel says it will “fight hard to win” Apple back
But with the number of Intel Macs left in Apple’s lineup fizzling, the production of Apple’s own chips may be one area where Intel could still win over the Silicon Valley behemoth.
It’s an everything shortage
Cars, computers, chicken wings… at this point, it might be easier to point out what’s not in limited supply. We’ve put together a guide to the Everything Shortage—it’s only available to Quartz members, but here are some of the most compelling digits:
10: Companies that control 82% of global shipping
215%-240%: Expected increase in profits of Maersk, the world’s largest shipping company, in 2021 compared to pre-pandemic levels
76 seconds: Average time it takes for a crane to load or unload a shipping container in North America
27 seconds: Average time it takes for a crane to load or unload a shipping container in Asia
2022-2023: Experts’ best guesses as to when supply chain issues will end
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Bogotá’s anti-machismo hotline is a success. Organizers weren’t sure if men would actually call in to discuss their role in violence against women.
The solar system is surrounded by a “magnetic tunnel.” Astronomers believe two rope-like structures on either side of the sky are connected.
Seville, Spain is going to start naming its heat waves. Why should hurricanes and winter storms get all the attention?
Manure methane sales have been a windfall for California dairy farmers. The byproduct, which is used to produce energy, is more lucrative than milk.
A robot server helped human waitstaff earn more in tips. Restaurant workers had more time to spend schmoozing with customers.
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