We’re off today and tomorrow for Christmas Eve and Christmas. That means no Daily Brief tomorrow or Thursday. We’ll be back in your inbox first thing Friday morning.
Good morning, Quartz readers!
HERE’S WHAT YOU NEED TO KNOW
Walmart’s big 2024 is partly thanks to an age-old strategy. The retailer went big on “private label” goods this year.
The Starbucks Christmas strike is spreading to even more big cities. Workers are walking off the job to protest labor conditions and demand better pay.
Nordstrom is finally going private in a $6.25 billion deal. The move to go private comes as the company faces growing competition from the likes of Amazon.
Apple could hit a $4 trillion market cap by early 2025. Analysts believe artificial intelligence will be a big part of how it could happen.
Bank of America was slapped with a consent order from the Office of Comptroller of the Currency. The regulator criticized the bank’s anti-money laundering weaknesses.
A big deal in Japan
A mega-merger between Honda, Nissan, and Mitsubishi is really happening. If the deal gets completed, it would make for the world’s third-biggest auto conglomerate by sales behind Toyota and Volkswagen.
One reason for the tie-up is for the companies to better compete with Tesla and Chinese automakers in the EV market. The arrangement is a historical car-world shakeup.
What did the three car companies say about their newly announced partnership? Quartz’s William Gavin has a download of the details.
A new China chip conflict
The United States is investigating China’s foundational chip industry. Also known as mature node semiconductors, the components are central to the auto, defense, and telecommunications industries.
The chips are not as advanced as the ones used in artificial intelligence, but they’re still a big deal. The Biden administration says that China’s chips enjoy too much state support and “appear to have and to threaten detrimental impacts” on the U.S. economy.
Why does America have such a chip on its shoulder about these chips? Quartz’s Britney Nguyen explains what the conflict is about.
MORE FROM QUARTZ
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🛣️ These are the states with the most dangerous roads in America during the holidays
🛍️ Most Americans did their holiday shopping in store this year
🤖 AI ignited a private-market boom; Now wealthy investors want more
🍽️ La Liste’s annual compilation of the best fine dining spots in the world is out
₿ Bitcoin price might stall in 2025, strategist says
SURPRISING DISCOVERIES
Mr. Potato Head is only the 10th-best-selling toy of all time. A bunch of other familiar names round out the rest of the list.
Coriander is having a big moment — in the world of fragrances. The leaves create herbal smells; the seeds create spicy ones. (paywall)
It looks like paid family leave is worth every penny. Economists suggest that every $1,000 invested in such programs generates more than $7,000 in social benefits at the least.
Hertz really, really doesn’t want any of its Teslas. The rental company is asking customers if they want to take the cars home with them when their booking is over.
A fancy ceiling in Italy got a proper polishing. The cathedral of Monreale’s mosaics — containing 2.2kg of solid gold — was just restored at a cost of €1.1 million ($1.14 million).
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Our best wishes on a safe start to the day. Send any news or comments to talk@qz.com. Today’s Daily Brief was brought to you by Melvin Backman and Harri Weber.