🌏 Meta and OpenAI want more chips

Good morning, Quartz readers!

Here’s what you need to know

Meta and OpenAI can’t get enough AI chips. Morgan Stanley says both tech giants are facing pretty serious GPU — computer chips needed to train AI models — shortages.

McDonald’s is bringing back speed. The iconic fast food chain is reorganizing its operations to get new product launches out faster.

Meanwhile, Delta Airlines said domestic travel demand is down. This resulted in several airline stocks taking a hit on Tuesday, including Delta, United, Alaska, American, and Spirit.

The House of Mouse stock also slid on Tuesday. It looks like a dip in consumer confidence is to blame, hitting the company’s sprawling businesses — from movies and theme parks to cruise ships.

The Dow fell again. The Dow Jones Industrial Average plunged 478 points, or 1.1%, while the S&P 500 slid 0.8%.

The White House says the economy is in ‘transition.’ A White House spokesperson blamed the current market sell-off on the previous administration.

Lawmakers are grilling RFK Jr. Sens. Warren, Wyden, and Sanders seek details about RFK Jr. and President Trump’s private Mar-a-Lago dinners with healthcare execs.

Is a recession on the horizon?

Economists are raising concerns about a potential U.S. recession, pointing to growing uncertainty around tariffs and a job market feeling the strain from layoffs.

Laura Jackson Young, an economics professor at Bentley University, says that uncertainty is a big factor.

“There is a material threat of recession that has risen in recent weeks and is something we can’t ignore,” Young said. She added that when businesses and households lack clarity about the economy’s future, they become more cautious with their spending. “Much of what is driving the chaotic swings in financial markets right now is driven by uncertainty.”

What do big banks, analysts, and economists have to say about a future recession? Quartz’s Kevin Williams has the details.

Gen Z is investing in collectibles

Even though the global luxury goods market hit a rough patch in 2024, interest in collectibles like watches, wine, and handbags is still growing — especially among younger members of the ultra-wealthy.

“There has been a philosophical shift from viewing art and collectibles as purely a passion,” Drew Watson, the head of art services at Bank of America Private Bank, told Quartz. “Now people are seeing that there’s real economic value and are thinking of them as an asset class.”

The 2024 Bank of America Private Bank Study of Wealthy Americans found that 65% of respondents were interested in collectibles — but that number jumped to 94% for those under 44. Millennials and Gen Z-ers are at least twice as likely as older generations to collect watches, alcohol, rare cars, sneakers, and antiques.

What are the best markets for collectibles? Quartz’s Madeline Fitzgerald breaks it down.

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🚗 Trump says he’ll buy a Tesla to support Elon Musk as the stock tanks

🫨 Oracle stock gives investors whiplash as Larry Ellison touts AI ‘hypergrowth’ but earnings fall short

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🪙 Bitcoin is here to stay — and heading to $200,000, Anthony Scaramucci says

🏥 The 10 biggest healthcare companies in America by revenue

👩‍🎓 Forget SAT tutors and AP classes: buying this house can apparently get your kid into Harvard

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