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Let’s jump into today’s storylines.

In today’s digest:

• Boeing’s CEO gets grilled by Congress

• Headline Hustle: Nvidia becomes the most valuable company in the world, retail sales were lower then expected sparking hope of an interest rate cut this year, Amazon’s Labor Union joins forces with Teamsters

• Netflix is stepping out of the screen

• Pulse Points: What’s Trending

AIRLINES

Boeing's CEO faces Congress over quality crisis

In a heated congressional hearing, Boeing CEO David Calhoun faced a barrage of questions regarding the company's ongoing quality crisis and its response to whistleblower allegations on Tuesday. The session, lasting over two hours, saw Calhoun apologizing to families affected by the tragic 737 MAX crashes and acknowledging the challenges faced by whistleblowers within the company.

A company in turbulence

“Something went wrong,” Calhoun admitted when grilled about the increasing claims of retaliation against employees who raised safety and quality concerns. The CEOs statement came during a Senate subcommittee probe into Boeing’s persistent production issues and alleged retaliations post a significant incident in January, where a door plug blew off an Alaska Airlines flight.

The hearing marked Calhoun’s first public questioning since the January incident. He took over Boeing in 2020 after two devastating crashes in 2018 and 2019 claimed 346 lives. Addressing the grieving families present, Calhoun stated, “I apologize for the grief that we have caused,” directly facing the crowd.

A laundry list of problems

Boeing’s manufacturing woes have not only slowed production but also severely impacted its financial health, leading to a 30% drop in its stock value this year. The Justice Department is currently investigating the company, and the board is on the lookout for Calhoun’s successor.

But before things could get any more wrong for Boeing, they got worse.

• According to a memo shared by the committee, senior leadership told Sam Mohawk, a quality assurance inspector, to hide evidence from the Federal Aviation Administration during an inspection. And when he did, he was retaliated against, saying he engaged in “unacceptable/disruptive behavior or communication.”

• Calhoun defended the company's approach to handling whistleblowers, noting that some employees have been terminated for retaliation, though he refrained from providing names to protect their privacy.

Despite the long list of problems, Calhoun still got paid: Senator Josh Hawley criticized Calhoun's compensation package, which amounted to nearly $33 million, reflecting a 45% increase from the previous year. "And frankly, sir, I think it's a travesty that you are still in your job," Hawley stated.

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IN THE KNOW

Headline Hustle

📈 Nvidia passes Microsoft to become the most valuable company in the world. Nvidia, traditionally known for its graphics chips in gaming, has become the most valuable public company globally, with a market cap of $3.34 trillion, surpassing Microsoft's $3.32 trillion. Nvidia shares have soared over 170% this year, driven by the company's dominance in AI chips used in data centers, with a notable 427% revenue increase in this sector. Their recent success has catapulted co-founder and CEO Jensen Huang's net worth to $117 billion, making him the 11th wealthiest person globally.

⚖️ May retail sales rose by 0.1%, raising hopes of an interest rate cut this year. Retail spending in May was weaker than expected, rising just 0.1% against a 0.2% decline in April, falling short of the Dow Jones estimate of 0.2%. Excluding autos, sales dropped 0.1%. Gas stations saw a 2.2% decline due to moderating gas prices, while sports goods, music, and book stores rose 2.8%. Online sales increased by 0.8%, while bars, restaurants, and home furnishing stores declined. The weak retail data has traders betting on possible Fed rate cuts later this year.

🤝 Amazon’s Labor Union has joined forces with Teamsters. Members of the Amazon Labor Union (ALU), the first to organize at a U.S. Amazon warehouse, have voted to affiliate with the International Brotherhood of Teamsters, as announced in a joint statement on Tuesday. Roughly 98% of ALU members supported the move. This partnership could pressure Amazon to negotiate with the ALU, which has struggled to secure a contract as of late. The newly formed local chapter, ALU-International Brotherhood of Teamsters Local 1, will also organize Amazon warehouse workers across New York’s five boroughs.

BUSINESS

Netflix is turning binge-watching into a theme park experience

Netflix is no longer just a button on your remote; it’s about to be a destination. In a bold leap from the screen to the real world, the streaming giant is launching "Netflix Houses", transforming the traditional binge-watching experience into an immersive theme park adventure set to debut in 2025.

Netflix Houses promise to transform your virtual adventures into tactile experiences, complete with themed restaurants and gift shops packed with series-specific swag. It’s a bold fusion of retail and entertainment, pushing the envelope on how fans engage with television content.

Chasing the magic of Disney

While Netflix is charting somewhat familiar territory—Disney has long mastered the art of turning screen magic into tangible experiences—the strategy is not without its risks. Critics caution that the novelty could wear thin unless Netflix keeps rejuvenating its offerings to draw crowds back for the latest attractions.

This expansion into physical experiences comes as the streaming industry faces tighter profit margins. Netflix’s shift includes scaling back on original content while branching out into video games and even a “Bridgerton”-themed line with Williams Sonoma. It's a strategic play to diversify revenue streams and deepen brand engagement in a market where digital consumption alone no longer guarantees growth.

Looking ahead…as Netflix plots its physical expansion, the blend of nostalgia, novelty, and narrative may just be the ticket to keeping its empire expanding, one real-life experience at a time.

SNIPPETS

Pulse Points

• Jeff Bezos, billionaire owner of The Washington Post, expressed support on Tuesday for maintaining high standards at the newspaper amid growing concerns about the ethical integrity of its new publisher, Will Lewis.

• Fisker, a US electric vehicle startup, announced on Tuesday that it has filed for bankruptcy.

• Thailand is set to become the first Southeast Asian country to legalize same-sex marriage after lawmakers approved a marriage equality bill.

• Willie Mays, considered by many as the greatest all-around baseball player in history, has died at age 93.

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