1. Contents of the Newsletter

The Friday edition of Morning Brew opens with a lighthearted fact: new research suggests Chihuahuas carry a small amount of coyote DNA. The newsletter is presented by Yahoo Finance and written by a team of editors, including Sam Klebanov, Molly Liebergall, Matty Merritt, Dave Lozo, Adam Epstein, Holly Van Leuven, and Neal Freyman. Its main themes are a sharp market sell-off, a notable corporate layoff, a fashion-world theme change, and a sports merchandise story. It closes with news briefs, reader-friendly links, a puzzle, and a word of the day.

Markets: Tech stocks get obliterated

The lead story covers a steep drop in stocks. Investors fled AI-linked holdings after Democrats won in the midterm elections, raising concerns about tighter AI regulation and a possible pause in data center construction in states such as Texas and Georgia. The tech-heavy Nasdaq fell more than 5% and traded more than 10% below its recent high. The S&P 500 closed more than 4% lower, its worst day since the tariff announcements in April 2025.

• The Philadelphia semiconductor index dropped more than 12%.
• Nvidia fell about 9% and memory chip supplier Sandisk fell about 22%.
• Software companies such as Palantir and CrowdStrike each fell nearly 10%.
• Tesla dropped roughly 10.8% amid concerns about its Texas base and political shifts.
• The VIX, Wall Street's "fear gauge," jumped 69%.

Safe-haven assets gained. Gold rose more than 0.6%, US Treasury bonds rose, and the Swiss franc reached nearly a two-month high against the dollar. Analysts were split on whether this was a real bubble bursting or an irrational knee-jerk reaction. Qualcomm's underwhelming earnings outlook also contributed to the decline. Economist Ed Yardeni suggested that slowing data center growth could help prevent a larger AI crash later.

World headlines

• LIV Golf is shutting down. The Saudi-funded league, which tried to challenge the PGA Tour, is closing after Saudi Arabia's Public Investment Fund withdrew its support in April. A planned $300 million rescue from BC Partners fell through, and it is unclear whether stars such as Bryson DeChambeau can return to the PGA Tour.
• OpenAI rebrands data centers. In a blog post, the company introduced a framework giving local communities a say in development and began calling data centers "compute campuses," a move the newsletter describes as a public-image effort.
• The New York Times may buy Letterboxd. The film community platform, with about 30 million users and projected earnings of $15 million, is reportedly being considered at a price near $330 million. The deal could still fall apart.

Severance benevolence: Canva

Design company Canva is being praised for its severance package during a restructuring that affects 22% of its staff, roughly 1,300 workers. Those leaving receive at least six months' pay, one year of healthcare, one year of LinkedIn Premium, career coaching, alumni network access, and permission to keep their work MacBooks. The company also removed its one-year vesting cliff. Still, the layoffs drew criticism, and CEO Melanie Perkins described it as the company's "hardest year yet." Canva is facing rising AI costs and pressure from AI image tools, which affects its IPO plans.

Met Gala pivots

The 2027 Met Gala has a new theme, "extraordinary: Fashion and the Poetics of the Everyday," which celebrates jeans, tees, puffer coats, and ordinary materials. It replaces a canceled theme honoring designer John Galliano, which was dropped after his past antisemitic and racist remarks resurfaced. The newsletter also includes a reader poll asking whether the new theme makes readers more interested or less.

Dave's Sports Desk

Fanatics introduced NHL Hometown Remix jerseys for all 32 teams, its first league-wide design project for a league partner. The Ducks jersey, which pays tribute to the Disney film The Mighty Ducks, sold out quickly. Reviews were largely positive, which the newsletter contrasts with previous baseball and football jersey problems.

News briefs

• California Governor Gavin Newsom commuted all 548 death sentences in the state.
• Defense Secretary Pete Hegseth could face an impeachment vote as early as next week.
• Wendy's rejected a $1.4 billion buyout proposal led by investors tied to Trian Fund Management.
• Blue Origin delayed the New Glenn rocket launch to January.
• Cristiano Ronaldo announced his retirement from international play for Portugal.
• Russell Brand was found guilty of rape and sexual assault. He will be sentenced on Monday.

Interactive and community features

The edition includes a Friday news quiz, a code-cracking puzzle based on song lyrics, a hidden-state word puzzle (the answer is Colorado), a referral program for sharing the newsletter, a reader poll, and a "Word of the Day" (elephantine). It also links to Morning Brew's other newsletters and podcasts.

2. Products Mentioned

Several sponsored products and services appear in the newsletter:

• AlphaSpace by Yahoo Finance: An investing platform that builds custom views of charts, data, and analyst insights. It can compare tickers, add technical indicators, and sync with a user's portfolio for real-time tracking.
• Our Place cookware and kitchen appliances: A sale with savings up to 45% sitewide through November 30. Featured items include Titanium Pro Cookware, ceramic nonstick cookware, and the Wonder Oven Pro, a multifunctional air fryer and toaster oven.
• CAKES Body: Shapewear and coverage products. Morning Brew readers received 72 hours of early access to the Black Friday sale, with 30% off sitewide using code BREWCAKES, including the Best Sellers Bundle. The brand also promotes CAKES Lift, a three-in-one styling solution for lift, shape, and coverage.
• Oyster Global AI Talent report: Research on how AI is reshaping jobs and hiring. It reports that two-thirds of companies have added AI skill requirements to traditionally nontechnical roles.
• Bank of America benefits content: A sponsored article on how benefits programs can support business results.
• Recommended sleep mask: A product recommendation from Morning Brew's writers. The newsletter notes that it earns a commission on purchases made through the link.
• Fanatics NHL Hometown Remix jerseys: Limited-run sweaters for all 32 NHL teams, with the Ducks version selling out online.

3. The Store: Morning Brew (morningbrew.com)

Morning Brew is a business news media company based at 22 West 19th Street in New York City. The newsletter's footer lists its parent company as Morning Brew Inc. (© 2026). The publication positions itself as a way to "get smarter in just 5 minutes," delivering daily business news in a casual, conversational tone.

Morning Brew's website links to a broad network of newsletters and vertical brands. These include Tech Brew, Brew Markets, The Playbook for real estate, Bossy for money and career, Marketing Brew, CFO Brew, HR Brew, Revenue Brew, IT Brew, Retail Brew, Healthcare Brew, and Founder Brew. It also offers podcasts, a "Take the Brew to work" option, and reader resources such as a Word of the Day feature and news quizzes.

The site has a "Shop" section, along with links for advertising, careers, and FAQs. Its referral program rewards readers who share the newsletter with friends by unlocking branded merchandise, a detail that shows the company's focus on audience growth and community. The newsletter's sponsored content and product recommendations also suggest a business model built on advertising, affiliate commissions, and branded partnerships.

Based on the newsletter alone, the brand's identity is that of an accessible, witty, and practical business media outlet. It combines market coverage, culture, and entertainment with a friendly voice. Details about the storefront's catalog, pricing, and merchandise are not included in this edition, so they cannot be described further here.