October 19, 2026

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Howdy. Today is National Clean Your Virtual Desktop Day, because somebody somewhere realized that literally nothing could compel us to tidy digital files short of a contrived holiday. So, go ahead and delete Untitled 1 through Untitled 37. Or at least combine them into one document if you’re afraid of obliterating your own personal Ur-Hamlet.

—Holly Van Leuven, Brendan Cosgrove, Neal Freyman

In today’s newsletter, we’ll get into:

Prop 40 opposition spending reaching $1 million a day
The riots that rocked France this weekend
The teen who took job shadowing to the next level

Markets: Year-to-Date

Nasdaq

26,140.03

+12.47%

S&P

7,659.44

+11.89%

Dow

52,002.41

+8.20%

10-Year

5.098%

+93.5 bps

Bitcoin

$82,442.78

-5.79%

Hasbro

$98.76

+23.18%

Data is provided by

*Stock data as of market close, cryptocurrency data as of 12:00am ET. Here's what these numbers mean.

Markets: Tech stocks looked a little unsteady last week, but strong corporate earnings could help change the narrative, with several AI players set to show their report cards in the coming days (more on those later).
Stock spotlight: Analysts will find out the state of play tomorrow, when Hasbro reports earnings. It’s risen nearly 13% over the past month.

taxing situation

“No on Prop 40” spending exceeded $1m a day

Attendees at a rally against Proposition 40 at the Iron Workers Apprenticeship Training Center. Eric Thayer/Getty Images

The opposition campaign against Proposition 40, a ballot initiative regarding a one-time wealth tax that will go before California voters next month, spent more than $1 million a day fighting it in the first half of September, according to new reporting from the Guardian.

Refresher: The Service Employees International Union-United Healthcare Workers West introduced the Prop 40 initiative last year to recoup $100 billion for healthcare after the Trump administration cut federal health insurance funding by nearly $1 trillion with the One Big Beautiful Bill Act.

The measure asks whether there should be a one-time tax on billionaires equal to 5% of their wealth. The initiative would bring in an anticipated $100 billion, 90% of which is earmarked for healthcare, over five years.

It’s going down to the wire

Several former tech entrepreneurs and venture capitalists formed the Building a Better California nonprofit specifically to try to beat Prop 40. It’s led by Google co-founder Sergey Brin.

There are less obvious detractors, too. And that’s who the opposition is leaning into to make its case:

A recent ad from the opposition campaign featured appearances by the presidents of the California Medical Association and Planned Parenthood Northern California telling Californians to vote no.
It says that 90% of the money collected through Prop 40 could end up going to big health insurance companies, and that the provision has no requirement to actually lower Californians’ healthcare costs.

The gap is closing: Before the opposition ramped up its media spate, an early August poll by the University of California, Berkeley, found that 48% of Californians surveyed said they would vote yes on Prop 40 and 41% would vote no. But the poll the university conducted at the end of September found yes votes were at 45% and no votes 42%.

Zoom out: If Prop 40 succeeds, it will be the world’s first billionaire tax, and many wealthy Californians have already pledged to leave the state if it takes effect.—HVL

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World

Tour de headlines

Anadolu/Getty Images

🇫🇷 France in chaos after weekend protests turn into country’s largest riots in years. Protest organizers in France sought to coordinate demonstrations against various social problems in the nation, such as the cost of living and gas prices, with rallies that have been taking place since September to demand better school conditions. While swaths of teachers, farmers, laborers, and students marched peacefully, there were also “black-clad agitators” who “sparred with police and caused damage” among the orderly demonstrations, per the New York Times. Nationwide, 1,500 shops were damaged or looted, according to the French federation of commerce and distribution, with repairs estimated to cost hundreds of millions of dollars. Over 500,000 people participated in the protests. French President Emmanuel Macron said in a broadcast address yesterday evening, “Those who looted will have to pay back, and those who sought to bring down the Republic will be held accountable.”

🇺🇸 🇮🇱 Trump endorses Netanyahu ahead of Israel’s Oct. 27 election. Yesterday, Trump called Israeli Prime Minister Benjamin Netanyahu “a Great Warrior” and “an even greater Partner for Peace in combatting the Islamic Republic of Iran” in a post on Truth Social, which he called his “Complete and Total Endorsement” for Netanyahu’s reelection. Israel’s national election next week is expected to be close. Netanyahu’s former military chief of staff, Gadi Eisenkot, is his main rival. The main theme of this election cycle has been determining who is responsible for the security failure that led to the Oct. 7, 2023, Hamas-led terrorist attack. The Wall Street Journal reported that Netanyahu had “long sought” Trump’s endorsement for this election. It’s the first time in history that a US president has publicly endorsed a candidate in the Israeli elections.

🤖 Anthropic commits 5% of shares to new public benefit fund. The company announced the Anthropic Public Benefit Fund on its website yesterday, calling it “a new entity with a structure that increases the stake as the company grows.” Anthropic says the fund will be structured as a wholly owned limited liability company and pledged 5% of its shares to the fund “today,” with an additional 2% added for every 50% increase in Anthropic’s value “above a set baseline” and “at the board’s discretion.” The post suggested that at least some of the funds could be used to study and address job disruption caused by AI. The company said that none of the funds would be used for political contributions or lobbying in the US or abroad. The plan is still subject to stockholder approval.—HVL

UTENSIL STRENGTH

Berkshire double dips for Bending Spoons

Emanuele Cremaschi/Getty Images

After investing $600 million in Bending Spoons in July, Berkshire Hathaway unexpectedly went back for seconds last week. The conglomerate agreed to invest an additional $330 million in the Milan-based tech company to take a 4% ownership stake, raising an important question for analysts: Is Berkshire (gasp) willing to live a little more dangerously?

What is Bending Spoons? It’s a holding company that acquires digital throwback brands like AOL, Vimeo, Evernote, and Eventbrite, then tries to optimize them for efficiency. CEO Luca Ferrari has cited Berkshire as an inspiration for the company.

Last October, Bending Spoons was valued at ~$11 billion.
It went public in July, and its market cap is now ~$30 billion.

Buffett departure: The Oracle in The Matrix may have been a fan of bending spoons, but it’s unclear how the Oracle of Omaha feels about the surprising decision to double down. Warren Buffett, Berkshire’s chairman emeritus, typically steered clear of tech companies not named Apple or Alphabet, though he was still chairman when Berkshire made the initial Bending Spoons investment.

Financially Abel: The move is a sign that CEO Greg Abel may be more interested than his predecessor in riskier, higher-growth tech stocks, broadening Berkshire’s base of mostly vanilla companies. Plus, $330 million isn’t going to dent Berkshire’s $365 billion pile of cash too much. The conglomerate got a good deal, too, buying Bending Spoons shares at $33 each. As of Friday, the stock was around $47.—BC

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calendar

The week ahead

The iPhone Duo on display at an Apple launch event. Picture Alliance/Getty Images

Discerning earnings: General Motors, SpaceX, and Netflix are scheduled to report earnings tomorrow, followed by post-Roadster-show Tesla and AI hyperscaler Meta on Wednesday. IBM, Lam Research, and Texas Instruments will also deliver results on Wednesday. Meanwhile, four airlines—American, United, Alaska Air, and Southwest—will each get the chance to explain how they’re navigating high fuel costs in their quarterly reports this week.

You got to know when to fold ’em: Apple’s first foldable iPhone hits stores on Friday—or at least, it’s supposed to. The tech giant has had a tough time keeping up with demand. Preorders for the iPhone Duo opened up last Friday, and the inventory set aside for launch day quickly sold out, despite carrying a starting price tag of $1,999. Apple has warned customers without a preorder to manage their expectations about getting a phone in a store this week.

Game on: The NBA season tips off tomorrow, with some marquee matchups. In one game, the defending champions, the New York Knicks, take on Polymarket pitchman LeBron James and the new-look Philadelphia 76ers, followed by a Western Conference showdown between the San Antonio Spurs and Oklahoma City Thunder. But if baseball’s more your speed, the World Series starts on Friday. The Milwaukee Brewers punched their ticket to the Fall Classic after sweeping the Los Angeles Dodgers last week, while the Cleveland Guardians and Tampa Bay Rays are still battling it out for the American League spot.

But wait, there’s more:

How bummed out are US consumers? The University of Michigan will release its final consumer sentiment reading for October on Friday.
The DC Universe’s latest installment, Clayface, is in theaters on Friday.

BRENDAN’S GOT GOOD NEWS

Job-seeking teen explores the shadows

Avi Lichtenstein/LinkedIn

Mondays are bad enough, so the Brew’s own Brendan Cosgrove scoured the internet for a positive news story to help you start the week off right.

When it comes to learning the ropes, 16-year-old Avi Lichtenstein is basically Tarzan. As the high school junior started getting anxious about his future career path, he launched a plan to taste-test as many jobs as possible. According to the Wall Street Journal, he paid two people he found through Craigslist to put flyers around New York City emblazoned with his picture, contact information, and a question for anyone with a job: “Could I shadow you for a day?”

The apprentice master: Employers started reaching out to him right away, and in the past few weeks, he’s shadowed a radio host, a dog groomer, and a ramen shop owner. He even accepted a part-time job at the ramen place.

Career year: Though he’s still not sure what he wants to do with his life (like we all definitely did when we were 16), several more employers have offered him shadowing gigs if he wants more options to explore.—BC

Reader Poll

Did you ever do any formal job shadowing?

Yes, in the trades.
Yes, in the health field.
Yes, in another sector.
No, what do you think I am, a groundhog?

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News

What else is brewing

Russian President Vladimir Putin has proposed a summit with President Trump and Chinese President Xi Jinping next month to discuss an end to the war in Ukraine, but Ukrainian President Volodymyr Zelensky will not be invited, according to the Wall Street Journal.
Four Canadian service members died and 39 people were injured when a fast-moving fire overtook them during a live-fire combat training in Alberta.
A Kansas driver who allegedly drove a truck through a youth soccer game on Saturday, killing one child and one adult, was released from custody yesterday without charges, pending further investigation.
Pope Leo told worshippers in St. Peter’s Square yesterday, “Now that this delicate phase is behind me, I will gradually resume my activities.”
You Can See Everything sold out more than 2,000 showings over the weekend in limited release.

recs

The science behind why people scream, whether they’re scared or not.
One turkey sub emerged as the clear winner in a three-way battle among Subway, Jimmy John’s, and Jersey Mike’s.
Here’s the case for why you would draft your own letters of recommendation, and how to do so (without AI).
Fishwife just dropped an advent calendar that is every tinned-fish lover’s dream.**

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Turntable: Your center letter is L, surrounded by K, N, T, E, I, and W. Can you make 50 words from those? Take them for a spin and play Turntable here.

High-flyin’ trivia

There are currently seven airports in the world that fly to every single continent (minus Australia). How many can you name?

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Answer

London Heathrow
Dubai International
Hamad International (Doha, Qatar)
OR Tambo International (Johannesburg, South Africa)
JFK in New York
LAX
Fiumicino International (Rome)

(Source)

Word of the Day

Today’s Word of the Day is: spate, meaning “a large amount.” Thanks to Suzanne Atcitty from Davidsonville, MD, and the flood of other readers who also made the suggestion. Submit another Word of the Day here.

✳︎ A Note From Doroni

This is a paid advertisement for Doroni’s Regulation A offering. Please read the offering circular at invest.doroni.io. Forward-looking statements were included here that the company believes to be accurate given the current information.

Written by Holly Van Leuven, Brendan Cosgrove, and Neal Freyman

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