November 11, 2026

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Good morning. Today is Veterans Day, when Americans honor all who have served the country in the armed forces. We’re sending our gratitude to all veterans, including:

Holly’s dad, Bill, who served in Vietnam as an Air Force sergeant.
Adam’s late grandfathers, Leonard and Bernard, who served in the Army in WWII.
Neal’s late grandfathers, Newt and Theodore, who served in the Army in WWII.
Abby’s late grandfathers, Charlie and Irving, who served in the Army in WWII, and late grandmother, Shirley, who joined the Navy WAVES in WWII.
Molly’s late great uncle, Lenny, who served in the Army in the Korean War.
Brendan’s uncle, Bill, who served in Vietnam in the Marines, and late grandfathers, Mark and Orrie, who served in the Army in the Korean War.

What’s open today: the stock market, most retail stores, and national parks (which are free today).

What’s closed: most banks, the US Post Office, public schools, and libraries.

—Matty Merritt, Sam Klebanov, Dave Lozo, Adam Epstein, Neal Freyman

In today’s newsletter, we’ll get into: inflation still dogging the US economy, Amazon launching a flying home security camera, and Beehiiv ditching job titles.

Markets

Nasdaq

25,065.88

-0.74%

S&P

7,520.93

-0.38%

Dow

52,231.89

-0.30%

10-Year

4.983%

+12.0 bps

Bitcoin

$73,873.14

-1.41%

Hims & Hers

$19.13

-16.61%

Data is provided by

*Stock data as of market close, cryptocurrency data as of 4:30pm ET. Here's what these numbers mean.

Markets: Stocks dipped yesterday after the latest inflation data came in hotter than expected (more on that below). Meanwhile, Hims & Hers receded by more than a hair following the telehealth company’s earnings miss.

UP, UP, AND AWAY

Inflation up in October = likely rate hike for Xmas

A close-up of an egg with a price sticker on it that reads $$$$$.

Morning Brew Inc.

If you somehow avoided buying anything last month, it’s time to face the music: Prices were up almost everywhere. The Labor Department released its October inflation data yesterday, finding that the Consumer Price Index rose 0.4%, slower than September’s 0.6% increase, but still stubbornly higher than the Federal Reserve or the public wants.

Food and housing played a big factor in driving up inflation. Food prices jumped 0.5% last month, while grocery prices soared the most they have since April, with a record 5.1% spike in baby food and formula costs:

Elsewhere, shelter costs edged up 0.3%, which accounted for 30% of the Bureau of Labor Statistics’s headline increase.
Energy costs were up 0.7%, but compared with the 5.2% jump in September, the less severe increase was welcome. Gas prices averaged $4.32 per gallon last month, according to AAA data.

We’re missing something...Last year’s government shutdown in October means the Labor Department didn’t have year-over-year inflation data. The New York Times and The Wall Street Journal both estimated that annual inflation was around 4%.

What does this mean for the Fed?

If there was any question about whether there would be a rate hike at December’s Fed meeting before this report, it’s clear now. This was the last CPI report before the December meeting, and while CPI isn’t the Fed’s preferred metric to track inflation, it’s extremely likely that the central bank will announce a quarter-point increase.

Could the Fed go higher? Before the inflation data was released, Fed Gov. Christopher Waller said that if Core CPI (which excludes more volatile food and energy prices) were to jump by 0.3% or more, the Fed might need to be more aggressive and increase rates by a half-point. And, well, core inflation was up 0.3%.—MM

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World

Tour de headlines

Dario Amodei sitting in white chair with pink background

Chance Yeh/Getty Images

💸 Anthropic is reportedly seeking a $1.4t valuation when it goes public. The $1.4 trillion (yes, that’s trillion, with a “t”) figure, which was revealed in securities filings yesterday, is lower than the $2 trillion valuation that Anthropic investors floated over the summer, but it would still be one of the biggest Wall Street debuts of all time. The Claude maker plans to list on Nasdaq under the ticker “ANT,” selling 825 million shares at a range of $70 to $78 apiece. The news comes at a pivotal time for the AI trade, which has been dinged in recent days due to ongoing concerns about overspending and fears that a majority Democratic Congress will be more critical of the industry.

⚖️ Shareholders sue Nvidia over Huang’s affair with alleged Chinese spy. Investors in the tech giant filed a class-action lawsuit in California yesterday, accusing the company of misleading them by failing to disclose CEO Jensen Huang’s relationship with a woman whom US authorities believe is a Chinese intelligence asset. The lawsuit argues that Nvidia’s alleged mishandling of the situation “artificially inflated” its stock price. Experts believe the suit is likely to be just the first of many against the company in the wake of the scandal. It comes as Nvidia hires the law firm Wachtell Lipton to conduct an independent investigation into Huang and whether he compromised national security.

🗳️ Rep. Jim Jordan elected House Minority Leader. The Republican Congressman from Ohio, a Trump ally known for his combative style, was named the next minority leader following a secret ballot vote of his colleagues. Starting in 2027, he will take over as the highest-ranking GOP member of the House of Representatives, after last week’s Democratic drubbing in the midterms prompted Speaker Mike Johnson to step down from the party’s leadership. Jordan will be tasked with returning the GOP to a majority following its worst defeat in decades.—AE

Droning on and on

Amazon unveils drones to look after your home

Small drone flying around the inside of a home kitchen and living room

Amazon

A whizzing sound will soon spell trouble for teens sneaking out at night. Yesterday, Amazon’s Ring debuted an AI-guided indoor home surveillance drone, alongside an autonomous wheeled robot to patrol businesses.

For homes: Coming six years after it was first announced, the $250 Ring Drone Cam will let you monitor your dwelling—without stuffing it with cameras:

The flying camera can do scheduled sweeps or respond to activated window sensors and Ring cams by zooming around in established paths for 5–8 minutes.
Flashing LED lights serve to deter intruders (and warn your cohabitants they’re being watched).
Safeguards prevent it from venturing outside, which would be illegal.

For businesses: Amazon unveiled Ring Rover, a surveillance robot equipped with a 4K video-streaming periscope camera and a two-way audio system. Priced at $1,000, it can roam floor space of up to 5,000 square feet, beaming a light into the ceiling for easier tracking. Sound familiar? Rover is a slightly tweaked (and cheaper) version of Amazon’s short-lived security robot Astro that flopped after its release in 2021.

When’s the panopticon coming? Rover will ship to customers next month, while the home drone will be available in January, pending FCC approval.

Up next…Amazon is also reportedly ramping up efforts to develop domestic helper robots, racing rivals like Apple.—SK

Glasses half full

The glasses, powered by Google’s Gemini and fashioned with a camera, will put Warby Parker in a staredown with the Ray-Ban Meta AI version in the fledgling smart eyewear market:

They’ll be able to research objects, provide audio navigation directions, offer live translation, and snap photos.
Warby Parker says a sleek design makes the face computers wearable all day.

Preorders start tomorrow, and the company expects to start shipping them next month.

Some are side-eyeing. Critics warn that growth in the company’s non-smart eyewear business has slowed, while its valuation hinges on an “untested future product.”—SK

Veterans Day trivia

Veterans Day falls on the 11th day of the 11th month to commemorate the end of which war that concluded major hostilities on Nov. 11, 1918?

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Answer

World War I

Word of the Day

Today’s Word of the Day is: fledgling, meaning “new, unestablished, or inexperienced.” Thanks to Cynthia from Illinois for the suggestion. Submit another Word of the Day here.

✳︎ A Note From Doroni

Images were created in part using AI or computer rendering. Reservation of the ticker symbol is not a guarantee that Doroni will be listed on the NASDAQ. Listing on the NASDAQ is subject to approvals. Forward looking statements were included here that the Company believes to be accurate given the current information. This is a paid advertisement for Doroni Regulation A offering. Please read the offering circular at invest.doroni.io

Written by Adam Epstein, Matty Merritt, Sam Klebanov, Dave Lozo, and Neal Freyman

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☕ Rate hike for Xmas