Elon's satellite empire

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Hello and happy Sunday! Today’s Brunch is packed with surprising shifts across industries and some major moves from key players. Here’s what we’re covering:

• Utility stocks surge: They’re outpacing tech and AI this year as interest rates drop.

• Netflix dominates: Pulling ahead in subscribers and awards, but YouTube isn’t far behind.

• Developer decline: Once the kings of tech, software developer jobs are now on a downward trend.

• Startup M&A frenzy: Smaller startups are getting snapped up left and right in 2024.

• Elon’s satellite empire: Musk now controls 2/3 of all active satellites in orbit.

Shocking, Right?

The stock market buzz might be all about artificial intelligence (or the Fed if you’re more into the bigger picture), but it’s actually utility stocks that are leading the charge this year. 💧⚡️Companies dealing with electricity, water, and gas are up over 27%, outperforming sectors like Information Technology (+26%) and Communication Services (+25%).

So, why are utility stocks having their moment? For one, with interest rate cuts on the horizon, the lower borrowing costs are making these companies’ juicy dividends more appealing to investors. Plus, many utility stocks are indirectly tied to AI—these companies power the data centers fueling AI’s growth. 😉

Vistra Corp., a newcomer to the S&P 500, has shot up over 130% this year, and Constellation Energy Corp. (+71%) is riding high as the biggest nuclear power plant operator in the U.S. Both companies are hyping up the AI opportunity, with Constellation’s CEO emphasizing that data centers are crucial for national security and the future of medicine. Looks like AI and utilities are more connected than you’d think!

Netflix Is Officially The Winner Of Streaming Wars

Netflix is having a killer 2024 with its stock up around 50%, 278 million paying subscribers, and snagging the silver medal in this year's Emmy rankings. It’s pulling way ahead of rivals like Disney+, Prime Video, and Apple TV+ in terms of subscribers, revenue per user, and awards. But there’s one service giving Netflix a run for its money: YouTube.

According to Nielsen data, Americans now spend more time watching YouTube on their TVs than any other streaming platform, including Netflix. YouTube grabs 25% of the streaming time, while Netflix sits at about 20%. Despite YouTube being free (unless you’re paying for Premium), it’s raking in nearly as much revenue as Netflix—just 7% less last year, thanks to its massive ad revenue. And with 100 million paying subscribers for YouTube Premium, it’s clear this video-sharing giant isn’t just about cat videos anymore. 🍿🎥 

The Rise—And Fall—Of The Software Developer

Software developers used to be the kings of big salaries and sweet perks, but since the pandemic, things have shifted. Believe it or not, the U.S. now has fewer developers on the payroll than it did back in 2018. During the pandemic, demand for tech workers skyrocketed, but by 2023, many companies started cutting back and laying off developers. 🧑‍💻 👋 

ADP Research shows that while developer jobs were growing until late 2019, they’ve been on a steady decline since 2020. And even though developer salaries have gone up 24% from 2018 to 2024, that’s still behind the 30% growth for the average U.S. worker. Developers are still raking in cash, earning more than double the national average, but the glory days of constant hiring seem to have slowed down.

Big Fish Eating Small Fish

Startups are snapping up other startups like never before, making up 39% of all U.S. M&A deals this year, according to Crunchbase. 🐟 🦈 While we haven't seen any billion-dollar blockbusters like last year’s Databricks-MosaicML deal, there have been some big moves, like AlphaSense buying Tegus for $930 million and LetsGetChecked grabbing Truepill for $525 million.

What’s driving this? A lot of VC-backed companies are now unicorns, acting like big public firms by making acquisitions to grow. Plus, with startup valuations dropping, it’s easier for some to agree to sell. Expect more deals like these ahead.

Elon Now Controls 2/3rd Of All Active Satellites

Elon Musk now controls almost two-thirds of all active satellites orbiting Earth, thanks to the 7,000th Starlink satellite launch earlier this month. 🛰️ Since 2019, SpaceX has been adding an average of three satellites a day, bringing the total to over 6,300 active ones—making up 62% of all operational satellites in space. That’s about 10 times more than its closest rival, OneWeb.

Starlink is already operating in 102 countries, with more than three million customers using its $300 dish for high-speed internet. Musk isn’t stopping there though—he’s aiming for 42,000 satellites to blanket the globe with coverage. The only countries not on Starlink's list are ones like China and North Korea, but some have still managed to get access through smuggled equipment. While some worry about Musk’s growing power with Starlink, Tesla, and Twitter, he keeps expanding, bringing global internet access to new places. 🛜 🌐