Good morning. There’s been a new development in the chess cheating scandal: Magnus Carlsen has finally broken his silence. Yesterday afternoon, in his first official statement since the incident, the world champ explicitly accused 19-year-old American grandmaster Hans Moke Niemann of cheating to beat him at the Sinquefield Cup earlier this month.

“His over the board progress has been unusual, and throughout our game in the Sinquefield Cup I had the impression that he wasn’t tense or even fully concentrating on the game in critical positions, while outplaying as black in a way I think only a handful of players can do.”

What do you think? Hit reply and let us know.

In today’s edition:

• 🧈 The looming butter shortage
• 📈 US energy bills this winter = up-and-to-the-right
• 🛰💥 NASA’s smashing success

… and more.

🚀⏰ Ready, Set, Go: Today’s news takes 3.60 minutes to read.

“If you want to be happy, set a goal that commands your thoughts, liberates your energy, and inspires your hopes.”

–Andrew Carnegie (1835-1919)

Forget cuffing season — it’s about to be baking season. And this year, we may have to go through it a little short on one key ingredient: butter.

According to the Agriculture Department, the amount of butter in US cold storage facilities at the end of July was down 21% year-over-year to its lowest level since 2017. Which probably isn’t a great sign, considering manufacturers typically produce much of their butter during the first half of the year, to be stored ahead of when demand is at its strongest: the winter holidays.

🧈📉 Driving the trend… High prices for livestock feed and labor shortages, as well as other persisting economic and geopolitical factors, the WSJ reports.

Though to put it simply, the supply chain alllllll starts with milk (the ad execs behind the “Got Milk” campaigns are high-fiving rn). And not to state the obvious, but a large portion of milk consumed in the US comes from cows. This is important because a labor shortage and higher prices for feed are reportedly leading farmers to have less animals. Less cows means less milk, which in turn leads to less butter.

• Milk production was down 1% through June, compared to a typical annual growth rate of 1.5%-2.5%.
• Lower supply + consistent/strong demand = higher prices. The price of butter is up ~25% year-over-year, trailing only eggs – the leading grocery store inflation item – which clocks in at 40%.

+One interesting thing: Per the WSJ, the dairy industry’s pecking order gives bottlers first dibs on the milk supply; then manufacturers of ice cream, yogurt, and cheese; then butter churns.

Or to use an analogy, bottlers are driving the car; ice cream, yogurt, and cheese manufacturers get shotgun and the two window seats; and butter churns are riding 🤫… in the middle seat.

US heating costs are expected to increase by 17% this upcoming winter to reach their highest level in ten years, per a new report from the National Energy Assistance Directors Association, an org that helps provide federal energy grants to low-income families.

In hard numbers, average costs are estimated to be $1,200/household over the next several months, up from $1,025 in 2021-2022.

🛢️ A deeper dive… The NEADA estimates that 91% of Americans' heating and cooling costs are tied to the price of natural gas. And domestic supply of natural gas has been limited in recent months due to Russia’s invasion of Ukraine, as well as the retirements of several coal-based and nuclear power plants in the US.

• Overall, natural gas accounted for 38% of all electricity generated in the US last year. And the NEADA is projecting a 42% jump in household electricity costs this winter as well, compared to pre-pandemic data.

🌍 Zoom out: America isn’t the only country short on natural gas at the moment; prices in Europe have increased ~200% since mid-June, and are currently about six times higher than their 2021 average.

+In the know: ~20% of US households have missed or made a late payment on their utility bill in the last month, per a Bank of America report published Friday.

Three men, including a father-and-son duo, were charged with fraud and other crimes by federal prosecutors yesterday for orchestrating a market manipulation scheme that led to a tiny New Jersey deli having a $123 million market cap as recently as last year.

🥪📈 Background: Your Hometown Deli, which closed its doors earlier this year, did $35,000 in sales across 2020 and 2021 combined. Yet somehow the deli’s holding company, Hometown International, saw its stock nearly quadruple to reach a market cap north of $100 million over that same period – which is odd, considering the deli-in-question was the only operating business in its entire portfolio.

🤔 What (allegedly) happened?... Federal prosecutors say one of the men convinced the owners of Your Hometown Deli to create a parent company, Hometown International, around 2014.

• Unbeknownst to the owners, the man and his two associates allegedly gained control of Hometown International in 2019, then illegally drove up its share price alongside that of another shell company they controlled.
• All in all, Hometown International’s stock was boosted by 939% – while the second shell company’s stock rose nearly 20,000%.

👀 Looking ahead… The three defendants could face maximum prison sentences of 20+ years apiece if convicted, as well as fines of at least $5 million.

Why? Because you’re a dedicated reader of the DONUT. We appreciate you!🙏🍩

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A Swedish startup called OceanSky recently announced plans to offer low-emission luxury cruises to the North Pole beginning in February 2024… on a custom ship that flies through the sky, and is staffed by singing workers with a particular love for candy, candy canes, candy corns, and syrup (we made up the last part, but one can dream).

🚢☁️ More deets… The 2,100-square-foot airship can fit up to 16 passengers and eight crew members (who are not mythical creatures), including a full-time chef. Plans show a restaurant, lounge, and bar onboard.

• For its initial series of voyages, OpenSky’s airship will travel from Longyearbyen, Norway, to the North Pole, cruising at an altitude of ~1,000 feet.
• The airship will set down at its destination for six hours, before making the return journey back to Scandinavia. The whole experience lasts about 36 hours in total – and it’s pretty expensive.
• Tickets start at $205,000, though they also come with an equity stake in the startup.

👀 Looking ahead… If the initial North Pole trips prove successful, OpenSky is also planning to launch a six-day airship cruise across South Africa.

+In other travel news: The Biden administration proposed new rules yesterday that would require airlines and online travel agencies to disclose fees for additional perks, like advanced seat selection or checked baggage.

💬 Quoted…​​ “All he had to do, other than give his name and likeness, was make one two-hour appearance to announce the deal. And he turned it down.”

• According to Michael Jordan’s longtime agent, David Falk, the NBA legend has declined more than his fair share of lucrative deals – including a $7 million sum to play in a golf tournament in the Philippines, and an unnamed commitment that would’ve paid him $100 million (outlined above☝️).

🏘️📈 Stat of the Day: Land now accounts for 47% of US home values, up from 38% in 2012 and less than 20% in the early 1960s, per Morris Davis, a professor of finance at Rutgers Business School. The rising value of land is responsible for nearly all of the increase in home values in recent decades, he said.

🤯 Did You Know?... The fax machine was first invented in 1843 – 33 years before the telephone.

📖 Worth a Read: The Fast-Food Chain With a Sold-Out Fashion Line → (WSJ)

📊 Poll results: On Monday, we asked how y’all think tech platforms should handle political content.

• 18% thought they should ensure that it reaches as many people as possible (like Google), 53% said to institute a blanket ban (like TikTok), and 29% preferred something in the middle.

See the full 360° view here.

• ☝️ Dude Perfect recently announced plans to build a new $100 million HQ in North Texas featuring a 330-foot trick-shot tower.

BUSINESS & MARKETS

• 📉 The S&P 500 closed at its lowest level of 2022 yesterday and the Dow entered bear market territory – down 20% from its recent peak; all three major US indexes fell. (Dow: -1.1% | S&P: 1.0% | Nasdaq: -0.6%) | Apartment rents across America declined on a monthly basis in August for the first time since December 2020, per a report from property data company CoStar Group.
• 🛒 Amazon is holding a second Prime Day this year; it’ll take place on October 11-12.
• 📱 Apple will produce its new iPhone 14 in India.

SPORTS, MEDIA & ENTERTAINMENT

• 🏈 The NFL announced plans to replace the Pro Bowl with a weeklong skills competition and flag football game, called “The Pro Bowl Games.”
• 🎮 Walmart officially entered the metaverse yesterday with two new worlds in Roblox: Walmart Land, and Walmart’s Universe of Play.
• 🍿 The Last of Us on HBO released its first trailer | The re-release of Avatar earned $10 million in North America over the weekend, and took the No. 1 spot on global charts with $30.5 million. (Background)

SCIENCE, SPACE & EMERGING TECH

• 🚀☄️ NASA’s DART spacecraft successfully crashed into the binary asteroid Didymos yesterday evening. (Background)
• 🪐 A crewed visit to Venus should happen before a similar Mars mission, per a new proposal from Johns Hopkins University researcher ​​Noam Izenberg.
• 🐺 Chinese firm Sinogene Biotechnology has successfully created the world's first cloned Arctic wolf.

EVERYTHING ELSE

• 🇷🇺 NSA whistleblower Edward Snowden was granted Russian citizenship by President Vladimir Putin yesterday.
• 🇨🇦 Canada is dropping all Covid travel and border restrictions.
• 🚨 Interpol issued a ‘red notice’ for disgraced crypto founder Do Kwon, South Korean officials revealed yesterday; Kwon has been accused of fraud pertaining to his failed stablecoin project TerraUSD, which led to combined investor losses of ~$60 billion. (Background)

You're looking at G, a 39-year-old alligator from the Scovill Zoo in Illinois, who got quite the special treat last week. 

• It was the end of the season at local waterpark Splash Cove, and G was brought in to take a few laps around the lazy river before employees drained the pool for the winter. 

🐊 💧 Taking a dip... The zoo shared that G "loved freshening up on his swimming skills, floating in the river current, and let us know that he enjoyed his trip to the lazy river by refusing to leave." 

The trip will hopefully become an annual tradition. 

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1. England
2. Scotland
3. Wales
4. North Ireland