Good morning. In today’s edition:

• ⚡ Big Tech is seeking enough energy to power AI
• 🍫 The chocolate industry is dealing with a supply crisis
• 😒 California and State Farm aren’t getting along

… and more.

🚀⏰ Ready, Set, Go: Today’s news should be about a 4.59-minute read.

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P.P.S. Apologies for the delayed send today. We're in the process of rolling out a new technology platform and encountered some difficulties.

“Whatever we plant in our subconscious mind and nourish with repetition and emotion will one day become reality.”

–Earl Nightingale (1921-1989)

Last week, thousands of executives gathered in Houston for the global energy industry’s annual flagship conference, where the dominant theme was a relatively new topic – artificial intelligence.

More specifically, the energy and tech executives in attendance discussed AI’s Garfield-sized appetite for electricity, along with the likelihood that it’ll create a significant new source of energy demand over the next several years.

Much like Tony Montana, AI has a strong thirst for power

While it isn’t clear exactly how much electricity new AI data centers will require in the coming years, most experts at the conference agreed the technology’s demand for power is poised to grow – and grow fast.

• John Ketchum, the CEO of utility NextEra Energy Inc., told attendees that US power demand – which has been relatively flat for the past two decades – will increase by an estimated 81% over the next five years.
• And Toby Rice, chief of America’s largest natural gas driller, EQT Corp., cited a prediction that AI will use more power than all US households by 2030.

The projected spike in demand could challenge America’s climate goals. The Biden administration has committed to eliminating all carbon emissions from the US electricity sector by 2035. But, in recent weeks, officials have said that goal could be jeopardized by the exponentially increasing energy needs associated with AI.

• Many tech firms have turned to fossil fuel companies to strike deals for future electricity generation, since renewable sources like wind or solar can’t always provide consistent power necessary for AI systems – and nuclear projects are too expensive and time-consuming to build.

👀 Looking ahead… America’s data centers are projected to account for 7.5% of all US energy consumption by 2030, up from 2.5% currently, with a majority of the increase attributed to growth in AI applications, per Boston Consulting Group.

📊 Flash poll (long-form): In your opinion, should the US first prioritize economic growth or climate goals when planning for the future?

• Economic growth
• Climate goals
• Roughly equal balance between the two

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🇬🇧 Princess Catherine of Wales revealed she was diagnosed with cancer. In a two-minute video message released on Friday, Kate said she’s undergoing preventative chemotherapy to treat an unspecified type of cancer, which was discovered following abdominal surgery in January. Kate’s announcement came after intense public speculation about her health, which intensified when photo agencies withdrew a photograph of the princess two weeks ago over concerns of digital alterations.

🇷🇺 Russia experienced one of its deadliest terrorist attacks in decades. On Friday, multiple gunmen in military fatigues entered a crowded Moscow concert theater and started shooting into the crowd, then proceeded to set the building on fire. Russian authorities on Saturday said they detained 11 suspects in connection with the attack, which killed at least 133 people and injured more than 180 others. Extremist group Islamic State (ISIS) claimed responsibility for the attack, with US officials saying they believe an Afghanistan-based branch known as ISIS-K was responsible. In a nationwide address, Russian President Vladimir Putin claimed the suspected gunmen were attempting to flee to Ukraine after the attack, with Ukrainian officials denying any involvement.

🇺🇦 Ukraine is struggling with a growing shortage of troops. Ukraine’s military, which currently features ~600,000 personnel, has requested 500,000 more troops to support its ongoing war against Russia in the coming months or years. Some 31,000 troops have been killed in action, according to Ukrainian officials, though outside analysts estimate the total is far higher. Ukraine’s parliament is currently considering a bill to lower the age of conscription from 27 to 25, though politicians say the move is “an unpopular decision” among the country’s population.

Chocolate prices and college students on spring break have something in common – they’re both really high rn. On Friday, cocoa futures closed at a record $8,939 per metric ton, a 12% increase over the previous week and 205% higher than this time last year.

And, in news that’ll make Willy Wonka’s supply chain team as unhappy as Augustus Gloop, there doesn’t appear to be any relief in sight. The price of cocoa, a key ingredient in chocolate, has been steadily marching upward since mid-2022 – and the crystal ball says it’s got more room to run.

The issue: About 70% of the world's cocoa beans come from four West African countries: Ivory Coast, Ghana, Nigeria, and Cameroon. These countries all lie within a tropical zone around the Equator, providing ideal climate conditions for growing cocoa trees.

And therein lies the rub – the weather. Massive rains, followed by a dry spell coupled with winds have created harsh growing conditions for the beans. Pests and disease haven’t helped either.

• This weather- and- disease- induced growing problem is causing cocoa harvests to come up short for the third year in a row, with the future still in flux, per NPR.
• The cocoa market will be short 374,000 tons this season, up from a shortfall of 74,000 tons last season, according to the International Cocoa Organization.

👀 Looking ahead… US chocolate prices are already elevated – they increased 11.6% in 2023 compared to the previous year – and Hershey’s and Cadbury-maker Mondelez have warned they’ll go even higher.

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💬 Quoted… “I know I’m not going to the NBA, but I know, on any given night, I can compete with those guys and our team can compete with those type of guys.”

• Oakland University guard Jack Gohlke etched his name into the history books over the weekend, draining a whopping 10 three-pointers – tied for the second most in men’s March Madness history – in the No. 14 Golden Grizzlies’ upset victory over No. 3 Kentucky. And Oakland wasn’t the only significant underdog to come out on top in the men’s tournament – other major upset winners included No. 13 Yale, No. 12 James Madison, and No. 12 Grand Canyon (though none of the above teams ended up advancing to the Sweet Sixteen). See the full bracket results here.

🚫🏘️ Stat of the Day: If you’re a TV in California this upcoming NFL season, prepare to be yelled at every time Patrick Mahomes appears on the screen during a commercial. State Farm announced it will be discontinuing insurance coverage for 72,000 houses and apartments in California, or 2% of its policies in the state, starting this July. The insurance giant cited rising costs, outdated local regulations, and increased risks from environmental disasters like wildfires – the same reasons that initially prompted the company to stop issuing any new home insurance policies in California nine months ago.

🤔 Did You Know?... The average American travels 42 miles every day, including driving, walking, biking, and public transit, per data from mobility analytics platform Replica – which just makes The Proclaimers’ walking 500 miles all that more impressive.

📰 Worth a Read: An Empire Divided: The inside story of how GE CEO Larry Culp dismantled the 131-year-old American giant → (Bloomberg)

• ☝️ Celebrations for Holi, the Hindu festival of colors and love which marks the beginning of spring, kicked off yesterday; a majority of global festivities are scheduled for today.

BUSINESS & MARKETS

in partnership with Masterblend

• 💰 US markets closed mixed on Friday (S&P: -0.1%; Dow: -0.8%; Nasdaq: +0.2%); the S&P notched its best week of the year (+2.3%).
• ✅ Truth Social, the social media network created by former President Trump, will make its public debut on the Nasdaq soon following a positive shareholder vote from SPAC Digital World Acquisition.
• ✈️ The FAA is stepping up scrutiny of United Airlines following recent flight mishaps.

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SPORTS, MEDIA & ENTERTAINMENT

• 🏀 Women’s March Madness: No. 11 Middle Tennessee St. defeated No. 6 Louisville on Friday, in the only upset of the First Round on a seeding basis; day two of Second Round action tips off this afternoon.
• 🍿 Ghostbusters: Frozen Empire led the domestic box office with $45.2 million in its opening weekend.
• ⚾⚖️ Ippei Mizuhara, the former interpreter for LA Dodgers star Shohei Ohtani, is being criminally investigated by the IRS alongside an alleged illegal bookmaker; Mizuhara was fired by the Dodgers last week following media reports saying he used Ohtani’s personal bank account to pay his own alleged gambling debts. (Background)

SCIENCE, SPACE & EMERGING TECH

in partnership with Paleovalley

• 💎💪 A rare “super-diamond,” aka a form of carbon that’s 30% stronger than conventional diamonds, can be created on Earth under certain specific conditions and may already exist on other planets, per a new study.
• 🚁 DoorDash is partnering with Alphabet's Wing to begin fast-food drone delivery from a Wendy’s in Christiansburg, Virginia.
• 🧠 Neurological conditions are the leading causes of illness and disability worldwide, affecting more than a third of the global population, per a new study published in The Lancet Neurology.

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MISCELLANEOUS

• 🇺🇸 A record-high 107,941 Americans died from drug overdoses in 2022, per new CDC figures.
• 🍗 Chick-fil-A announced plans to end its decade-old pledge of “no antibiotics ever” in its chicken; the company is switching to a new standard that avoids medications commonly used to treat humans.
• 🏛️ Rep. Mike Gallagher (R-WI) announced plans to resign his seat on April 19, which will reduce Republicans’ congressional majority to a single vote. | 🏛️ Rep. Marjorie Taylor Greene (R-GA) filed a motion to vacate the House speaker's chair, marking the first step toward a potential vote to remove Speaker Mike Johnson (R-LA).

CLICKBAIT

• ✈️ The best (and worst) airports for on-time departures.

Monday: Former President Trump’s deadline to secure a $454 million bond to appeal his NYC civil fraud case

Tuesday: SCOTUS considers a challenge to the legality of the abortion pill mifepristone; RFK Jr. to announce his running mate

Wednesday: National Joe Day

Thursday: Holy Thursday; FTX founder Sam Bankman-Fried faces sentencing for fraud and conspiracy

Friday: Good Friday; Beyoncé's Cowboy Carter drops; Godzilla x Kong: The New Empire hits theaters nationwide

On Friday, we covered a federal antitrust lawsuit against Apple from the DOJ, 16 states, and the District of Columbia alleging that the tech giant’s policies around its products are harming consumers.

❓ Our question to you: In your opinion, is Apple harming consumers with its walled garden model?

• 👍 Yes: 46%
• 👎 No: 34%
• 🤷 Unsure/other: 20%

Click here to read some of the best longform responses.

+Note on sample size: We received 3,597 votes and 382 longform responses.

Deanna Stellato-Dudek and her figure-skating partner Maxime Deschamps finished their routine at the World Figure Skating Championship to a roaring standing ovation. 

• As they claimed the world title, 40-year-old Deanna also became the oldest female athlete in any skating discipline (singles, pairs, or ice dancing) to win a world championship.

🗯️ What she's saying: The athlete was overwhelmed with emotion as judges announced the winners. "[My age] is something I carry with pride," she shared later on. "I hope a lot of athletes stay around a lot longer. I hope it encourages people to not stop before they reach their potential and I hope it transcends into other areas, not just in sports, but also in other areas of life, like work and professional careers.”

Guess the definitions of the following Greek/Latin root words.

1. Avi
2. Brachi
3. Calyp
4. Dino
5. Eur

(keep scrolling for the answers)

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1. Avi = Bird (e.g., aviary)
2. Brachi = Arm (brachial artery)
3. Calyp = Cover (apocalypse)
4. Dino = Terrible (dinosaur)
5. Eur = Wide (Europe)