Good morning. In today’s edition:

• 📝 Breaking down America's largest basic income study
• 🍪 Google says cookies are here to stay
• 🤖 “Hey Alexa – make us some money”

… and more.

🚀⏰ Ready, Set, Go: Today’s news should be a ~4.92-minute read (1,309 words).

P.S. Did someone forward you this email? Subscribe here for free.

“People find it far easier to forgive others for being wrong than being right.”

–Albus Dumbledore (1881-1997)

In recent years, the concept of “basic income” – no-strings-attached cash transfers to everyday citizens, often targeting low-income groups – has surged in popularity across America, leading to ~150 such pilot programs in 35 US states.

The largest of these studies comes from OpenResearch, a project backed by OpenAI founder/CEO Sam Altman, which recruited participants for its trial starting in 2020.

• Over the following three years, OpenResearch gave 1,000 lower-income people in Illinois and Texas $1,000/month with no strings attached, while a control group of 2,000 others received $50/month.

The results are in

In a pair of research papers published Sunday, OpenResearch says it found a wide range of positive and negative impacts associated with its basic income pilot study.

First, the positive: Recipients of basic income mostly used the funds to buy essentials like food, rent, and transportation, with the largest increase in spending going towards financial support for family and friends.

• Additionally, participants receiving basic income were able to dedicate more time to their health care, with 26% more hospital visits than the control group.
• They also had a higher chance of going to the dentist, and reported cutting down on taking unprescribed painkillers and excessive drinking.

On the flip side: Researchers say the basic income payments had virtually no impact on the recipient’s ability to get a better job, or invest in additional education or training.

• They also conclude the transfers “did not improve participant’s long-run financial position,” due in part to a slight cutback in working hours (many times because of childcare/family reasons) and increased borrowing (as recipients took on more car loans and mortgages).
• And, while the study shows basic income helped some recipients pay for medical procedures, researchers say they “do not find direct evidence of greater access to healthcare or improvements in physical and mental health.”

Looking ahead… The OpenResearch team is planning to release more analysis on the impact that basic income had on the educational outcomes of recipients’ children.

📊 Flash poll: Would you be in favor of a government program that provides basic income to lower-income Americans with no strings attached?

• Yes
• No
• Unsure/other

When it comes to capturing the essence of nature’s beauty, Scott Kemper is second to none. Clients repeatedly emphasize the impact of his work on their living spaces – from evoking inspiration and serenity to creating a focal point sure to attract attention and conversation.

• 🌊 For the remainder of July, Scott Kemper Imagery is offering exclusive pricing on a selection of magnificent beaches and shorelines from around the globe.
• 📞 You can also directly connect with Scott for a consultation to ensure perfect sizing and the perfect piece for your home.

View Scott Kemper’s Coastal Collection here – exclusive to DONUT readers.

🇬🇧 The UK unveiled the design of its newest fighter jet. The Tempest fighter jet line features a larger wingspan with improved aerodynamics, along with radar that provides 10,000x more data than current technology. The joint project between the UK, Italy, and Japan is set to enter into service in the UK’s military by 2035, and will contribute an estimated $48 billion to the country’s economy by 2070.

🇨🇳 China is increasing its retirement age. China’s current retirement age of 60 for men and as early as 50 for women are both among the world's lowest. On Sunday, China’s government announced plans to gradually raise its retirement age – which determines when citizens can start drawing a state pension – to an unspecified figure by 2029, in an effort to relieve pension budget deficits amid a growing senior population. Beijing didn't reveal further details of the plan, though analysts predict the retirement age will ultimately be set at 65 for all workers.

🐟 Salmon is getting more expensive due to sea lice infestations. Top salmon producers, including Canada, Norway, and Chile, are clamping down on farms for both intentionally and unintentionally releasing lice-infected salmon into the wild, which in turn are decimating wild populations. In recent months, this issue has caused global salmon production to fall and prices to soar, with effects seen across the US (where salmon is the second most-popular seafood, behind shrimp).

On Monday, the tech giant announced it won’t be phasing out the use of cookies on its Chrome browser after all.

• For those unfamiliar, browser cookies are a piece of tech that logs the activity of internet users across websites, allowing advertisers to serve them more targeted and relevant ads. Consumer advocates argue cookies invade user privacy because they can be used to compile detailed profiles that include sensitive information, such as a person’s medical history.

The best-laid plans…

Google’s broad idea to replace cookies, called Privacy Sandbox, was to relay anonymized browsing data to advertisers so they can then target specific user cohorts.

However, rather than phasing out cookies (which it’s promised to do since 2019), the tech giant now says it will “introduce a new experience in Chrome that lets people make an informed choice that applies across their web browsing” (though details are sparse as to what this actually means).

In the know: In a blog post announcing the change, Google implies it’s keeping cookies because the replacement “requires significant work by many participants and will have an impact on publishers, advertisers, and everyone involved in online advertising” (though regulation was also likely an issue).

Some more subtext: Removing cookies results in less-personalized targeting data, which could lead to lower-performing ads – which in turn lowers ad prices, hurting Google-parent Alphabet (which generates ~78% of its $307 billion in annual revenue from advertising). Both Firefox and Safari saw lower ad prices after restricting cookies.

+Dive deeper: How the $600 billion/year online advertising industry is responding to Google’s announcement.

We all want to succeed – but not at the cost of our mental, physical, and emotional health.

🧩 Check out Life's a Game by Amanda Goetz, weekly newsletter about achieving success without burnout from someone who gets it (Amanda's a 2x Founder, 4x CMO, and single mom of three).

Sign up FREE to get weekly practical tips on personal/career growth, productivity, and mental health.

Join 110,000+ readers and learn to play the game of life at a new level.

“We worried we’ve hired 10,000 people and we’ve built a smart timer.”

• When Amazon launched the Echo smart home devices with its Alexa voice assistant in 2014, the plan was simple: sell the devices at a loss so that users will spend meaningful amounts of money on Amazon via use of the device in their everyday lives. A decade later, however, it’s become clear the retail giant’s plan had more holes than Stanley Yelnats’ experience at Camp Green Lake. Hundreds of millions of Alexa users are mostly relying on free apps to set alarms and check the weather, causing Amazon to bleed money in recent years, according to a new WSJ report. Between 2017-2021, the company reportedly lost $25+ billion on its devices business, which includes Echos, Kindles, Fire TV Sticks, and video doorbells. But the tables could soon turn. Amazon is reportedly planning to introduce a paid Alexa tier as soon as this month.

• ☝️ NASA released 25 never-before-seen images of cosmic objects – including the largest known spiral galaxy (bottom right) – to celebrate the 25th anniversary of its Chandra X-ray Observatory.

BUSINESS & MARKETS

in partnership with Wine Insiders

• 💰 Major US markets fell across the board (S&P: -0.2%; Dow: -0.1%; Nasdaq: -0.1%); the smaller company-focused Russell 2000 continued its positive run, increasing 1%. (More: The stock market could be undergoing a rotation) | 🪙 Ether ETFs began trading; volume topped $1 billion on day one.
• 💸 Earnings bonanza: GM (-6%), Coca-Cola (+0.3%), Alphabet (-2% after hours), UPS (-12%), Tesla (-8% after hours), Visa (-1%; -3% after the bell), and Spotify (+12%) all reported quarterly earnings yesterday. Note: Share performance is as of 11 pm ET on Tuesday.
• 🏡 Home prices hit a new record high in June for the second straight month; the national median existing-home price was $426,900.

*From our partners: 🍷🥳 Your exclusive wine adventure starts here… Wine Insiders offers 300+ expert-curated wines. Explore diverse varietals, detailed tasting notes, and collections from celebrity partners. Hassle-free delivery options. Get 40% off your first Wine Insiders order today (offer applies at checkout).

SPORTS, MEDIA & ENTERTAINMENT

• 🏈 The NFL and its Players Association are holding high-level discussions about the possibility of expanding the regular season from 17 to 18 games. | 🏀👀 The WNBA All-Star Game drew 3.44 million viewers, per Nielsen; that figure is over 2x higher than the previous All-Star Game record and marks the third most viewed WNBA event ever.
• 🎤 Celine Dion is reportedly performing at the Olympic Games in Paris, potentially during Friday’s opening ceremony; it would mark her first performance since being diagnosed with Stiff Person Syndrome in December 2022.
• 🏛️📈 HBO’s Veep saw a 353% spike in viewership on Monday following the launch of VP Kamala Harris’ 2024 presidential campaign. | 🏌️ Former President Trump appeared on a “special episode” of pro golfer Bryson DeChambeau’s “Break 50” YouTube show.

SCIENCE, SPACE & EMERGING TECH

in partnership with NoNetz

• 🤖 Meta CEO Mark Zuckerberg publicly called on the tech industry to focus its generative AI efforts on open-sourced models; Zuckerberg also unveiled Llama 3.1, the largest-ever open-source AI model, which Meta claims can outperform top rivals at OpenAI and Anthropic.
• 💊 An effective HIV drug from Gilead could be sold at $40/year for every patient – or 1,056x less than its current price ($42,250/year) – and still yield a 30% profit, new research suggests. | 🚀📅 Astronauts on future Mars missions will require a wide range of medicines that are likely to expire before they return to Earth, per a new study.
• 💼 77% of employees using AI say these tools have added to their workload, despite 96% of C-suite leaders expressing high expectations that AI will enhance productivity, per a study from independent contractor firm Upwork.

*From our partners: 👙🩳 Luxurious-feeling swimsuits, with premium sustainable materials… NoNetz provides unmatched comfort and a guilt-free conscience. Shop trending styles and colors. Find your perfect size with interactive features. Hassle-free returns. Save 20% on NoNetz swimwear with code SWIM20.

MISCELLANEOUS

• 🏛️ Secret Service Director Kimberly Cheatle submitted her resignation yesterday amid heavy bipartisan criticism over the agency’s failure to stop the Trump shooting. | 🏛️ Sen. Bob Menendez (D-NJ) announced plans to resign on August 20; he was convicted last week on charges including bribery and acting as a foreign agent on behalf of Egypt.
• ✈️ Delta is facing a federal investigation into why it failed to recover as quickly as other airlines from last week’s CrowdStrike-driven outage. | ✈️ Southwest is the subject of a new FAA review into several potential safety incidents in recent months, including flights that descended as low as 150 feet above water, per the WSJ.
• 🏥 House lawmakers introduced a bipartisan bill aimed at cracking down on pharmacy benefit managers, which are widely accused of inflating prescription drug prices.

CLICKBAIT

• 🏙️💪 Do you live in the fittest city in America?

🎓 Stat of the Day: Professor Anita Elberse has built an academic career – and a significant social media following – from studying the conditions that create the greatest success stories in sports and entertainment. She’s best known for teaching a four-day, $12,000 elective class at Harvard (The Business of Entertainment, Media, and Sports, or #BEMS), which consists of deep-dive lessons into topics like Beyoncé’s music launch strategies or the workings of MrBeast’s content empire. Professor Elberse’s class is also open to professionals not enrolled at the school, and typically attracts a wide range of high-profile students – including executives from Hollywood and top advertising firms, as well as celebrities like Channing Tatum, LL Cool J, and Ciara.

🤔 Did You Know? Between 2000-2022, median US home prices increased by 59.1% while median household incomes rose by 4.5%, according to data from Zillow and the US Census Bureau (both figures are adjusted for inflation).

📰 Worth a Read: How the Trump Rally Gunman Had an Edge Over the Countersnipers → (NY Times)

This week, a commuter train near London was briefly delayed this week after a turtle was caught "trespassing" on the tracks. 

🐢 Turtle on a train... A rail operator shared that the tortoise was brought inside the train, and quickly became a "shellebrity" as he took a ride towards Aldershot.

• The train team was making arrangements to drop the tortoise at a local veterinarian's office when his owner came forward to claim the turtle, whose name is Solomon.

How it works: We provide an incorrect stat. Then you guess whether the actual number is over or under the given value.

1. 🦒 25x: How much more likely a giraffe is to be struck by lightning than a human.
2. 🫁 30 minutes: The world record for a person holding their breath underwater. 
3. 🦖 40 years: An average T. rex’s lifespan. 

👆 Check out the referral prizes you can get, just for introducing people you know to little old us. 

What to do: Copy your unique link below, then send it to anyone who you think would like the DONUT. Once you hit each milestone, you'll get an email with a link to claim your prize.

Start referring.👇

1. 🦒 Over, 30x
2. 🫁 Under, 24 mins 37 seconds
3. 🦖 Under, 27-33 years