Good morning. In today’s edition:

• 📉 Pay raises and new hire salaries are starting to shrink
• 🎭 Broadway is trying to go viral
• 🤔 Does the Pythagorean Theorem actually predate Pythagoras?

… and more.

🚀⏰ Ready, Set, Go: Today’s news should be a ~4.90-minute read (1,304 words).

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"Courage is resistance to fear, mastery of fear – not absence of fear."

–Mark Twain (1835-1910)

Pay raises must have gotten themselves on an Ozempic diet – because they’re getting slimmer.

Among 1,900 US companies polled in Q2, nearly half said they had downsized their budgets for salary increases in 2024, according to data newly reported in the Wall Street Journal. This has lowered the median raise to 4.1% this year, from 4.5% in 2023.

Many job-hoppers chasing pay raises will also be disappointed. Pay for new hires across industries is 7% lower than for new recruits for the same roles in 2022, according to data from payroll provider Gusto. Some of the biggest drops have been in white-collar roles, including in finance, where new-hire pay rates have fallen 9.2% since last year, per the Journal.

• This trend also means it’s harder for workers to “trade up.” In Q2, 58% of people hired to jobs got more pay with the switch than they were earning previously, down from 70% in Q4 of last year. Signing bonuses are also less frequent; about one in seven new hires received a signing bonus in Q2, compared with nearly one in three in Q4 2023.

What’s driving the trend? Two main factors, according to experts.

• A cooling job market. This results in managers having their pick of new hires, leaving potential employees with less negotiating power.
• A renewed focus by companies to cut costs. Labor costs, often the single-biggest expense for a company (sometimes comprising 70% of total business costs), are one of the first places executives focus when looking to cut costs or increase efficiency.

Big picture: On average, wages have risen faster than prices since the onset of the pandemic, with lower-paid workers seeing the steepest gains. Average hourly earnings have increased 22.3% since February 2020, compared to 20.8% inflation over the same period.

👀 Looking ahead… Raises are expected to keep getting smaller – like Matt Damon and Kristen Wiig after the downsizing procedure. Workers are projected to receive a median raise of 3.9% in 2025, compared with 4.1% so far this year.

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🇷🇺🇺🇦 Moscow claims Ukraine launched a major surprise attack in Russian territory. Russian officials say hundreds of Ukrainian troops entered Russia’s Kursk Region early Tuesday, forcing the evacuation of nearby villages and the deployment of Russian army units. However, according to the AP, it’s currently not possible to independently verify Russia’s claims. Ukraine thus far has adopted a strategy of strict silence regarding the attack, which some analysts describe as Ukraine’s biggest and most serious incursion into Russia since the war began in February 2022. US officials have also declined to comment.

🇹🇭 Thailand’s Constitutional Court disbanded the country’s most popular political party. Yesterday, the court ruled that Thailand’s Move Forward party, which won the most seats in last year’s general elections, violated the constitution by proposing to water down a law against defaming Thailand's royal family. The court barred party leader Pita Limjaroenrat, four other elected members, and nearly a dozen party operatives from politics for a decade, though Move Forward members plan to unveil a new party on Friday.

🇨🇳 A company backed by Shanghai, China, launched the first satellites for a megaconstellation to rival SpaceX's Starlink internet service. Tuesday’s successful launch of 18 satellites is part of an initiative backed by Shanghai’s government that aims to provide global satellite internet coverage by 2027. Shanghai plans to launch 108 satellites by the end of this year and deploy 14,000+ satellites by 2030, which would place it roughly on par with Starlink’s future expansion plans.

Broadway is leaning into the old adage: “The show must go on… your Instagram feed.” In recent months, shows’ marketing teams have increasingly turned to social media influencers in an effort to increase ticket sales and attract a younger audience.

• The Great Gatsby, which opened on Broadway in April, recently hosted an invite-only influencer event with dozens of social media creators at an upscale – and very Instagrammable – Manhattan lounge, in celebration of the show’s cast album release.
• Nearly every attendee posted about the event, and the show reported up to a 21% increase in website traffic over the following two weeks (though to be fair, it was also running other marketing campaigns).

This isn’t the first time Broadway has used influencers to boost ticket sales. Jaja’s African Hair Braiding hosted 20 influencers during an early performance last September, providing gift bags and holding receptions. A similar initiative from Mary Jane, a drama about a single mother of a sick son, involved hosting a group of online Mom-fluencers. Both shows saw a ~45% increase in ticket sales in the week following their events.

🎭 Zoom out: Broadway was hit harder than other live entertainment spaces by the pandemic, as theaters were forced to close for 18 months due to New York City’s social distancing mandates. The industry’s struggles have persisted to this day, largely due to soaring ticket prices, with gross revenue for the 2023/24 season coming in 17% lower than pre-pandemic times.

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“It’s like the best slow TV ever.”

• A new team of videographers is making a splash in Australia’s scientific community by capturing footage of previously unmapped underwater habitats. But there’s a twist: the eight videographers are all female Australian sea lions, whom scientists enlisted to help map the ocean floor using lightweight, high-def cameras. In a first-of-its-kind study published yesterday, researchers detailed how the sea lions were able to capture footage of the ocean floor in areas that remotely operated vehicles – the typical tool for underwater exploration – are unable to reach. After analyzing the sea lions’ footage, researchers say they were able to map several unexplored parts of the ocean floor off Australia’s southern coast. (Fun fact: Only 26.1% of the global ocean floor has been mapped at high resolution, per the NOAA).

• ☝️ Mysterious street artist Banksy unveiled a pair of new artworks this week located on the sides of buildings in London; Banksy offered no additional commentary on the pieces.

BUSINESS & MARKETS

in partnership with NoNetz

• 💰 US markets closed down across the board (S&P: -0.8%; Dow: -0.6%; Nasdaq: -1.1%).
• 📝 Earnings: Disney reported its first-ever streaming profit and strong earnings from its movie lineup, offsetting weaker-than-expected theme-park results. | Warner Bros. Discovery posted a $10 billion loss in Q2, mostly due to a $9.1 billion write-down of the value of its cable networks (including CNN, TNT, and TBS). | Bumble significantly cut its revenue outlook for this year; shares fell as much as 32% in after-hours trading.
• 🏘️ Zillow CEO Rich Barton is stepping down from the top job for a second time; he’ll be replaced by COO Jeremy Wacksman; the company also reported Q2 results that beat analysts’ expectations on profit and revenue.

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SPORTS, MEDIA & ENTERTAINMENT

• 🥇 The Olympics: Cuban wrestler Mijaín López, 41, became the first athlete in history to win five consecutive gold medals in the same event (each Summer Games since 2008). | Vinesh Phogat, India's top female wrestler, was disqualified from the gold medal match after weighing ~100 grams over the 50-kilogram limit for her class. | The US women’s basketball team beat Nigeria 85-67 yesterday, advancing to a semifinal matchup against Australia. | See the overall medal count.
• 🏈 The NCAA announced a four-year show-cause order for former Michigan coach Jim Harbaugh for impermissible contact with recruits and players during the pandemic; the ruling bans Harbaugh, who now coaches the NFL’s LA Chargers, from coaching in the NCAA until 2028. | 🏀🏟️ Beauty brand Madison Reed and the University of Connecticut signed a three-year court-naming rights deal; the company also signed NIL deals with four UConn women’s basketball players, who will all use Madison Reed hair-coloring products.
• 🎤 Taylor Swift canceled three “Eras Tour” shows in Vienna, Austria, after two men were arrested in an ISIS-connected terrorist plot targeting Swift’s upcoming events.

SCIENCE, SPACE & EMERGING TECH

in partnership with Niphtio

• 🪸🌡️ Australia’s Great Barrier Reef is currently experiencing its hottest ocean temperatures in at least 400 years, posing an “existential threat” to the reef, per a new study published in Nature.
• 🥪⚛️ Researchers at Lehigh University are experimenting with mayonnaise to unlock the secrets of nuclear fusion, since it mimics the behavior of plasma under certain conditions.
• 🚀 NASA confirmed there’s a possibility the two astronauts who flew to the ISS on Boeing’s Starliner spacecraft could remain in orbit until 2025, when they would fly home on a SpaceX craft instead of Starliner; the astronauts were initially supposed to stay in orbit for eight days. (Dive deeper: NASA has a tough decision to make)

*From our partners: ⚡ Lightning fast organization for study and research sessions… Niphtio lets you quickly catalog all your open tabs, attach notes, and add to collections. Share a collection with colleagues to make collaboration easy. Works on any browser from any device. Learn more about Niphtio here.

MISCELLANEOUS

• 🌊 The family of a French explorer who died in last summer’s Titan submersible implosion filed a $50+ million lawsuit accusing the sub’s operator of gross negligence. | 🚢 A yacht designed by late Apple founder Steve Jobs – now owned by his widow Laurene – recently collided with a yacht owned by Mexican billionaire Ricardo Salinas Pliego.
• 🎓 The Education Department is delaying the opening of its Free Application for Federal Student Aid – aka federal college financial-aid forms – from October to December for the second straight year; the delay is aimed at avoiding technical glitches that plagued last year’s FAFSA.
• 🗳️ Rep. Cori Bush (D-MO) became the second member of “The Squad” to be ousted by a primary challenger this year.

CLICKBAIT

• 🐶🌸 Dolce & Gabbana introduces perfumes for dogs.

🏦 Stat of the Day: The “Oracle of Omaha” (Warren Buffett) currently controls more Treasury bills than the US Federal Reserve, according to the latest financial report from Berkshire Hathaway. The Buffett-led conglomerate held $234.6 billion in T-bills at the end of last quarter, compared with the $195.3 billion in T-bills that the Fed owned as of July 31.

🤔 Did You Know? A 3,700-year-old tablet discovered in central Iraq contains evidence that ancient Babylonians were using the Pythagorean Theorem 1,000+ years before ancient Greek philosopher/mathematician Pythagoras was born.

📰 Worth a Read: How a failed experiment led to Einstein’s first big revolution → (Big Think)

Yesterday, we covered VP Kamala Harris’ selection of Minnesota Gov. Tim Walz as her 2024 running mate, solidifying the campaign lineups of both parties three months ahead of Election Day.

❓ Our question to you: How do you feel about VP Harris’ selection of Gov. Tim Walz as her running mate?

• Love it: 41%
• Like it/Somewhat like it: 19%
• Neutral: 14%
• Dislike it/Somewhat dislike it: 11%
• Hate it: 15%

❓ Follow-up question: What is your political affiliation?

• Republican: Love it: 17% | Like it: 5% | Neutral: 23% | Dislike it: 18% | Hate it: 37%
• Democrat: Love it: 73% | Like it: 18% | Neutral: 4% | Dislike it: 2% | Hate it: 3%
• Independent: Love it: 44% | Like it: 21% | Neutral: 12% | Dislike it: 5% | Hate it: 18%
• Other: Love it: 24% | Like it: 10% | Neutral: 33% | Dislike it: 14% | Hate it: 19%

Click here to read the most thoughtful longform responses.

+Note on sample size: We received 4,296 votes and 410 longform responses.

David Smith has represented Team USA in four Olympic Summer Games. The accomplished volleyball player helped lead the team to a bronze medal back in 2016, as well as a pair of wins in the team's opening two matches this year.

But David isn't like any other player. He was born with severe hearing loss in both ears, and relies on lip reading during the game to communicate with teammates. 

• To accomodate David's disability, Team USA came up with a simple plan: "When David yells for it, David gets it.”

❤️ Represent, represent... David is proud to be a role model for the deaf community. “Everybody is struck with different passions, but if it’s something that’s in your heart, I really believe that you can achieve it," he told CNN.

To create this newsletter, our team scours hundreds of sources and explores all corners of the internet. Below you’ll find some resources, fun tidbits, and life hacks we’ve stumbled across that are worth checking out, but don’t exactly fit elsewhere in the newsletter.

🚨🌱 New hobby alert: Whether you’re a seasoned gardener or just got your first orchid, Planta is an app that helps you to keep your plants alive. Our Partnerships Manager, Joe Sharkey, went from throwing plants away every few months to now having a four-year-old, 12-foot-tall Fiddle Leaf Fig (it started out at two feet tall).

😌 Recenter: The American Psychological Association put together a resource outlining 11 healthy ways to deal with stress. Check it out here.

🧠 Learn: Stat Significant takes data and incorporates it in a free weekly newsletter featuring data-centric essays about movies, music, TV, and more. (If you like charts, this is your jam.)*

🛻 Watch: YouTube channel WhistlinDiesel put Tesla's Cybertruck through a series of hardcore durability tests. Also featured: the Ford F-150.

🎶 Discover: Listening ruts are the pits! Flow State sends two hours of instrumental music every weekday morning – perfect for when picking music to have on in the background while working takes up more time than the work itself.*

*A message from our partners (who we had actually discovered prior to any professional relationship).

Dhaka is the capital city of which Asian country?

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Bangladesh