It's a presidential rematch, but the biggest talking points will be a lot different this time around
- This post originally appeared in the Insider Today newsletter.
Good morning! Nikki Haley plans to suspend her Republican presidential primary bid, The Wall Street Journal reports. She is slated to make the announcement in a speech later this morning.
In today's big story, we're mapping out what the next eight months will look like heading into a presidential election that's now looking even more likely to be a repeat of 2020.
What's on deck:
Markets: Hedge funds are betting on electricity amid big changes to power grids in the US.
Tech: Amazon has been waging a secret war on Android.
Business: If you're a Disney shareholder, you might be able to cash in without selling your shares.
But first, we've been here before.
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The big story
A Presidential rematch
Here we go again.
Former President Donald Trump has all but secured a rematch with President Joe Biden in November's election after a dominating performance on Super Tuesday.
Biden is projected to have won the Democratic contests in 15 states. Meanwhile, Trump is projected to have won 14 Republican contests, cementing his lead over Nikki Haley, despite her achieving a win in Vermont.
The main candidates might be the same, but a lot has changed in four years. Most notably, the 2020 election was largely focused on a pandemic the country was still grappling with.
These days, the biggest themes heading into the election range from the personal lives of both candidates to major geopolitical issues.
While not an all-encompassing list, the topics below will make plenty of appearances leading up to the big day in November.
Biden's age: As the oldest sitting US president at 81 years old, Biden's age has always drawn some criticism. But a special counsel report that questioned his memory sparked a furious response from Biden and put the issue back in the spotlight. Meanwhile, major polls show most US adults think he's too old or not fit enough to serve another term.
Trump's legal woes: The former president has a list of state and federal investigations and lawsuits. This year alone, he's already suffered more than half a billion dollars in court penalties. His first criminal trial — tied to the Stormy Daniels scandal — is set to kick off later this month.
Trump's vice president: Trump's running mate remains a question mark, with plenty of options. Possible Trump VPs include Sen. Tim Scott of South Carolina, businessman Vivek Ramaswamy, and Gov. Kristi Noem of South Dakota.
The state of the economy and market: Voters often use the stock market as a barometer for a president's performance. The same goes for the wider economy. After a market downturn in 2022, stocks have returned to record highs under Biden. But stubborn inflation means the risk of a potential recession still looms.
Geopolitical issues abound: The level of US involvement in the wars in Gaza and Ukraine is an ongoing debate in Washington. Meanwhile, tensions with China remain high, including the potential escalation of the ongoing trade war.
The Taylor effect: You might want to dismiss the superstar's influence, but her impact this fall on the NFL shows no stage is too big. Swift backed Biden in 2020 but didn't endorse either candidate when she told her fans to vote on Super Tuesday. Those around Trump have attacked Swift, but the former president has steered clear of personally criticizing her thus far.
3 things in markets
The market for trading on power-grid bottlenecks is surging. Congestion traders focus on power grids becoming overloaded from demand, which creates pricing disparities. A perfect storm of more data centers, EVs, and extreme weather has made the strategy popular among hedge funds.
For better or worse, bitcoin is here to stay. Bitcoin hit a new all-time high of $69,244 on Tuesday, only to drop shortly after setting the record. But the chaotic swings of the cryptocurrency might be a feature, not a bug, of the asset.
Tesla's stock is in a tailspin. Shares fell 4% on Tuesday, extending the EV maker's losses year-to-date to a dismal 27%. Longtime investor Ross Gerber blamed the sell-off on CEO Elon Musk having too many unfinished projects on deck.
3 things in tech
Inside Amazon's secret war on Android. Amazon plans to unify Alexa's backend technology, moving some devices off Android. The move is aimed at reducing operational costs and resolving performance issues.
X has an advertising problem. Elon Musk has a solution. Or rather, Musk is the solution. Tesla (owned by Musk and notoriously anti-advertisement) recently started running ads on X (also owned by Musk, who notoriously repels advertisers).
What Microsoft insiders really think about Copilot. Senior execs, former execs, and rank-and-file employees told BI how they're feeling about the tech giant's new AI tool. "Almost everyone I know is working on Copilot to a certain extent," one AI researcher said.
3 things in business
Trouble at The Juggernaut. The startup was supposed to revolutionize South Asian news. But despite a strong start, the outlet is now hobbling along. Former staffers told BI the company's founder misled investors, struggled to raise money, and left workers "heartbroken."
Shareholders could cash in on Disney's proxy battle. Activist investors are challenging Disney CEO Bob Iger and trying to gain seats on the board. Using a new marketplace, they're offering shareholders as much as $100,000 for 500,000 proxy votes.
Apple can't afford to forget about the iPhone. China has started to sour on the tech giant's flagship product, with sales there tumbling 24% over the first six weeks of this year. It's a reminder that Apple can't put all its focus into the Vision Pro, with the world's most popular smartphone sorely in need of an upgrade.
In other news
Trump met with Elon Musk for a potential campaign donation, NYT reports.
Layoff angst looms over Meta employees as they face tough performance reviews and ongoing reorgs.
Here's what it looks like when you hit the vape in an Apple Vision Pro.
Google can recover from the Gemini flop. Just look at Apple Maps.
Target just announced a new paid membership tier. Here's what $49 gets you.
What's happening today
Today's earnings: Campbell Soup Company and others are reporting.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, editor, in London. Jordan Parker Erb, editor, in New York. George Glover, reporter, in London.