Morning Brew Daily US Debt Rating Gets Downgraded & How Uber Is Finally Making Money
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Aug 2, 2023 The discussion kicks off with Fitch's surprising downgrade of the U.S. debt rating, linked to political chaos and looming defaults. Uber's newfound profitability is explored, showcasing its dramatic turnaround. Meanwhile, the indie film 'Sound of Freedom' astonishingly outperforms major blockbusters. The hosts also delve into the evolving beer market and Caterpillar's crucial role in global infrastructure, all while tackling a long-standing medical lawsuit that finally reached a settlement.
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US Debt Downgrade
- Fitch downgraded the U.S. debt rating from AAA to AA+ for the first time, citing governance issues.
- This move is largely symbolic, reflecting real concerns but unlikely to significantly impact borrowing costs.
Economists vs. Fitch
- Economists widely disagree with Fitch's downgrade, citing low unemployment and economic growth.
- They argue Fitch's decision seems arbitrary and based on outdated data.
Uber's Profitability
- Uber reported its first-ever net income of $394 million and free cash flow of over $1 billion.
- Despite this milestone, shares fell slightly due to a revenue miss, but profitability is expected to continue.
