Hello, my most beloved subscribers!

If you want to de-escalate tensions there’s nothing better than meeting on famously neutral ground like Switzerland, right? Although how neutral are the Swiss, really? Meanwhile, Weight Watchers is declaring bankruptcy (and we think Ozempic is the reason), we take a tour around Google’s new AI-powered Notebook product, and we got a hot-take economic analysis on Trump’s first 100 days from the Wall Street Journal. The quick version, let’s say, is that they have not been great, according to the paper’s chief economics commentator.

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Save me a truffle, at least?

—Matt Davis, Need2Know Chedditor

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Companies mentioned in today’s newsletter

$WW ( ▼ 43.04% )   $NVO ( ▲ 1.9% )   $GOOGL ( ▼ 7.26% )   $AAPL ( ▼ 1.14% )   $GDDY ( ▲ 0.31% )  

U.S., China to hold trade talks in Switzerland

What a glorious spectacle the U.S.-China trade war has become! Nothing screams "diplomatic finesse" louder than cranking tariffs up to triple-digit levels and then being shocked when the other side is upset. President Trump’s strategy of economic brinkmanship — otherwise known as “let’s see who blinks first” — has now finally led us to a meeting between top officials in Switzerland this weekend.

Treasury Secretary Scott Bessent and trade representative Jamieson “My name sounds serious so I must be” Greer are off to Geneva to chat with their Chinese counterparts, who, presumably, are equally thrilled about the chance to negotiate their way out of this thing. China, naturally, has called these tariffs “illegal and unreasonable,” and the U.S. has said a lot of nasty things about China’s role in global trade.

A spokesman for the Chinese embassy in the U.S. said on Wednesday that the trade negotiations were requested by the U.S.

“Recently, the U.S. said repeatedly it wants to negotiate with China,” said Lin Jian.

Meanwhile, businesses on both sides of the Pacific are doing a fantastic job of showcasing capitalism’s resilience — by buckling under the weight of crushing tariffs. But hey, it’s not all doom and gloom! Trump assures us that China is “eager to meet,” although their enthusiasm likely stems more from watching entire industries collapse than genuine friendship. Will these talks lead to real progress? Or will they just fuel more posturing? Let us know what you think in today’s poll of the day.

Weight Watchers bust: Ozempic ate their lunch, but only a little bit because Ozempic suppresses your appetite, but it was still enough to bankrupt them

WeightWatchers $WW ( ▼ 43.04% ) , the 62-year-old bastion of dieting discipline, has officially bowed to the new kings of weight loss — injectable medications like Ozempic and Wegovy (both made by Novo Nordisk $NVO ( ▲ 1.9% ) ). Filing for Chapter 11 bankruptcy, the company is apparently seeking to “reduce $1 billion in debt” and “pivot” to become a telehealth provider.

Nothing quite says "thriving business" like scrambling to jump on the latest trend while bleeding members, revenue, and Oprah Winfrey. She quit the board last year, donating her 10% stake in the company to the African American History Museum. Presumably they’ve been delighted with the shares’ performance since, slimming down more than 75%.

CEO Tara Comonte assures us that all 3.4 million remaining members of WeightWatchers have nothing to worry about. The pivot to telehealth includes prescribing weight-loss drugs, presumably for those unimpressed by decades of group chats about kale. WeightWatchers promises to emerge stronger and more "innovative" in just 40 days.

Today on the ‘gram: Return of Return of the Jedi

Post of the day: $GOOGL ( ▼ 7.26% ) down on $AAPL ( ▼ 1.14% ) AI search news

GoDaddy IPO’d a decade ago, thriving on repeat business

GoDaddy $GDDY ( ▲ 0.31% ) recently celebrated its 10th anniversary as a publicly listed company on the New York Stock Exchange, marking a decade of growth and evolution. CFO Mark McCaffrey joined us on the trading floor, highlighting the company’s journey from a domain provider to a one-stop shop for micro-businesses.

"You think about 10 years ago, it was about bringing people to the Internet," said McCaffrey. Today, GoDaddy serves over 20 million customers, with revenues exceeding $4 billion. Their focus? "Defending the small businesses in this country all over the world," ensuring they can compete with larger players by using AI tools effectively.

McCaffrey emphasized GoDaddy's strong Q1 performance, driven by their strategy of attracting "high-intent customers" who need various online services. Their model thrives on repeat business, with a high retention rate especially after a customer adopts a second product. "The compounding free cash flow element of this is just tremendous," McCaffrey noted, allowing for innovation and marketing improvements.

Despite s