🌎 Booze Break

Trump and Putin will meet in Alaska later today

Pics are sure to make it on someone’s presidential feed. President Donald Trump is set to meet Russian President Vladimir Putin in Alaska today to discuss a potential ceasefire in Ukraine, marking the first time the two have met since 2019.

A historic link-up

The meeting will be the first time in 16 years that Putin has been invited to the US outside of UN-related events. The two leaders will discuss a path toward ending the three-year war in Ukraine, a conflict that has killed hundreds of thousands, mostly Russian soldiers.

The choice of location also adds a layer of historical symbolism:

• Alaska, once a Russian territory until sold to the US in 1867, has deep historical ties to Russia, from early fur trading and missionary activities to Cold War military significance.

• Discussions will take place at Joint Base Elmendorf-Richardson, once a crucial site for countering Soviet threats during the Cold War.

Some observers warn that the location may embolden Russia’s stance on territorial claims, with parallels being drawn between the historic transfer of Alaska and the current war in Ukraine.

Is a deal likely to be done?

No one is really sure. Any major agreement is largely expected to require land swaps in exchange for a ceasefire, something Ukrainian President Zelenskyy is vehemently opposed to.

• Russia currently holds around 20% of Ukrainian territory, with more than half taken during the first weeks of the invasion. See the latest updates on the war here.

The meeting doesn’t currently include Zelenskyy, who fears that the one-on-one discussion could end in a result that favors Russian goals.

Looking ahead: Trump warned that Russia would face "very severe consequences" if Putin does not agree to end the conflict; he went on to tell Zelenskyy and European leaders that he will push for a ceasefire during today’s meeting.

Record low number of Americans are drinking alcohol as concerns skyrocket

The unopened IPA in the back of your fridge isn’t surprised. A new Gallup survey found that just 54% of US adults say they drink alcohol, down from 62% in 2023 and the lowest rate since Gallup began tracking in 1939.

Why the sudden drop?

In the latest annual Consumption Habits survey, many respondents cited health concerns as a reason for putting down the glass of wine.

The unprecedented decline comes as new research found that even “just one drink” of alcohol can up your odds of developing seven types of cancer, which is kind’ve a buzzkill:

• For the first time ever, a majority of Americans (53%) now believe that moderate drinking (one or two drinks daily) is unhealthy.

• Additionally, those who do drink are drinking less, with only 24% having had a drink in the past 24 hours, 40% going more than a week without one, and the weekly average dropping to 2.8 drinks. All are record lows.

Who’s driving the sobriety surge? Literally everyone. The past two years have seen alcohol consumption decline across all demographics, including age, gender, income, and even political affiliation.

• The steepest drop came among Republicans, whose drinking rates plunged nearly 20 percentage points to 46%, while Democrats saw a more modest decline, from 64% to 61%.

• Young adults (ages 18–34) are also leading the shift, with drinking rates dropping 9% in the last two years.

Is the booze bust here to stay? The decline in drinking probably isn’t just a trend. It points to a broader shift in health norms, the rise in popularity of drinking alternatives, and mounting medical evidence that no amount is safe, all as federal agencies craft updated guidelines.

Google’s Chrome browser may be bought by this AI startup

Google Chrome might get a new AI roommate soon. Earlier this week, AI startup Perplexity submitted an all-cash offer of $34.5 billion to purchase Google’s Chrome browser, well above its own valuation of around $18 billion.

Why go after Chrome?

The move comes as Google faces a court decision this month on whether it must sell major assets, including Chrome, after last year’s ruling that it holds an illegal monopoly.

The company is appealing, and so far has given no indication it plans to sell. But that hasn’t stopped Perplexity, which is offering more than just cash:

• The AI software company promises to keep Chrome open-source, make sure Google Search stays a default search engine, and invest $3 billion over two years to support Chrome’s technology and staff.

By submitting a firm offer now, Perplexity may be putting itself at the front of the line as a legitimate buyer if the courts demand that Google sell off some of its assets. But that begs the question…

Is it just a PR stunt?

That’s what some seem to think. Industry insiders see the bid as more of a high-stakes publicity maneuver than a serious acquisition, aimed at thrusting Perplexity into the center of attention amid growing competition.

• Chrome is estimated to be worth $50 billion or more, making Perplexity’s offer seem pretty low.

Plus, Perplexity is doing just fine on its own: Just last month, the company launched its own AI-native browser, Comet (see overview), and is now valued at $20 billion—up from $18 billion a few weeks ago—showing strong investor confidence in its potential for growth.

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America’s oldest camera company could go out of business

Much like your camera lens, Kodak’s future is looking blurry. Kodak, the 133-year-old iconic camera company, announced it is nearly $700 million in debt, signaling serious doubts about its ability to stay afloat.

Bleak outlook

The historic company said in a regulatory filing on Monday that its debt will be due within the next year, and the conditions its under “raise substantial doubt about Kodak’s ability to continue.”

• The company faces nearly $500 million in short-term debt obligations and over $200 million in pension liabilities.

• Last quarter, the company posted a $26 million loss, marking a significant reversal from the $26 million profit it recorded in the same quarter the previous year.

Kodak's stock price plummeted 26% following the announcement, reflecting investor concerns. With cash reserves running low, the company is considering various strategies to address its financial challenges.

Looking ahead: Despite the bleak outlook, Kodak plans to halt pension plan payments (which could free up ~$300 million) and is exploring options to refinance or restructure its debt, saying it’s “confident” it can navigate a way through the situation. Godspeed, Kodak.

Trump may reclassify weed as a less dangerous drug

Federal paperwork just got a little greener. At a recent press conference, President Trump said his administration is considering reclassifying marijuana from a Schedule I drug to a less dangerous category like Schedule III.

What could this mean?

Currently, a Schedule I drug is defined as having no currently accepted medical use and a high potential for abuse, which includes heroin, bath salts, LSD, and, of course, marijuana. Possessing the drug is still a federal crime.

While reclassifying the drug wouldn’t make it legal by federal standards, it would change the way it’s taxed and regulated, something the $80 billion US marijuana industry desperately wants:

• As it stands, federal law prevents dispensaries and other marijuana companies from deducting business expenses from their federal income taxes.

• They also have limited access to credit card companies and banking services.

Reclassifying the drug to a less dangerous schedule would reverse those hurdles, along with reducing criminal penalties, easing research restrictions, and impacting broader federal policy.

This has happened before

Last year, the Biden administration’s DOJ and DEA recommended reclassifying marijuana, but no changes were made. However, with reclassification becoming an increasingly hot issue with lawmakers on both sides of the aisle, and particularly young people, it could be a political boon for the current president.

Looking ahead: While the issue is still under consideration, Trump signaled his decision will likely be made within the next few weeks.

Catch up on this week’s weird news

 > Weapons, a new horror mystery from Zach Cregger, exploded with a $70 million global debut, helping the genre account for 14.4% of domestic ticket sales, breaking the previous record of 12.9% set in 2021.

 > The remains of Dennis Bell, an Antarctic researcher missing since 1959, were found by a Polish team examining a retreating glacier on King George Island.

 > Police in Southern California recovered around $30,000 worth of stolen Labubu dolls from a warehouse during multiple thefts.

 > A Chinese man faces up to five years in prison for attempting to smuggle over $1 million worth of protected turtles from the US to Hong Kong.

 > A federal judge has denied the Justice Department’s request to unseal grand jury materials in the Ghislaine Maxwell case, ruling that the documents contain no significant new information.