Traders on the New York Stock Exchange this week. Photo by Bloomberg.
The Briefing
Media/Telecom Apple Entertainment

What Discovery’s Rally Says About the Market

Photo: Traders on the New York Stock Exchange this week. Photo by Bloomberg.

You know something’s screwy on Wall Street when shares of Discovery, the TV company due to merge with WarnerMedia later this year, rise 17% in one day, as they did today. While the rally was ostensibly sparked by a bullish analyst report, a bigger factor is undoubtedly the general market environment. High-growth tech stocks are no longer the flavor of the month. Beaten-down, slow-growth stocks that no one wanted until recently are now appealing. Investors are even looking kindly at AT&T’s stock, which has been a dog for years!

If you need another example of how things have changed, check out GameStop, the meme stock of yesteryear (as in 2021), which in a craven attempt to appear hip is planning a marketplace for non-fungible tokens, The Wall Street Journal reported on Thursday. At one time in the past 12 months, that news would have sparked a frothing-at-the-mouth rally. Instead, GameStop shares rose a leisurely 7% on Friday—but are still off about 43% from their highs in November. 

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
 
Opinion Asia Policy
China’s Tech Crackdown Is a Geopolitical Play
Art by Jesús Escudero
It hardly bears repeating that 2021 was a rough year for China’s platform companies. The firehose of new regulations and rolling crackdowns on everything from data security to overseas listings cost Chinese shares—including those of Didi, Meituan, Pinduoduo, JD.com, Tencent, and ByteDance—42% of their cumulative value in the U.S. and Hong Kong. Not so long ago, China held up...
Latest Briefs
 
Disney Taps Rebecca Campbell to Head New International Content Hub
China Plans to Require Big Internet Firms to Gain Approvals for Deals
Beijing Olympics Covid-Tracker App Has Security Flaws
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Illustration by Danielle Davis.
Decamped Venture Capital
A Venture Capitalist Found “Cowboy Self-Reliance” in Wilson, Wyoming
I n this week’s Decamped , we chat with Wesley Chan, a former general partner (and current board partner) at Felicis Ventures and the founder of Google Analytics and Google Voice.
Illustration by Jesús Escudero
Relocation Kit Travel Real Estate
So You’re Moving to Wyoming—Here’s Your Tech-Scene Starter Kit
Once the Wild, Wild West (or, really, just a fancy ski destination), the state of Wyoming is now a popular relocation destination for tech and venture capital entrepreneurs lured there by wide open spaces and world-class skiing.
Nick Tran. Photo by Hulu. Art by Mike Sullivan
Exclusive
TikTok’s Global Marketing Chief Abruptly Departs
TikTok’s leaders have pushed out Nick Tran, the company’s head of global marketing, two people familiar with the situation told The Information.
Art by Mike Sullivan.
Crypto Cowboys Crypto Real Estate
Their First Rodeo: Why Are DAOs Suddenly Leaping Into Wyoming Real Estate?
Should we buy this town?” The tweet, accompanied by a link to a Zillow listing for a $4.7 million abandoned ghost town in Colorado, was almost certainly a joke—but then again, maybe not.
Art by Haejin Park. Photo by Bloomberg.
The Big Read Crypto Policy
The Beltway’s ‘Bitcoin Lady’: How Wyoming Senator Cynthia Lummis Became Crypto’s Most Powerful Champion
Sen. Cynthia Lummis, a Republican from Wyoming, has a nickname for her favorite cryptocurrency: “It’s freedom money,” she says of Bitcoin, which she holds to the tune of about a quarter million dollars.
Images by Microsoft; Activision. Art by Mike Sullivan
News Analysis
Eight Takeaways From the Microsoft-Activision Deal
Microsoft’s $68.7 billion acquisition of Activision Blizzard may have caught the market by surprise, but the deal makes sense on a number of levels.