🥪 “AI Can’t Bake Bread” — Jersey Mike’s IPO. OPEC for Demand. Nantucket’s Influencer Drama. +Weather’s “Wet Bias”

Jersey Mike’s went public Thursday in the biggest restaurant IPO in 15 years, raising a billion dollars. The stock was ten times oversubscribed on day one. The reason, according to the hosts: "Artificial intelligence can't bake bread." Meanwhile, oil prices have stayed stubbornly low despite an escalating war in Iran, because China went on an oil diet and cut imports by 40%. And a small Nantucket shop put up a "No Influencers" sign, sparking a national debate that accidentally made it an influencer magnet.

The Sandwich That Beat AI

Jersey Mike's raised $1 billion in the second-largest restaurant IPO in history, trailing only McDonald's largest franchisee's 2011 offering. Shares were ten times oversubscribed. The company plans to expand from 3,300 locations to 15,000.

The hosts traced the playbook: founder Peter Cancro took a $125,000 loan from his high school football coach at age 17 to buy the shop from the original Mike. Two years ago, Blackstone bought it for $8 billion, streamlined operations (cut the private jet, started bulk-buying banana peppers), and juiced profits. But private equity also added complexity in two places that paid off: chicken salad to broaden the customer base, and hot Italian subs launched in January, which already make up 3% of orders. Hot sandwiches are more profitable than cold ones.