Good morning. This is Patrick Coffee filling in for Nat Ives. Today, Robinhood's news site goes kaput, Apple prepares for an 'unavoidable' price hike, and Carvana spares shoppers of salespeople.

Robinhood’s branded newsroom, Sherwood News, plans to wind down its website, the WSJ Leadership Institute’s Katie Deighton reports exclusively for the newsletter.

The news comes in the wake of layoffs at the brokerage this week. The company on Tuesday announced it would cut around 10% of its workforce—around 290 roles—in a bid to keep the brokerage firm lean. Cuts included Sherwood journalists Rani Molla, Jon Keegan and Max Knoblauch.

Sherwood will live on as a brand but instead distribute its reporting via newsletters, including its popular business and finance email Snacks. It will also break news through the Robinhood app, according to the company.

“By concentrating our resources on these high-impact channels, we're meeting customers where they are and positioning Sherwood for its next chapter of growth,” a Robinhood spokesperson said.

Introduced in 2023, Sherwood was built upon MarketSnacks, the daily podcast and newsletter acquired and rebranded by Robinhood in 2019. The enterprise, which grew to some 20-plus editorial staff and contributors, was heralded as a new way of funding journalism: Content would remain editorially independent from Robinhood, and the division would bring in new revenue streams like ad sales and events for the parent company.

The Sherwood News site launched in 2024.

Please note: The CMO Today newsletter won't be published Friday in observance of Juneteenth in the U.S. We'll be back Monday.

“We’re doing our best to mitigate the huge increases that are being passed to us, and we’ve been trying to shield our customers from the increases, but the situation has become unsustainable.”

That's Apple CEO Tim Cook telling the Journal's Rolfe Winkler that his company will simply have to raise prices on its products.

Which products? And by how much? He wouldn't say.

But the cause is clear: AI companies' ever-growing demand for computer chips. These chips are key elements for iPhones and other devices, but companies like OpenAI and Meta are buying them all up to feed their massive AI investments.

Memory is a particular sore spot, according to Cook. And Apple's own newly introduced AI Siri features, of course, require even more chips.

Read more: The price of chips may be going up, but the prices of AI models themselves are headed in the opposite direction. [WSJ]

Car-sales platform Carvana has found a way to do more with fewer people that doesn’t involve AI: “new car playgrounds.”

The Tempe, Ariz.-based company this week revealed its concept for a new-car dealership designed for smartphone-based shopping rather than paperwork and interactions with salespeople, Christopher Otts reports.

So they can sit in the cars and chill, look for more details or order a test drive without having to deal with any of those pesky humans.

“We’re not trying to sell cars here,” said Tom Taira, Carvana’s president of special projects. “We’re trying to present cars.”

But this is controversial territory, because it could scramble the huge and complex car dealership space.

The real innovation is the low headcount, but some IRL humans are still required to answer questions about the vehicles and walk customers through the sale on the customers’ own phones or computers.

Allbirds just had to become Smartbird, see, because...whatever, nevermind. [WSJ]

A former social media intern may be responsible for Richard Nixon's memelord makeover. [THR]

So you're telling me those paparazzi shots of Bella Hadid eating David's ice cream on a yacht weren't 100% authentic? [DIELINE]

Note to LinkedIn super-users: please stop posting "this changes everything" for every AI product rollout. [Creative Bloq]

But also, rebranding your profile can get you hired. [WSJ]

Bose is growing into a media company complete with record label and film studio. [BI]

Anthropic employees think they're "being bullied based on bad vibes" from the Trump administration. [NYT]