A proverbial ladybug just landed on the cracking-a-cold-one business: The number of drinks sold by Anheuser-Busch, the world’s largest brewer, increased last quarter for the first time in three years, the company reported yesterday, surprising analysts and suggesting that a broader chill in the beer industry may be thawing.

“Cheers to beer,” AB InBev CEO Michel Doukeris said of the promising results, which also included better-than-expected 12% revenue growth. Major gains in Latin American markets drove the beer beat:

• The brewer’s Brazil unit notched record growth in sales volumes, sending shares of the Sao Paulo-listed subsidiary soaring by their most in almost 27 years.
• AB InBev, which owns Corona and Modelo (except in the US), also exceeded expectations in Mexico, overtaking rival Heineken in the region.

But…that wasn’t enough to turn beer sales positive for the whole continent. In what could be interpreted by Big Ten students as a challenge, overall North American beer sales continued to fall, as persistent inflation and shifting health trends kept US shoppers away from the alcohol aisle.

Good thing AB InBev has expanded into beer that doesn’t get you drunk—revenue from its non-alcohol beverages jumped 27% in the quarter.

Sign of the imbibing times?

Along with AB InBev…

• The Danish brewer Carlsberg recently reported that its beer volumes turned positive after rolling downhill last year.
• Heineken’s total volumes also grew last quarter after falling in 2025, but the breakthrough was buoyed by sales of mixers and ciders. Heineken’s beer volumes actually fell from the same time last year.

Looking ahead…AB InBev said it’ll beat out both of those rivals this year. Much like other brewers, the company that slings Budweiser, Bud Light, Stella Artois, and Michelob Ultra—now the best-selling beer in the US—expects a significant summertime boost from World Cup festivities.—ML

Trump said he’s pausing “Project Freedom.” In a social media post last night, President Trump announced he was pausing the US operation to escort ships through the Strait of Hormuz “for a short period of time” to allow time for an agreement with Iran. Trump’s post came just hours after Secretary of State Marco Rubio told reporters that the US was committed to Project Freedom. Rubio and Defense Secretary Pete Hegseth also said the fragile ceasefire was still holding, even as Iran continued to attack the United Arab Emirates. Both the US and Iran claimed to control the crucial strait yesterday, as maritime traffic came to a near standstill.—AE

Alberta separatists want to leave Canada. Stay Free Alberta submitted over 300,000 signatures (they only needed 178,000) this week that would force a referendum vote on whether the province should secede from the rest of Canada. The group’s main gripe is that the federal government’s green initiatives have stifled the region from producing and exporting oil, costing Alberta billions of dollars. The option to split could be put on the ballot as early as October, though it already faces court challenges. Polls show that support for the separatist movement has increased, but is still in the minority.—MM

The SEC officially proposed semiannual reporting. Just like your friend in a new relationship, you might be hearing from the Walmarts and Amazons of the world less frequently. Following up on President Trump’s demand to end quarterly reporting, the SEC formally introduced a proposal yesterday for twice-a-year company filings instead. Some business leaders have complained that mandatory quarterly reports, which have been required since 1970 and aim to provide transparency for shareholders, are time-consuming and promote short-term thinking. Proponents of the rule say that less-frequent reporting would lead to more market volatility. It could still take years for the rule to change.—MM

Coinbase is following the biggest Silicon Valley trend since microdosing: announcing it's automating away jobs with AI. The crypto exchange Coinbase said yesterday that it is cutting 14% of its staff—equivalent to about 700 people—in part due to efficiency gains from AI.

While Coinbase’s CEO, Brian Armstrong, said the company’s layoffs are a way to manage costs amid a crypto winter, he claimed AI will allow it to make due with fewer human workers:

• Armstrong said the company will rely on employees managing fleets of AI agents, and that it’s experimenting with one-person teams in which a single employee armed with AI performs the functions of engineers, designers, and product managers.
• He shared plans to reduce management layers to no more than five corporate rungs under the CEO.

Innovation or desperation?

Several tech companies, including Snap, Block, and Salesforce, recently said they’re reducing headcount due to AI automation. But some skeptics—including OpenAI CEO Sam Altman—argue that many companies are “AI washing” layoffs, aka blaming cuts that would have happened anyway on AI. Critics say that spinning staff cuts as part of innovation or efficiency gains (rather than, you know, business problems) is meant to appeal to investors.

Big picture: Coinbase has had a rough go recently, as slumping crypto prices have reduced trading revenues.—SK

Is it a dog? A sheep? A sleep-paralysis barn owl demon? Zoologists are stumped. But it’s definitely the latest generative AI robot for your home—a life-like, pet-sized companion from Colin Angle, the former CEO of iRobot and creator of the Roomba.

It’s from Angle’s new company, Familiar Machines & Magic, and it’s called a Familiar, the term for humans and animals that serve witches and vampires. And before you ask, no, the furry creature does not vacuum up scraps while being adorably ridden by your cat. So, what is the point of this product due out next year?

• Angle sees the Familiar—which is meant to be emotionally intelligent enough to respond to your mood and which doesn’t talk but can purr and meow—as a cure for loneliness. He told the Wall Street Journal, “I want to feel like the machine I’m building actually cares about me.” (Note: It doesn’t though.)
• He also thinks it can be useful in “high human connection roles,” like eldercare and parental support.

When asked by the WSJ about a growing reliance on technology to satisfy emotional needs, Angle said the Familiar’s inability to speak will soften that potentially dangerous connection.

The product is still in the prototype phase, and its price hasn’t been announced. But Angle said it will cost “around the same as pet ownership,” although he didn’t specify if that meant a purebred dog or a goldfish.—DL

On Wednesdays, the Brew’s Sam Klebanov highlights a fascinating stock, commodity, or other asset that’s worth your attention.

This company’s stock is sizzling harder than the eggs and steak it serves every morning. Shares of the elevated breakfast chain First Watch are up over 7% in the past month, and yesterday it surprised analysts with 17% revenue growth last quarter.

It’s a bright spot in a bleak breakfast market:

• First Watch is growing as chains like McDonald’s warn that economic pessimism has Americans skipping eating out for their first meal of the day.
• The company cut the ribbon on 16 locations in Q1 and 60 new spots last year, making it the fastest-growing full-service chain in the US, according to Technomic.
• Analysts credit its emphasis on food quality and service professionalism with helping it outbreakfast rivals.

But…while pro-stock watchers are enthused about the chain’s aggressive expansion, investors aren’t so sure. The stock is still down by 20% since the year began, and by over 50% from its 2024 peak.—SK