Despite designing its debut electric vehicle to be especially aerodynamic, Ferrari is still facing plenty of drag on its new car. The luxury carmaker’s stock shed 5% yesterday after the company launched the Luce, its highly anticipated EV that dares to ask, “What if we put the Ferrari logo on a Nissan Leaf?”

That’s one of many negative comparisons circling the Luce, which costs ~$640,000 and was co-designed (inside and outside) by former Apple design chief Jony Ive. If you parked it next to any other Ferrari, the pair might resemble that movie where Arnold Schwarzenegger and Danny DeVito play twins:

• The Luce’s focal point is a shell-like windscreen that appears to extend to the car’s nose, reducing air resistance.
• It’s also Ferrari’s first five-seater: The car is branded as “the most comfortable Ferrari ever,” marking a family-friendly departure.
• The Luce mimics Ferrari’s signature engine rev by amplifying the electric motor’s vibrations. Ferrari says it gets 329 miles per full charge—more than many affordable EVs.

“We risk destroying a legend,” former Ferrari boss Luca Cordero di Montezemolo, who chaired the company from 1991 to 2014, said yesterday.

Reviews of the design range from “unlike that of any other Ferrari,” via Car and Driver, to a “soulless robotaxi,” per autoevolution, to downright ugly, via countless social media users. Some Ferrari fans may think the carmaker’s EV dilutes its “supercar brand,” a Morningstar analyst told CNBC.

The Luce’s interior, which had already been partially revealed, was better received.

This might be Ferrari’s biggest swing ever

And it comes at a time when weakening EV demand has led Lamborghini, Porsche, Mercedes-Benz, and Bentley to delay their own electric plans.

Ferrari’s bet: The Luce could impress wealthy families, technologically enthused younger generations, and drivers in China, where EVs are still popular (and petrol cars are heavily taxed).

Though initial reactions suggest a whiff, analysts are waiting to see how long (or short) the Luce’s waitlist will be. Orders open this week.—ML

Iran threatens to retaliate after US strikes. The Islamic Revolutionary Guard Corps said it has a right to a “reciprocal response” after the US conducted what it said were defensive strikes on Iranian sites and boats yesterday. Iran’s warning comes as the two countries reportedly work toward a peace deal, though disputes over language are holding things up, CNN reported. Meanwhile, Iran reportedly restored some internet access following a monthslong blackout that began after the US and Israel attacked the country on Feb. 28. President Trump is expected to convene a Cabinet meeting today amid the talks with Iran.

BP ousts chairman over “serious” conduct concerns. The board of British energy powerhouse BP fired Chairman Albert Manifold yesterday, just months into the job. The reasons for Manifold’s dismissal were manifold: “The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,” Amanda Blanc, senior independent director at BP, said in a statement. The ouster comes as BP pivots away from renewable energy and doubles down on its core business of fossil fuels.

Eli Lilly acquires trio of vaccine makers for nearly $4 billion. The pharma giant, which has soared in recent years thanks to its weight loss drugs, agreed to buy Curevo, LimmaTech Biologics, and Vaccine Company, the Wall Street Journal reported. Curevo is developing a shingles vaccine, while LimmaTech is making vaccines against bacterial pathogens and the aptly named Vaccine Company is producing vaccines against Epstein-Barr virus. It continues a buying spree for Lilly, which has recently expanded its portfolio to include drugs that treat cancer, sleep disorders, and autoimmune diseases.—AE

Everything is bigger in Texas, including the cultural damage from rising beef prices. Storied barbecue pits across the Lone Star State are shuttering, squeezed by the skyrocketing cost of their culinary touchstone, brisket, the Washington Post reported yesterday.

Droughts reducing the US cattle herd to its smallest size in 75 years and tariffs on imported beef have been blamed for the Texas barbecue crown jewel starting to cost as much as actual gems. The retail price of the cut was up 32% this month from last year, according to the USDA.

Brisket bust

Those rising beef costs are reducing brisket margins, creating an existential crisis for the purveyors of the state’s signature smoky treat:

• Higher costs were partially responsible for the recent closure of Kirby’s BBQ, a Houston-area destination for oak-smoked brisket. They also claimed staple spots Brett’s BBQ Shop and Sabar BBQ.
• The award-winning BBQ restaurant Burnt Bean Co. told the WaPo that it’s in “survival mode” despite lines out the door. It’s considering serving brisket only once a week.

One Texan pit master said he worries the beef crunch will reduce the regional variety of the state’s brisket scene.

Meanwhile…the US Justice Department and Texas are investigating four meatpacking giants—which control 85% of the US beef market—over allegations of anti-competitive practices that hurt ranchers and retailers.—SK

If we told you that you could earn 100 times your investment in just over a week, you’d flag this email for phishing. The indie horror film Obsession—made for just $750,000 in 20 days by 26-year-old filmmaker Curry Barker—reeled in an estimated $79.7 million in its first two weekends in theaters, according to Box Office Mojo.

Like a well-timed jumpscare, the wildest record that Obsession broke was completely unexpected. The micro-budget movie actually made more money its second weekend, with ticket sales jumping by 39% compared with its opening weekend. That’s a rare feat for any film, but had never happened for a wide-release horror movie.

Where did this come from? Barker rose to fame as a YouTuber making horror and comedy videos, like the fan-favorite Milk & Serial in 2024. He debuted Obsession at the Toronto International Film Festival last year, where a bidding war culminated in Focus Features paying $15 million for the rights. Inde Navarrette is earning raves for her unhinged performance as a young woman forced into falling in love with a guy through supernatural means.

Big picture: Obsession is just the latest hit horror movie made by a filmmaker who rose to fame online after Mark “Markiplier” Fischbach and Danny and Michael Philippou. The trend is set to continue this weekend, when YouTuber Kane Parsons’s Backrooms could break A24’s opening weekend record.—MM

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

The Idaho-based non-potato chipmaker Micron saw its market cap surpass $1 trillion for the first time yesterday, after UBS nearly tripled its target price, arguing that the AI buildout has created sustained demand for Micron’s computer chips. The company’s shares closed up 19% yesterday:

• UBS said the stock could rise to $1,625, up from its previous target of $535.
• Reaching that mark would make it the 7th largest US company by market cap, just behind fellow chipmaker Broadcom and ahead of Tesla, Meta, and Berkshire Hathaway.

The stock has spent the past 12 months in rally mode, as tech giants racing to build AI data centers are increasingly willing to pay higher prices for Micron’s chips. Someone who bought Micron shares a year ago has grown their investment more than ninefold.—SK