Flavored Vape Case, Intel Ouster, and 2024 in Photos

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SCOTUS Mulls Flavored Vapes

The US Supreme Court heard arguments yesterday in a case challenging the Food and Drug Administration's block on flavored e-cigarette products. The FDA has rejected over a million marketing applications for sweet-flavored vapes, citing youth addiction concerns. The case stems from a challenge by Triton, a company selling products like "Rainbow Road” and “Crème Brulee.”

Vaping companies argue the products help adults quit smoking and claim the FDA changed the requirements without notice after the applications were submitted. The FDA contends flavored e-cigarettes pose substantial health risks to children, outweighing potential benefits for adult smokers. The agency said its denial of applications followed procedures outlined in the Administrative Procedure Act, which governs federal agency rulemaking processes. 

The case comes as youth vaping usage levels are at their lowest in a decade. Currently, roughly 6% of middle and high school students use e-cigarettes, with nearly 90% of them consuming flavored brands. Those numbers are down from epidemic levels in 2019. The FDA has authorized the marketing of 34 e-cigarette products, all in tobacco and menthol flavors.

How the Chips Fall

Intel CEO Pat Gelsinger has abruptly retired, ending a nearly four-year term after a reported ouster by the chipmaker's board. Two high-level Intel executives will serve as interim co-CEOs while the board seeks a permanent replacement.

The shake-up comes as Intel's stock has dropped roughly 57% since 2020, bringing its market cap to $103B. Founded in 1968, Intel led the semiconductor chip industry for decades and currently powers roughly 78% of personal computers (see how chips are made). However, analysts say the company missed two trends: the pivot to mobile in the mid-2000s and the more recent AI chip boom.

Gelsinger was tasked with turning Intel's business around, helping the company win government investment, and seeking to manufacture chips for competitors. But in October, Intel posted a roughly $16B quarterly loss—the worst performance in its history—amid challenges, including production delays and competition from AI chip giant Nvidia. Meanwhile, Nvidia replaced Intel in the Dow and became the world’s second-most valuable company at $3.4T. 

French Government Wavers

French Prime Minister Michel Barnier faces a no-confidence vote as soon as tomorrow after he invoked a constitutional provision yesterday to push through a contentious budget without a final parliamentary vote.

The former Brexit negotiator's move upset lawmakers in France's hung parliament, where no party holds an absolute majority after President Emmanuel Macron called snap elections in June. Opposing parties, including a left-wing alliance and Marine Le Pen's conservative populist National Rally, filed motions yesterday for no-confidence votes, potentially jeopardizing the center-right Barnier and his cabinet. If Barnier is ousted, his government will be the first to fall to a no-confidence vote since 1962 and the most short-lived since its current system, the Fifth Republic, began in 1958. 

The 2025 budget seeks to shrink France's deficit and includes $42B in spending cuts and $21B in tax increases; it has faced widespread criticism from lawmakers and the public. Amid the impasse, France's financial markets have reeled while the country's borrowing costs have increased to the same level as debt-ridden Greece. 

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