Mixed but Stable
There's still a lot of uncertainty, and confidence has fallen
Summary: The economy continues to find its footing after the shock of Trump's tariffs. While the pause has helped calm things down, there's still a lot of uncertainty, and confidence has fallen. Jerome Powell remains in no hurry to change anything.
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Macro
Economic signals remain mixed but stable for now
"I would say any data, any hard data that you look at is still pretty early days, but everybody is hypersensitive to changes in the economy that may or may not come as of yet, things are carrying on at a pretty good level." – Markel Group (MKL 0.00%↑) Co-CEO Thomas Gayner
Consumer confidence has fallen
"...in the U.S, consumer confidence declined sharply in Q1, and it declined another 11% in April. That's all driven by inflation fears. People see their income slowing -- we see the pressure -- or the prioritizing of Essentials, which is pressurizing snacking." – Mondelez International (MDLZ 0.00%↑) CEO Dirk Van de Put
But confidence is not perfectly correlated with spending
"I think going back a number of years, the link between sentiment data and consumer spending has been weak. It’s not been a strong link at all. On the other hand, we haven’t had a move of this speed and size. So, it wouldn’t be the case that we are looking at this and just completely dismissing it. But it’s another reason to wait and see." – Federal Reserve Chair Jerome Powell
The hard data is currently in good shape
"So, people are feeling stress and concern, but unemployment hasn’t gone up, job creation is fine. Wages are in good shape. You know, people are not — layoffs — people are not getting laid off at high levels. Initially claims for unemployment are not increasing in any kind of impressive way. So, the economy itself is still in solid shape." – Federal Reserve Chair Jerome Powell
Job markets are stable
"Uncertainty about the macroeconomic outlook has increased. While we've yet to see a pronounced pullback in employer hiring, we are also not seeing an acceleration in hiring activity as we enter the second quarter...what is true today is that our internal data shows that employers have not yet pulled back. So employer hiring activity is consistent with the trends that we observed coming into 2025." – ZipRecruiter (ZIP 0.00%↑) CEO Ian Siegel
And the Fed remains on hold
"But there’s just so much that we don’t know. I think — and we are in a good position to wait and see, is the thing. We don’t have to be in a hurry. The economy has been resilient. It is doing fairly well. Our policy is well positioned. The costs of waiting to see further are fairly low, we think. So, that’s what we are doing." – Federal Reserve Chair Jerome Powell
Powell is not in a hurry
"We don’t think we need to be in a hurry. We think we can be patient. We are going to be watching the data. The data may move quickly or slowly." – Federal Reserve Chair Jerome Powell
China-US trade relations are an overhang on the global economy
"If the U.S. and China are kind of the two largest economies in the world, they're in some very long sustained freight embargo, or trade war, it's hard to imagine that really being good for the global economic environment. So that's really the biggest question on people's minds, and they want to see progress." – Carlyle Group (CG 0.00%↑) CFO Harvey Schwartz
CEO confidence may be recovering some
"But I would say, broadly speaking, this is not an environment where I would say is either a red light or a green light. I would say it's sort of a different shade of yellow. But the vast majority of the senior folks I've spoken in the last several weeks, are, I would say, cautiously opportunistic. So very much looking for opportunities to deploy capital in one variant or another, each conversation finishes with, hey, we're open for business. And that shouldn't really be surprising when we think about where the S&P is relative to the start of the year, and where capital markets are. But I would say that people are deploying capital, but they're being very, very thoughtful about it. And the more progress we see on policy implementation, obviously, the more positive reaction we have in the marketplace." – Carlyle Group (CG 0.00%↑) CFO Harvey Schwartz
Animal spirits want to be unleashed
"When Adam Smith spoke safely of the power of the invisible hand, he did not envisage an economic slap in the face from the unruly introduction of exorbitant tariffs. America's animal spirits do need emancipation from the cage of uncertainty." – News (NWS 0.00%↑) CEO Robert Thomson
International
China remains soft
"Market conditions in China remain soft and economic uncertainty is increasing...I mean there's talk about stimulus and in the last times program was sales team was quite engaged with customers, helping them bundling products together to combine with benefit guidelines. But not right now any new stimulus that we would be aware of." – Mettler Toledo International (MTD 0.00%↑) EVP Patrick Kaltenbach
"The only reason why second half will be better is because comps are easier. So I'm not expecting any specific change. I hope that some of this extended policies, governmental policies at one stage will modify a little bit the consumer mood and allow people to spend a little bit more money and save less. But I don't see today any kind of change." – Prada (PRDSY) CEO Andrea Guerra
European consumer confidence is stable
"In Europe, I would say consumer confidence is, in general, stable. They are aware of the global trade volatility and it's impacting their purchasing behavior. They're probably switching to more frugal spending and also prioritizing Essentials. We see a bit more shopping frequency going to smaller pack sizes and also a shift in channels in Europe that is more to discounters and e-commerce, and we see an increase in promotions." – Mondelez International (MDLZ 0.00%↑) CEO Dirk Van de Put
U.S. inbound travel is weak
"And as a result, that corridor of foreign travelers coming to the U.S. is approximately 2% to 3% of our overall business. So it's frankly not quite material. At the same time, what we're seeing is within that corridor, guess who would have in a prior year come to the U.S. are simply choosing a different location. So I think Canada is the most obvious example where we see Canadians are traveling at a much lower rate to the U.S. but they're traveling more domestically, they are traveling to Mexico, they are going to Brazil, they're going to France, they're going to Japan." – Airbnb (ABNB 0.00%↑) VP of Finance Elinor Mertz
Financials
The stock market is now basically flat since the election and Liberation Day
"I think there are a few things to note. So number one, we've essentially made a round trip in the stock market since the election. If you look at where the S&P is today versus the S&P the day before the presidential election. And actually, it's about the same level as it was on Liberation Day. So there's a lot of talk about the anxiety in the stock market, it's understandable because there's a lot going on. But actually, in terms of actual levels, we're sort of unchanged." – BNY (BK 0.00%↑) CEO Robin Vince
Retail investors have been relatively unfazed
"It does feel different, and obviously conscious of what others are saying on the same question. It does feel different relative to SVB and First Republic in terms of just the reaction of retail investors to invest in the product. And I don't think anyone is seeing the redemptions tick up the way that they were 2 or 3 years ago." – Apollo Global Management (APO 0.00%↑) CFO Martin Kelly
Small business may be pulling back spend some
"SMBs are adapting to the dynamic macro environment. Changes in behavior are emerging. We are seeing signals that businesses are managing their spend more closely by making fewer transactions and slightly decreasing their overall spend." – BILL (BILL 0.00%↑) Founder René Lacert
Consumer credit delinquencies are stable
"But for the most part, consumers -- so I went through delinquencies this past April, delinquencies still are really good on the consumer side. They haven't shown weakness yet in that space. They're spending patterns with our debit card seem to be pretty consistent for the season that they're in. You still have stress in the lower end of consumer, but you've had that for several years now. So that's not really a change." – M&T Bank (MTB 0.00%↑) CFO Daryl Bible
"So we're not seeing any signs of stress with the consumer in the repayment rates. One small thing that did happen during the quarter is we actually saw a slight uptick in prepayments. And so we take that as a pretty positive credit signal, actually. It is -- there is some tax seasonality, but even adjusting for that, we saw an increase year-on-year in prepayments." – Affirm (AFRM 0.00%↑) MD Robert O'Hare
Consumer
QSR is feeling a lot of pressure in the US
"Our first quarter global comp sales declined 1%. Global comp sales were essentially flat when the leap day impact is excluded. In the U.S., comp sales declined 3.6%, largely reflecting broad-based consumer challenges, particularly amongst the lower- and middle-income cohorts." – McDonald's (MCD 0.00%↑) President Ian Borden
"We saw broad-based pressure in the quarter. I would say the pressure was more acute with those households under $75,000, and we did see industry traffic with those households pull back by high single digits, low double digits, especially in the month of March." – Wendy's (WEN 0.00%↑) Director Dennis Geiger
Travel has also softened
"We are seeing softer booking trends for near-term leisure and business transient bookings in the United States, which have been down in the high single digits versus last year over the last few weeks with the greatest impact in our upscale brands. Our larger corporate customers are still on the road traveling for business." – Hyatt Hotels (H 0.00%↑) CEO Mark Hoplamazian
"Weaker trends have continued into the second quarter, with short-term bookings roughly flat year-over-year. We believe travelers are largely in a wait-and-see mode as the rapidly changing macro environment continues to unfold." – Hilton Worldwide (HLT 0.00%↑) CEO Christopher Nassetta
"While we saw a year-over-year increase in length of stay on a global basis, we saw a decrease in length of stay in the U.S., which could indicate that U.S. consumers are becoming more careful with their spending." – Booking (BKNG 0.00%↑) EVP Ewout Steenbergen
Power tool and motorcycle sales are weak
"Turning to performance by product line. Power Tools experienced a 2% organic revenue decline as the consumer DIY category remained pressured. Hand tools achieved 1% organic revenue growth supported by strong reception from customers of new products designed with an end user-centric mindset to improve their productivity." – Stanley Black & Decker (SWK 0.00%↑) EVP Christopher Nelson
"We often do research with our -- with owners and nonowners and currently, what we are getting back as feedback is at 60% of nonowners. And roughly half of our existing owners, they feel that the current economic environment is causing them to delay a purchase, and ride as a nonowner intended side and need to see improvement in the personal financial situation before they consider a purchase. And the primary reason is interest rates and overall economic uncertainty." – Harley Davidson (HOG 0.00%↑) CEO Jochen Zeitz
Tinder sees signs of wallet pressure on Gen Z
"And so over the past few weeks, we've just started to see some early signs of weakening Tinder ALC trends among younger users in particular. So it's still early. We're watching it closely. We're prepared to take pricing, merchandising or other actions to limit its impact." – Match Group (MTCH 0.00%↑) CEO Spencer Rascoff
Middle-income consumers are pulling back along with lower-income income
"In the U.S., overall QSR industry traffic from the low-income consumer cohort was down nearly double digits versus the prior-year quarter. Unlike a few months ago, QSR traffic from middle-income consumers fell nearly as much, a clear indication that the economic pressure on traffic has broadened." – McDonald's (MCD 0.00%↑) CEO Christopher Kempczinski
Higher income consumers remain unimpacted, though
"However, traffic growth from the high-income cohort remains solid, illustrating the divided U.S. economy, where low- and middle-income consumers, in particular, are being weighed down by the cumulative impact of inflation and heightened anxiety about the economic outlook." – McDonald's (MCD 0.00%↑) CEO Christopher Kempczinski
"We also saw some evidence of a bifurcated economy in the U.S. as higher-star-rating hotels appear to be more resilient than lower-star-rating hotels. We have not seen either of these dynamics in Europe." – Booking (BKNG 0.00%↑) EVP Ewout Steenbergen
"One is we are seeing the higher-income traveler somewhat unimpacted by the current macro conditions. We see, in particular, the higher ADRs of our bookings, the growth is very stable and very healthy for the U.S. traveler." – Airbnb (ABNB 0.00%↑) VP of Finance Elinor Mertz
Demand for live experiences remains strong
"I mean, Brandon, on the concert side, and it's the question every CEO gets asked, are you feeling the consumer pullback at all? We haven't felt it at all yet. So a lot of our stuff is on sale, October, November, December, so that stuff would have already been through the system. The real number we look at is what have we done from April 1 to April 21, the most relevant on sale period. We put a lot of shows on sale in the month of April. Chris Brown sold a million tickets this month, Mumford & Sons 300, Suicide Blonde; Lady Gaga sold out, up 18% year-over-year. So any data we have right now, up until last week, whether it's a festival on sale or a new tour or a show that went on sale, complete sell-through and strong demand and beating last year's numbers. So we haven't seen a consumer pullback in any genre, club, theater, stadium, amphitheater. We haven't seen it all happen yet." – Live Nation Entertainment (LYV 0.00%↑) CEO Michael Rapino
"Bookings right now for Walt Disney World for the third quarter are up 4%, and that's with about what we would say is about 80% in. And then for the fourth quarter, bookings are up 7%. That's probably somewhere between 50% and 60% in at this point. So certainly looking very optimistic, and that was part of what factored into our change in the guidance going forward." – Disney (DIS 0.00%↑) CFO Hugh Johnston
But luxury goods spending is spotty
"We had a positive and solid first four months of the year with a low teen double-digit growth has not been easy. The sector is now going flat or backwards since 18 months. And there is no real improvement signals in front of us." – Prada S.p.A. (PRDSY) CEO Andrea Guerra
Advertisers may be pulling back in auto, travel, and retail sectors
"To provide more color on the advertising business, we're seeing the most softness in the travel, auto and retail sectors. Categories that tend to be early indicators of shifts in consumer sentiment. Broader economic uncertainty, including concerns about tariffs has been more spending towards short-term performance-driven marketing channels. At the same time, we're seeing pockets of strength in sectors like pharma and telco, which have helped offset some of the broader weakness." – Sirius XM (SIRI 0.00%↑) Principal Accounting Officer Thomas D. Barry
Technology
Is AI taking over search?
"We will add them to the list — they probably won’t be the default...Prior to AI, my feeling around this was, none of the others were valid choices. I think today there is much greater potential because there are new entrants attacking the problem in a different way." – Apple (AAPL 0.00%↑) SVP of Services Eddy Cue
"We continue to see overall query growth in Search. That includes an increase in total queries coming from Apple’s devices and platforms. More generally, as we enhance Search with new features, people are seeing that Google Search is more useful for more of their queries — and they’re accessing it for new things and in new ways, whether from browsers or the Google app, using their voice or Google Lens. We’re excited to continue this innovation and look forward to sharing more at Google I/O." – Alphabet (GOOGL 0.00%↑) Press Report
Content creators are feeling the pressure
"So if you look at just traffic from Google, 10 years ago, for every 2 pages, Google crawled, they send you 1 visitor. 6 months ago, that was up to 6:1. The call rate hadn't changed. But what's changed is now 75% of queries to Google, Google Answers on Google without sending you back to the original source. But even in the last 6 months, the rate has increased even further where now it's up to 15:1, 15 crawls for every one visitor. And if you look at OpenAI, which is 25:1, Anthropic, which is 6,000:1. It's putting a lot of pressure on the media companies that are there that are making money through either subscriptions or ads on their pages." – Cloudflare (NET 0.00%↑) CEO Matthew Prince
AVs are poised to take over driving
"In March, we launched Waymo exclusively on Uber in Austin. So far, this launch has exceeded our expectations. Waymo’s safety record and rider experience coupled with Uber’s scale and reliability in the market have ensured that these vehicles are extremely busy. In fact, these approximately 100 vehicles are now busier than over 99% of all drivers in Austin in terms of completed trips per day." – Uber (UBER 0.00%↑) CEO Dara Khosrowshahi
AI is being successfully implemented at enterprise scale
"Teaching requires quite a bit of content. It used to be the case that a lot of this content was made by hand with some automation, but a lot of it by hand. By now, we are able to make the content for all of our subjects mostly, close to 100%, automatically. So that allows us to just have a lot more content that is made a lot faster and much cheaper. So that’s one place where it’s helping us." – Duolingo (DUOL 0.00%↑) CEO Luis von Ahn
"Just one thing I'll say about AI, which is definitely making the customer experience easier is we just rolled out our AI customer service agent this past month. 50% U.S. users are now using the agent, and we'll roll it out to 100% of U.S. users this month. We believe this is the best AI supported customers travel agent in travel. It's already led to a 15% reduction in people needing to contact live human agents and it's going to get significantly more personalized and agentic over the years to come." – Airbnb (ABNB 0.00%↑) CEO Brian Chesky
"We continue to see significant AI momentum driven by real ROI that we are delivering for our customers through our Genius AI suite of products. This, in turn, drives our subscription revenue growth as demonstrated by the following 3 customer examples. The first is a fast food chain with over 3,000 restaurants globally. Following the deployment of our AI agents, they experienced a nearly 40% improvement in containment rate. Concurrently, they implemented our agent assist solution, which reduced after-call work time by 35%. As a result of these efficiency gains, they estimate their labor savings to be approximately $1.1 million per year." – Five9 (FIVN 0.00%↑) CEO Michael Burkland
Software engineering is seeing the most rapid change
"There's a lot less value in writing the code itself, like everybody can do it pretty quickly, can do a lot of it. You can have the machine do a lot of it, and you complement it with a little bit of your own work. But the real difficulty is in validating that code, making sure that it's safe, making sure it runs well, that it's performing and that it does what it's supposed to do for the business. Also making sure that when 15 different people are changing the code at the same time, all of these different changes come together and work the right way, and you understand the way these different pieces interact." – Datadog (DDOG 0.00%↑) CEO Olivier Pomel
AI investment isn't slowing down
"I know there are some uncertainties as it relates to tariffs and other things, but this is one of those areas where from an infrastructure standpoint, there continues to be investment in AI infrastructure. And so with that, we would expect strong growth into the second half of the year." – Advanced Micro Devices (AMD 0.00%↑) CEO Lisa Su
Jensen wants the U.S. to lift restrictions on selling AI chips internationally
"I think the reason why leaning into the export of this technology matters is because we want to build the world’s AI. Whereas American standards are being adopted around the world, the ecosystem of artificial intelligence will build on top of our standard versus somebody else’s standard. And we are not alone — Nvidia, of course, is the world leader. But in our absence, if we don't serve a particular market or if we leave a market altogether, there's no question somebody else would step in. Huawei, for example, is very formidable — one of the most formidable technology companies in the world. They’ll step in. So the reason why it would make sense is to win in the marketplace, make the American standard the global standard, and have AI be built on top of American technology. And, of course, very importantly, it's a giant market. When we were limited in shipping to China, the Chinese market — in a couple of years — is probably about $50 billion. The market we've left behind is utterly gigantic. $50 billion — just so you have a feeling for that number — is like Boeing. Not a plane — the entire company. So that's the business opportunity I think we could enjoy: bring back tax dollars, create jobs, advance our technology." – Nvidia (NVDA 0.00%↑) CEO Jensen Huang
Healthcare
The life science industry has been in a five year bear market
"We're in the fifth year of of a bear market with the biotech indices starting to move down, what, February of '21. So this is fifth year, which is a fairly long duration, although we've seen longer ones. And I think the sentiment toward the industry, at least in the spoken and written world out there is among the most negative that I've seen. But the reality kind of belies that as we talked about through the different agencies, what's going on and the and innovation and new therapies being delivered to patient." – Alexandria Real Estate Equities (ARE 0.00%↑) Founder Joel Marcus
Academic funding cuts are creating a climate of deep uncertainty
"There is a growing threat of future changes such as proposed budget cuts, implementation of indirect NIH funding caps and widespread concern over further grant review delays or project cancellations. Taken together, these pressures are creating a climate of deep uncertainty. We're increasingly hearing from customers that the combination of actual cuts and looming risks is making them hesitant to initiate new projects or invest in capital purchases." – 10x Genomics (TXG 0.00%↑) CEO Serge Saxonov
"The research side, which has seen more challenging times in the last few months, our research business was down on packing consumables in the mid- to high single-digit range. And as we think about the remainder of the year, given that the changes in the research environment started happening somewhere in the middle part of the quarter, as we look at it going forward and as we look at the conversations that we've had with our research customers, especially in the academia." – Illumina (ILMN 0.00%↑) CFO Ankur Dhingra
Novo Nordisk cut its full-year GLP-1 growth outlook
"We have reduced our full year outlook due to lower-than-planned branded GLP-1 penetration impacted by the rapid expansion of compounding in the U.S." – Novo Nordisk A/S (NVO 0.00%↑) CEO Lars Jorgensen
Industrials and Transport
Trump's tariffs are forcing increased regionalization of supply chains, which began during Trump's first term
"Trump 1.0 actually did lead to regionalization of supply chains. That process started way back 02/2016 to 02/2020, that four years, China was always China plus one. Trump 2.0 has got that even more on steroids. Not many people are moving today...It’s not simple to just take production and move it across because you have to find locations." – Jabil (JBL 0.00%↑) CEO Michael Destor
If manufacturing comes back to the US its going to require robotics
"And more than anything else in The US, labor will be a will be a big concern. The availability is just not is just not there, and it will require a lot of automation, a lot of robotics, and and we can do all that. We’ve been doing that for a number of years, so we’re really well positioned to help the the customers." – Jabil (JBL 0.00%↑) CEO Michael Destor
"If more jobs are required to come back to the states that I think it's also going to require a greater level of robotics and automation to be able to deal with things on a go-forward basis." – American Axle & Manufacturing (AXL 0.00%↑) CEO David Dauch
Industrial semiconductor demand is showing signs of recovery
"The traditional parts of the industrial market are starting to show signs of recovery. You'll recall this was the first part of industrial to show signs of weakness going into the downturn." – ON Semiconductor (ON 0.00%↑) CEO Hassane El-Khoury
North America ag market likely near cyclical trough
"At an industry level, the North American ag machinery market was already forecasted to reach cyclical trough levels in 2025, which implies that the demand levels should not get much lower. However, lower farm income or restricted access to financing could drive demand lower or drag out the cycle recovery. We will reevaluate [ph] a narrower range of potential outcomes later this year." – CNH Industrial N.V. (CNH 0.00%↑) CEO Gerrit Marx
Materials & Energy
Oil prices have been pressured by tariff fears and OPEC supply
"In light of the ongoing uncertainty in tariffs. It is clear that this uncertainty is weighing on economic forecast, causing significant volatility and raising the prospects of slower growth. Coupled with the threats of increased OPEC supply, we are seeing significant downward pressure on prices and margins." – Exxon Mobil (XOM 0.00%↑) CEO Darren Woods
"The near term, however, is reflecting speculation on oil demand impacts associated with tariff announcements, which has softened prices. We expect to see a return to market fundamentals and pricing firming up as more transparency is applied to the tariffs and negotiation turns to implementation." – EOG Resources (EOG 0.00%↑) EVP Ezra Yacob
No slowdown in data center energy demand
"As a reminder from our fourth quarter update, we have approximately 40 gigawatts of data center capacity in various stages of contracting, including what is now approximately 10 gigawatts of capacity contracted under electric service agreements. Since our last call, we have not observed any evidence of slowing demand from data center customers across our service area." – Dominion Energy (D 0.00%↑) CFO Steven Ridge
"In terms of other type agreements, I would say the inbounds and the interest of different corporate counterparties in doing renewable power framework agreements with Brookfield Renewable has been high. It's been high ever since the Microsoft agreement was announced and has only accelerated in recent months. And as we sit here today, we would suggest that it is probably far more likely than not that we would execute similar type agreements within 2025." – Brookfield Renewable (BEP 0.00%↑) CEO Connor David Teskey
Real Estate
New multifamily construction starts have dropped 65–80% in some markets
"New supply has peaked in our markets, and apartment absorption continues to be strong. In fact, new starts are at a 13-year low and are down 80% in Austin and between 65% and 80% in Houston, Denver, Charlotte, Raleigh, Atlanta, Nashville and Washington, D.C." – Camden Property Trust (CPT 0.00%↑) CEO Richard Campo
Construction inflation is a concern, but many construction is a hyperlocal business
"Developers...are putting contingencies in their cost estimations right now that range as high as 20% in terms of cost to build...[however] A lot of the other materials, as you can imagine, building materials don't ship well in terms of cost, given the weight meaning drywall, lumber, steel, et cetera, and certainly, ready-mix concrete is a hyperlocal business. Those are all not affected by -- these are all factor -- building cost factors that are not impacted by tariffs at all." – Hyatt Hotels (H 0.00%↑) CEO Mark Hoplamazian
Nuggets of Wisdom
There's something powerful about struggling
"We have several things about our company that are really quite extraordinary, and I appreciate it as a person. I wish upon my kids and the people I love to have the same experience — that long suffering that comes with struggle. You never take anything for granted. You're super efficient. You're trying to save everything you can, save every penny you can, because you don't know how long the struggle is going to last. You build incredible resilience, because it took a long time to do it. And so, the company has that in its character. Almost everything we undertake, even these days, are five- to ten-year endeavors...dreaming big on the one hand, and having the resilience and the character to suffer until you see it happen — I think that's very good." – Nvidia (NVDA 0.00%↑) CEO Jensen Huang
Zuckerberg doesn't like delegation
"I basically don't believe in delegation. You know, I think there's this theory that a lot of people have, which is like: 'Alright, the job of a leader is you hire people and you delegate things to them.' My theory is: there's so much going on across the company that I can't possibly get involved in all of it. So, all these people are going to have a ton of stuff that they're going to do. But fundamentally, if there's a decision that I want to be involved with, I'm going to be involved in it. I don't believe in delegating. I think that's generally a good way for founders to operate. I think it's like: if you're running the company and you're on the hook for everything, and there's something important at whatever level of detail in the organization — I don't get the logic of saying, 'I'm not going to be involved in that.'" – Meta (META 0.00%↑) CEO Mark Zuckerberg
Leave unstructured time in your day
"I get really frustrated and in a bad mood if my whole day is scheduled and there’s like a thing that I know is really important and I like don’t get time to do it because I’m sitting in other things that are not the most important thing to be doing. Like you have too many days like that in a row and I just like explode." – Meta (META 0.00%↑) CEO Mark Zuckerberg