Zaid Admani

The biggest energy conference in the world is happening in Houston this week, and CEOs on stage are painting a pretty scary picture.

For example, the CEO of Chevron said the effects of the Strait of Hormuz closure are not fully priced in yet.

I mean, this guy runs one of the biggest oil companies in the world.

So when he says the market is underestimating this, that's worth paying attention to.

Now, to be fair, there are reports that some tankers have started to pass through the Strait of Hormuz, but the Strait isn't fully open.

The bottom line here is that every headline about Iran will move the price of oil, which will then determine which direction stocks go in a given day.

So we're going to continue to stay on top of the latest developments and break it down for you every day.

So make sure you guys are subscribed to the podcast and tuning in every day to stay in the loop.

Let's run through some headlines, starting with Meta.

It's been a wild week for the social media giant.

Let's start with their legal troubles first.

Meta lost two major court cases in two different states this week.

On Tuesday, a jury in New Mexico found that Meta misled users about the safety of its platform when it comes to children being targeted by online predators.

Meta was ordered to pay $375 million in damages.

And then on Wednesday, a jury in Los Angeles ruled that both Meta and YouTube were negligent in a landmark social media addiction case.

A young woman sued the companies claiming that features like infinite scroll and algorithmic recommendations were designed to be addictive and caused her mental health harm.

The jury agreed and Meta has to pay about $4.2 million in damages and YouTube has to pay 1.8 million.

Now, those dollar amounts are pocket change for these tech companies.

Meta made over $60 billion in profits last year.

But this isn't about the money.