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Here's everything you need to know today - in under 5 minutes.

Today's big stories:

💰 CBA reveals its net interest margin has dropped

🍫 Nestlé want to double their e-commerce sales

🇺🇸 Crypto fans want to buy the US Constitution

Oh and get this...

Apple has just announced a self-service repair program where they'll sell repair kits directly to consumers. It means you won't need to get a whole new phone when something minor happens, and it won't void your warranty. FINALLY.

CommBank shares sank 8% after their first quarter results

Background: CBA are Australia's biggest bank. And, they're a bit of a share market darling. Since March 2020 (when most stocks hit the floor) CBA have been on the up.

What happened: Earlier this month, CBA shares hit an all-time-high of $110. And, they released a wave of new features and apps like Cheddar, Little Birdie and StepPay. All of which point to future success.

What else: But CBA's first-quarter earnings report revealed its net interest margin fell from 2.04% to a level that's rumoured to be under 2% (they're vague on the deets). As a result, their shares sank around 8%.

So what's the key learning?

💡The net interest margin is the main measure of profitability for a bank. It's the difference between the interest paid...and the interest received.

💡 If CBA gives a savers a 1% interest per annum...and they receive 3% interest per annum from a customer with a mortgage, the net interest margin is 2%.

💡 Competition between the banks is fierce right now, which is putting a lot of pressure on CBA's net interest margin...hence the bad news.

Nestlé plan to double their e-comm sales so they can keep tabs on our eating habits and I'm scared

Background: Nestlé are the massive food and drink company behind your fave Nescafé Blend 43...Milo...KitKat...ya know, all the good and nutritional stuff.

What happened: While this crew generated around $91 billion in sales in 2020, just 13% of that came via their e-commerce channels. But that's amount to change, Flux fam.

What else: The company has revealed plans to increase their digital marketing spend significantly. And they're hoping that will increase e-commerce sales to around 25% by 2025 too.

So what's the key learning?

💡Big food manufacturers are shifting gears to sell more of their products directly to consumers.

💡This helps businesses gather data on their customers shopping habits...which means they don't need to rely on ya Woolies Rewards history...which conflicts with your Coles purchases...and ain't the same as your IGA points.

💡Nestlé reckon its investments will generate around 400 million first-party data points. This data will feed into an analytics system to predict low stock and where sales can be boosted.

Call Nicolas Cage 'cos crypto fans are banding together to buy the US Constitution

Background: For the first time in 33 years, one of the 13 surviving copies of the US Constitution will be auctioned off. Yep, we're talkin' the real deal from 1787. It's one of two copies still owned by private collectors.

What happened: In comes ConstitutionDAO. A crypto association (of sorts) with 13 Twitter accounts listed on its site as organisers.  

What else: This crew are gathering coin to buy the Constitution. As of last night, the group had gathered around US$39 million worth of Ethereum. Whoever buys it won't receive ownership of the Constitution, but rather voting rights on what happens with it (like where it will be displayed).

So what's the key learning?

💡DAOs are decentralised autonomous organisations, and they're part of Web3 - aka, the idea of a decentralised internet as the next phase of the web.

💡If you think about the internet in stages:

• Web1 is like the period between 1991 and 2004, where internet users were just consuming content.
• Web2 is what most of us know today, which is more about the web as a platform for creating and storing data
• Web3 is the idea of taking data out of the hands of Big Tech (i.e. Google and Facebook) and putting on public blockchains (aka decentralising it).

💡Web3 is all about new kinds of money and ownership...so you can think of DAOs as a new kind of anonymous, crypto GoFundMe, where people get "governance tokens" in return for donations.