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The New York City-based chain Los Tacos No. 1 has a new investor: private equity. The chain is VERY popular with the young Wall Street set, so when news broke of the financial infusion the memes started flowing. The Instagram account Exec Sum rounded up the discontent. User Deva Hazarika wrote, "Get ready for the $7.95 Dune: Part Three Spice Must Flow Smithfield Pork Adobada taco, optional cilantro and onions $.50." Another poster succinctly wrote, "New York has Fallen." If you don't know why they're concerned, many correlate private equity with cost-cutting measures like smaller portions and lower quality ingredients.
On Reddit, user FanRotomMaster wrote, "Time for a Los Tacos. No. 2." Such is the current reputation of private equity.
Coming up, why Patagonia could become the next data center hub, how semiconductors came through for China's trade numbers, and why the tariffs hitting Harley-Davidson are so high.
News We're Watching
1. Patagonia, say hello to more data centers - Reuters
What to know: The American public is increasingly skeptical of data centers. In the first quarter of 2026, local opposition led to the disruption of at least 75 projects worth ~$130 billion according to Data Center Watch. Well, Argentine leadership wants that business BAD. President Javier Milei of Argentina was courting Big AI CEOs all the way back in 2024, and instituted a program offering tax breaks and a stable regulatory environment. Now, OpenAI has committed to a roughly 500-megawatt data center worth up to $25 billion that could land in Patagonia. Wider interest in the region is there. Poland's Green Capital has already leased land in Chubut for wind and solar that could supply energy to data centers and the U.S.-based firm FlexDomes is looking for data center investors in Patagonia.
Why the interest?: Patagonia is at the bottom of South America and it is cold. Plus, one of the pricier inputs for data centers? Cooling costs. But isn't the region remote? The government plans to invest in more fiber-optic connectivity for the region … plus power companies are already there. For now it's all in the planning phase. We will keep an eye on it as the world scrambles to find a home for their data centers.
2. What do semiconductors have to do with China's latest numbers? - The Wall Street Journal
What to know: Both Chinese exports and imports are roaring, widening the trade gap with the U.S. and the rest of the world. The WSJ focused on one key reason … AI. It's simply been the saving grace for China, despite all the trade barriers the U.S. has lobbed east. The world just can't get enough semiconductors and China has plenty to go around. Not to mention the rare earth elements also needed in tech.
What stands out: The value of semiconductor exports went up 130% from last year, up from 117% in July. What's interesting is that chip export volume went down by 7.9%. So, what's up? China is simply the beneficiary of a global market with a tighter supply of conventional memory chips right now, used in phones and computers. Isn't it nice when higher prices obscure lower sales?
Today's Indicator: Canada, are we still cool?
If you haven't listened: Canada's tariffs are officially in place against many U.S. products in response to the Trump administration's own tariffs. CBC's Paul Haavardsrud walks us through what Canadians think about this prickly new phase of the trade war. Here's a quick rundown:
- It feels personal. Paul tells us part of the issue here is the way American leadership is talking about Canada: like when President Trump called their country a 51st state, or signed an executive order renaming Lake Ontario to "Lake America." Sooooo, all this has created a little more bipartisan support to "stand up to the bully," for Prime Minister Mark Carney to take a hard stance, even if it is financially painful.
- The tariffs are symbolic more than punitive. Paul makes it clear that Canada knows ~$20 billion in tariffs won't take down the U.S. economy. It's trying to cut "narrow but deep" targeting industries in swing states like Ohio and Pennsylvania to put some pressure on the White House ahead of the midterms.
- Canada is stalling. A renegotiation of the USMCA (United States-Mexico-Canada Agreement) has already been pushed off into 2027. But Paul argues this tariff spat will set the tone for that much larger discussion. "If we roll over right now… then what starting position are we coming at when we sit down at the table for those negotiations?"
If you HAVE listened: Then you heard Paul say Canada wants their tariffs to cut "narrow but deep." A PRIME example of that… how the country is approaching tariffs on motorcycles, including Harley-Davidsons. Four to five percent of the company's sales come from Canada and their bikes now face a 50% tariff there. And where does some of its production come from? Swing state Pennsylvania.
"No company wants to just lose 5% of sales. Maybe they [executives] look around and say, 'Why are we in this trade war? You know, what is the point of that?' And then put some pressure politically on their representatives, and then that goes up the chain. That's strategically the hope, anyway," said Paul Haavardsrud.
Listen to the Full Episode
Rest of the week
Which jobs are future-proofed?
The game fintech companies play to become banks
Small universities are in trouble?
Listener Mailbag
Listener Jennifer Cabrera from Ossining, New York
Question: What's the deal with every company shortening its name these past few years? It seems to me like they're all overestimating their brand awareness and underestimating how awkward the new names are! Examples that come to mind: Angi(e's List), Citi(group), KFF (Kaiser Family Foundation). It has to end!
Answer: Don't forget about Dunkin'! Weight Watchers switched to WW in 2018 and then BACK to Weight Watchers. The short answer is: a few different reasons! But mainly running from confusion or negative associations. In 2018, NPR (I mean, National Public Radio?!) did a whole segment on rebranding. One of the take-aways, brand names can be limiting! At a certain point, Dunkin' Donuts stopped just selling donuts. Some people might just go there for coffee or avocado toast! And look at Angie's List. It's just… not a list anymore. In the case of KFF, I have a gift for you. KFF CEO Drew Altman wrote a whole blog post last year on the name change. "We did that because too many people still thought we had some connection to Kaiser Permanente (we have never had any), or that we were a foundation." KFF is a public charity, which incidentally, funds some NPR work.
Do you have a business or economics question? Email us at Indicator@npr.org.
In Our Spare Time
Temporary Producer Schuyler Swenson is reading "The Dispossessed."
Strolling through my local used bookstore in Brooklyn, Troubled Sleep, I picked up Ursula K. Le Guin's 1974 novel, The Dispossessed. I haven't re-visited this book since I first read it in college in 2008, and let me tell ya, it hits different these days. Half of the story takes place on Anarres, an arid, barely inhabitable moon that is home to an intentional community of anarchists. The other half of the story is based on its mother planet Urras, a lush capitalist society with problems familiar to our own today. It asks us to define and imagine what a utopian society could be and lately has been a powerful reminder that we can, and maybe should turn to science fiction to solve our non-fiction problems.
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This newsletter was fact-checked by Sierra Juarez edited by Alex Goldmark and Kate Concannon.
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