Good Morning. This is the Investor Lookout with the daily digest.

Here’s what we got today:

• 🤖 Some Subscribers Must Pay More as Microsoft Pushes AI Copilot

• 🏖️ Banking on a Break: BNY Mellon’s Holiday Strategy

• 🎥 Churn & Earn: Stream Strategy This December

Some Subscribers Must Pay More as Microsoft Pushes AI Copilot

It’s not an add-on anymore: Microsoft ($MSFT) bundles Copilot into 365 by default. Microsoft is bundling Copilot, its AI chat interface, into 365 subscriptions in Australia and parts of Southeast Asia—and raising monthly fees to match. Users like YouTuber Alistair Fleming call it “an unwanted assistant,” citing intrusive pop-ups. Copilot can generate text, search documents, and create images from prompts. While it reached 37 million downloads since May 2023, ChatGPT stands at 433 million. Microsoft quotes $10 billion in AI revenue this year, but forced integration may cause cancellations. Some users have already canceled to switch to rival services.

• Australian subscribers report a fee increase of 5 AUD per month.

• Copilot features cannot be removed from the 365 platform.

Banking on a Break: BNY Mellon’s Holiday Strategy

Want a side of chill with your coffee? This bank got you covered. BNY Mellon ($BK) is reviving its year-end “recharge” period. CEO Robin Vince advises staff to postpone non-urgent tasks from December 23 to January 3, directing focus to essential client work and personal well-being. Vince admits missing free Starbucks ($SBUX) at HQ but values extra time with family. The bank first tried this approach in 2023. This move aligns with BNY’s broader strategy to support mental health and work-life balance. In a further show of employee investment, the bank will raise its minimum US hourly wage to $25 in 2025.

• BNY partnered with Spring Health to expand mental health services for employees and their families.

• The bank expects staff to be in the office “more days than you’re not,” CEO Robin Vince says.

Churn & Earn: Stream Strategy This December

Holiday hits are scarce, but ‘Squid Game’ Season 2 just might break the eggnog boredom. Netflix ($NFLX) is spending about $75 million each on two NFL games this Christmas, aiming to boost subscriber engagement for plans starting at $6.99. Apple TV+ ($AAPL) and Disney+ ($DIS) have fewer new titles, with only “Star Wars: Skeleton Crew” on Disney’s radar. Paramount+ ($PARA) places its bets on “Dexter: Original Sin,” while Max ($WBD) trims its holiday lineup. Amazon Prime Video ($AMZN) throws in reality stunts from Mr. Beast and a syrup-heist comedy. Hulu and Peacock ($CMCSA) also scale back, prompting consumers to strategize monthly “churning” to keep streaming costs under $50. Overall, fans are mostly hyped for the second season of "Squid Game."

• Apple TV+ has only two new December debuts, highlighting its unusual winter slowdown.

• Paramount+ relies on holiday specials and Taylor Sheridan’s ongoing series lineup to maintain viewer interest.

#1

Bundling Copilot into Microsoft 365 could boost recurring revenue, but it could also backfire, and subscription growth may slow down.

#2

BNY Mellon's "recharge period" should improve staff morale and maintain service quality for clients.

#3

Slower holiday content might prompt cancellations for Apple TV+ or Disney+, while Netflix's NFL deal could attract new subscribers.

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