Circle Internet Group Inc. (Circle) debuted on the New York Stock Exchange on June 5, 2025, reaching a $63 billion valuation. As the issuer of USDC, Circle managed $65 billion in digital dollars, generating revenue primarily through interest on US Treasury reserves. However, the company faced a fundamental dilemma: high interest rates drove profits but increased the opportunity cost for users, while falling rates squeezed margins. Additionally, Circle .....more

Teaching note for product W48895.

Teaching note for product W48072.

In October 2022, Adidas Group faced a significant public relations crisis involving its long-standing partnership with Kanye West, by then legally known as Ye. After terminating the partnership, Adidas was left with a substantial inventory of Ye-designed Yeezy sneakers and uncertainty about how to manage it. At the same time, Adidas was dealing with a shareholder lawsuit, with investors claiming the company failed to adequately disclose the risks .....more

In July 2024, McDonald’s Corporation (McDonald’s) faced a strategic dilemma amid rising inflation and interest rates. The introduction of a $5 Meal Deal, designed to attract cost-sensitive customers, sparked concerns among franchisees about shrinking profit margins in the context of McDonald’s franchise-heavy model, which relied on revenue from rent and royalties. McDonald’s had also made substantial real estate investment a core part of its business .....more

Teaching note for product W39454.

Multinational transportation company Uber Technologies Inc. (Uber), based in California, had consistently provided stock and options to its employees, leading to substantial stock-based compensation expenses. Instead of the metrics used in generally accepted accounting principles (GAAP), Uber had emphasized a non-GAAP earnings metric that excluded stock-based compensation expenses because they did not involve any cash outflows. Despite this, the company .....more

Teaching note for product W41283.