"Advertising sucks, we all realize it."

Professor Scott Galloway delivered a must-see presentation during our virtual summit NexTech yesterday, deconstructing the economy in incredible fashion, while also explaining in great detail the problems with what he calls "The Four Horsemen"—Amazon, Apple, Facebook, and Google. The presentation, which you can watch here, was packed with data and insights. Here are three of the many takeaways:

The outlook: Galloway offered some hopeful advice in addition to his dour predictions.

Today’s NexTech lineup (all times E.T.):

Register for NexTech here.

With CEOs at Amazon, Apple, Facebook and Google facing questioning on Capitol Hill, here are some of the topics related to advertising that lawmakers focused on.

A stunning admission: After 96 minutes of avoiding questions, Jeff Bezos answered an inquiry that left some observers shocked by the response.

Within 24 hours of the NHL's Seattle Kraken dropping its name and branding, the team had sold 50% more merch than the league's previous expansion team, the Vegas Golden Knights in 2017. The smashing popularity of the franchise was the result of an extensive push to maximize its audience appeal: The team, Adidas and creative agency Perch Partners reviewed 1,200 names and about 100 logo designs with help from naming experts, historians, brand agencies, artists and even fans in in-person forums.

Secrets of the logo: It includes several exciting and clever Easter eggs that reference Seattle and maritime history.

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Black Lives Matter protests in Portland, Ore., have shifted focus to diversity problems at Nike, which is headquartered in the city's suburbs. Protesters and employees say Nike's pro-BLM statements have been obfuscating internal practices such as firing non-Black employees to make it look as if the company is more diverse, and not valuing Black voices in the workplace. The company's diversity and inclusion chief Kellie Leonard stepped down this week following pressure from protesters.

Keep reading: We spoke with Nike employees about the problems within the company.

More of Today's Top News and Highlights

Would you drink mustard beer? To celebrate National Mustard Day on Aug. 1, French's has debuted a limited-edition craft beer brewed with the brand's Classic Yellow Mustard and developed in partnership with Colorado-based Oskar Blues Brewery.

Privacy, and data regulation, has arguably become the most critical piece of modern marketing practice. How can organizations effectively navigate an increasingly complex regulatory landscape? Register for free and join over 3,500 industry attendees to find out at 1pm ET to find out.

It's the footwear retailer's first foray on the social media platform.

'House of brands' begins to take shape with UI facelift, 3,500 additional episodes from its portfolio

The video, shot by the performers, is part of BBC Arts' "Culture in Quarantine."

The brand partnered with Dwyane Wade to create the product.

The campaign is funded by a doctor-led PAC aiming to protect Medicare.

Premium burger chain kicks off an expansion year with new ad campaign.