In this podcast, Motley Fool contributors Tyler Crowe and Matt Frankel discuss:

• Taiwan Semiconductor's most recent earnings report.
• The torrid pace of AI spending.
• Lower mortgage rates are taking the cork off existing home sales and refinancing.
• Insulation contractor TopBuild now does roofs.
• Ferrero will acquire WK Kellogg.
• Two stocks worth watching this earnings season

To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. When you're ready to invest, check out this top 10 list of stocks to buy.

Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »

A full transcript is below.

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This podcast was recorded on July 10, 2025.

Tyler Crowe: Taiwan Semiconductor's earnings say full steam ahead for AI, and the housing market is getting some of its best news in a while. You're listening to Motley Fool Money. Welcome to Motley Fool Money. I'm Tyler Crowe, and joining me today is Motley Fool analyst Matt Frankel. Matt, thanks for being here.

Matt Frankel: Thanks for having me. It's always fun to be on with you.

Tyler Crowe: We do a lot of conversations. Offline and doing one here is going to be great. On today's show, the snacking industry is actually coming for the breakfast aisle. The housing market saw its first green shoots in a while. There's merger talk in the building supply industry, and Matt and I are going to give some earnings watches for the upcoming quarter. But we're going to start today's show with Taiwan Semiconductors because they just released their second quarter or June earnings earlier today. Taiwan Semiconductor manufacturing's revenues rose about 39% in the quarter, and TSMC CEO C.C. Wei said that AI chip demand still, they think is outstripping the current supply that they have, and the company has pledged to spend $100 billion ramping up manufacturing. Now, Matt, I'm probably not alone in being flabbergasted, every time I hear a projection about spending and CapEx related to AI. NVIDIA just passed the four trillion dollar market cap threshold a couple days ago, and it's still hard to wrap my head around. I think the easy question is, will AI spend, continue to grow? I think that's a little too easy. I want to ask you, do you see AI CapEx spending continuing at this rate?

Matt Frankel: Well, a 40% year over year growth rate is only sustainable for so long. This is an acceleration. It's worth mentioning. Last year, in 2024, Taiwan Semi reported 30% year over year revenue growth. This is a pretty big acceleration after an already very strong year. I think over the past 30 years, Taiwan Semi's revenue's grown at about 18% annualized rate. It's really picked up in the past couple of years because of all this AI spending. This is a massive business, especially for one that doesn't make any of its own products. It makes products on behalf of other companies. All of their customers, just to mention some on their customer list, Apple is their biggest one. But they also make chips for NVIDIA, AMD, Broadcom, Tesla there are a lot of companies they make chips for on a third party basis, and these are deep pocketed companies that are all committing a lot of money to AI investment. When you ask will this continue if you're asking over the next five years, I could see that growth rate actually being sustained. But if you're asking beyond, at some point, we're going to hit a peak, but I don't think we're there just yet.

Tyler Crowe: The interesting thing is a lot of the companies I follow are like in the construction industry related to AI, like all the electrical supply contractors and the builders and things like that. Their backlogs for AI data centers and all that stuff is still growing at really large rates. Their remaining performance obligations, their word for backlogs, have been growing at similar rates, which is also, to me, a leading indicator for a lot of this because you got to build the data center before you can put any chips in it. Beyond the same thing, beyond the five years, it starts to get really murky because we're 40% for five years straight is a lot, but certainly over the next 2-3 year window, it doesn't seem unrealistic to continue to keep doing this.

Matt Frankel: One of the really good ways to get ahead of demand is to look at what the data center industry is doing, and I'm glad you brought up building for that reason because so many data centers are being built right now. There's a lot of if you look at, Digital Realty Trust or Equinix's, construction activity, there's a lot going on, and it creates like a forward looking projection, if you will, because, the company will order a new data center, start building it. At some point later, it's going to be filled with chips and things like that. That's a really good forward indicator of how demand is doing.

Tyler Crowe: Let's put the rubber of the road here really quick regarding Taiwan Semi. It's a recommendation in the Hidden Gems dividend service and several other molecule services. After seeing these results and the current valuation that we're looking at for Taiwan Semi, do you still see the stock as a buy?

Matt Frankel: Given how quickly its revenue is growing, it trades for about 24 times forward earnings, there's not a lot to dislike about this company. That 1.2 trillion dollar valuation sounds high, but it really isn't when you look at how the business is doing.

Tyler Crowe: If we're looking at these numbers for 2, 3, 4 years, a company can grow into a 26 times forward earnings valuation or forward earnings valuation pretty quick. It's hard to see it being an awful investment from here at current valuations. Next up, mortgage rates are on the decline, and the housing market is responding quick.

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Tyler Crowe: The housing market has been looking for something, anything resembling good news lately. Finally, it got a little bit. The average rate for a 30 year mortgage in the United States has declined five weeks in a row, and it's now down to 6.77%. Now, that certainly isn't the sub 3% mortgages that we saw in the 2021 period, but it is a nice improvement from the greater than 7% mortgage rates we've seen so far this year, and I know I have been like mortgage rate shopping for quite some time. Matt, the housing market appears to be taking advantage of this situation much faster than we've seen other mortgage rate movements lately, and something you've been following is like housing volume is really picking up because of this.

Matt Frankel: You mentioned the other mortgage rate moves. This isn't the first time we've seen mortgage rates cool off from the highs, which is why this move is a surprise to a lot of people. Mortgage rates peaked at about 8% when inflation was really high. But even they've come down a little bit, then they go up, then they come down, they go up, and they have oscillated between 7.5% and like six and three quarters in recent times. All the other times it's happened, this is a key difference. All the other times it's happened, there hasn't been a lot of housing inventory. Now that's changed. There's a lot more inventory on the market with this decline. People who want to buy houses are taking advantage, just to name some of the statistics just last week alone, week over week, application volume was up more than 9%. Refinancing is 56% higher than it was a year ago. People who got mortgages in the 8% range are finding it valuable to refinance right now. Purchase applications are up 25% year over year on a seasonally adjusted basis. The numbers really look surprisingly strong, given that, you know, over the past week, the average mortgage rates down two basis points. It's not like it's been a sharp decline in the past week, but now buyers are suddenly coming into the market.

Tyler Crowe: Following the housing move for the past couple of years, it's been trying to poke somebody a stick and say, Come on, do something and it's funny to actually see it finally happening. Part of me wonders if it's a little bit mortgage and also our mortgage rates, excuse me, and a little bit of just like the people have been putting it off and using this as that time to start taking the lid off, especially with the buying season here in the spring and summer. Now, you and I and a couple other people, longtime Motley Fool contributors, analysts. We spend way too much time talking about housing, investing in housing, investing in real estate. There's some side channels that get a little unhinged. But with mortgage rates are declining, the probability of a rate cut actually looks to be in sight something that I have been hesitant to say for quite some time. There is pent up demand for homes. Matt, with this backdrop, what stocks in this particular market look interesting to you?

Matt Frankel: I've been saying the Home Builders forever, and so have you, but it's really tough to gauge the dynamics of Home Builders when existing homes are becoming more appealing than they had been for a long time. I won't say that. I'm really looking at rocket right now, RKT the largest lender. They're a very profitable company. I think refinancing in particular is a big opportunity. I mentioned refinancings up 56% year over year, and that's because rates fell to 6.77%. Imagine if rates fall to 6% or 5% in the next couple of years, Americans are sitting on $35 trillion in home equity that's the most ever, and a lot of it's just waiting to be tapped. A lot of people want to do big projects, but won't because it's expensive.

Tyler Crowe: Actually, the Refi number was the one that really stood out to me, as well. I didn't go to the mortgage originators, like Rocket. I actually went to the home repair and remodel industry because, again, this is everyone stared at their walls in 2020, 2021, did all those projects, and now it's been like three or four years. Everyone's starting to get that itch to do projects again and lower mortgage rates. A refinancing is a good opportunity to that. I've been looking at companies like Home Depot that have underperformed just about the time the interest rates started to climb a few years ago, we had that big pull forward in remodel activity and things like that. Home Depot and a lot of other building supply companies, and one company in particular is TopBuild. It's an insulation distribution and installation contractor specifically for insulation. That company just so happens to be the company we're going to be talking about next. Continuing on our theme of the housing market, home repair, building products, there's a company Top bill. They just mentioned it as a distribution installation contractor. They recently announced it's going to acquire Progressive Roofing. Matt, can you just give a quick breakdown of what this deal looks like?

Matt Frankel: Progressive Roofing, as the name implies, they're one of the largest commercial roofing installers in the United States. They make about 70% of their money from what's called reroofing, which is people like me needing a new roof and maintenance and 30% from new construction homes, both of which can get pretty nice tailwinds, if the real estate market keeps going as it's going. The deal is it's $810 million in cash. It looks like a great deal for TopBuild if if the market heads in the right direction. That's about nine times progressives EBITA over the past 12 months. They expect there to be some synergies, like whenever you acquire two businesses that have some overlap, you can usually combine some operations and things like that and get some cost savings. It looks like a strong acquisition. They're going to have to take on debt to do it. TopBuild has about 300 million in cash right now. Another roughly half a billion dollars will need to come up with through debt, but they have a really healthy balance sheet, about 1.4 billion in debt with $11 billion market cap business and highly profitable. I like this deal. I think this is not the last consolidation we're going to see in the industry in 2025.

Tyler Crowe: We've seen some more splashy things when it comes to acquisitions here. Brad Jacobs of XPO Logistics and United Rentals and a bunch of other we'll call it the boring economy guy who rolls up companies is getting into building supplies with QXO. It seems to be a hot activity lately as mergers acquisitions roll ups in this industry. TopBuild as I said, installation of insulation the real dirty work. Anybody that's done contracting work knows that insulation stinks as a job to do. But it's been a spectacular investment after it got spun out of Masco Corporation in 2015, several Motley Fool recommendation services. You and I have been following this company in this industry for quite a while. For TopBuild, much of its success has come from rolling up those small distributors and installation contractors across North America. It's been their calling card is going and buying out mom and pops who are maybe coming to the end of their time of wanting to run a business or some small regionals that success story of Bolt-on acquisitions. Now, roofing isn't insulation. Honestly, I'm a little anxious when a company makes an acquisition that is slightly tangential to what they're doing. Am I being a little too apprehensive here, because, I do tend to be a little bit more nervous than you.

Matt Frankel: Well, insulation and roofing are related parts of the building process. It's not like they're an insulation company, and they're acquiring a concrete manufacturer or something like that. It's a very related part of the business. But I do get your point. Some of the synergies I mentioned come from the fact that there's a lot of overlap in the processes. You generally don't put in a new roof without checking your insulation at the same time. There is a lot of overlap here. But no, I definitely get your point when companies start to step outside of their wheelhouse a little bit. It'll be worth watching, but it looks like the price is right, so they have some wiggle room to have a learning curve in there, if you will.

Tyler Crowe: I'm probably a little too nervous by nature, but I do have to admit, as I've looked at this deal, I think overall, we can talk about the business stuff. But more importantly, for me, I think management has developed enough of a track record that I'm willing to give them the benefit of the doubt right now or tie goes to the base runner, I guess, if you will. With the refinance market picking up so could activity in the roofing business along with installation. It might be a good time to be making this acquisition. Speaking of M&A, we're going to move on to our next store here, which is going from roofing to the breakfast aisle because that seems to be getting a hot market that also just happens to be getting a little bit sweeter. Earlier today, Ferrero Rocher or Ferrero International, the Italian private company has agreed to acquire WK Kellogg for about an enterprise value of 3.1 billion. WK Kellogg, of course, was the cereal business that was split out of Kellanova I believe it was either last year or a couple of years ago. It was a relatively recent split for the two companies where Kellanova wanted to focus on the snacking industry. WK Kellogg was going to take the cereals.

But Ferrero Rocher is very much a candy company, and it's interesting to see them going in this direction. It's about $23 per share for WK Kellogg in cash. About 31% premium Keeling's closing price today. Matt, what did you actually think about this deal? I know it's hard to really put a pin on private companies, especially an Italian one. We don't seem to have a lot of information on private Italian companies here in the US public markets. But we've seen tons of M&A activity and flirting with M&A activity. We saw Mondelez and Hershey talking about getting together early or late last year. Do you have any insights as to why you think there's so much talk and commotion in particular in the package food industry lately?

Matt Frankel: Well, in this particular case, there's a couple key takeaways. One is that Ferrero has been building out its US portfolio for some time. They acquired all of Nestle's US candy business a couple of years back, for example. You might have some of their products in your house right now and not know it. It's summertime. A lot of people keep those bomb popsicles in their fridge. That's a Ferrero product. They have a lot of brands that are very well known to Americans. Second, and this goes more to the broad package food industry that you were talking about. The definite trend is to not only diversify your product portfolio, but diversify it in a way toward healthier products. Now, I know a lot of Kellogg cereals, frosted flakes are not health food, but things like Kashi and raisin bran and rice krispies. We've seen a lot of the companies that specialize in sweets, like Coca-Cola, Pepsi, really diversifying to not necessarily health foods, but to more healthy brands that are that consumers seem to want more nowadays than their traditional products. I think it's a diversification maybe anticipate some changing tastes in the market to insulate themselves from being just a sweets company. That's a common trend that we've been seeing throughout the packaged food industry.

Tyler Crowe: Seems like it's an industry that has been struggling with debt, with trying to figure out a lot of what they're doing with their maybe some brands that are getting a little stale, trying to do some refreshes at the same time. For a lot of these snacking companies, really high cocoa prices haven't exactly helped them along the way when it comes to trying to make a lot of this work. A lot of dividend stalwarts have been really, I would say struggling to really grow the business, and we've seen it in their valuations of late. Honestly, with the package food company industry, I don't know if I'm that interested in any stocks right now, but it's certainly much more fascinating to watch with a lot of these portfolio reshufflings. Is there anyone in particular that is on your radar?

Matt Frankel: I honestly think Pepsi and Coca-Cola are the two standouts in the industry still and have done the best job of adapting to changing tastes over time out of all the package food companies. I'd probably give it to Pepsi because they have a lot more food than beverage.

Tyler Crowe: On our way out here, let's take a quick 30 seconds. Second quarter earnings is coming up. What are you watching?

Matt Frankel: Well, banks are the obvious answer just because they're reporting first, but they're also a really good proxy for just general consumer health. By looking at things like loan defaults, by looking at, trading volume trends, how volatile things have been there. There's a lot you can tell from bank earnings that have implications on pretty much every other company in the United States. That's really what I'm watching next week. Prologis is another company that reports early that we've talked about that is on my radar. They say they're nearing an inflection point. I want to see if we're there yet.

Tyler Crowe: This quarter, I'm actually going to be watching Home Depot for a lot of the reasons that we mentioned when we're talking about mortgage rates. Less for the actual earnings, but I really want to dive into the earnings transcript and see if some of this activity that we just talked about with Refi is translating into increased demand. If management thinks that this is a continuing trend or a little bit of a short term blip that we've been hoping would actually last longer than a couple of quarters here with the mortgage market. Matt, thank you so much for joining me today on Motley Fool Money. As always, people on the program have interest in the stocks they talk about and the Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. All personal finance content follows Motley Fool editorial standards and are not approved by advertisers. Advertisements or sponsored content are provided for informational purposes only. See our Fool advertising disclosure. Please check out our show notes. I'm Tyler Crowe. Thanks for listening. We'll see you tomorrow.

Matt Frankel has positions in Advanced Micro Devices, Digital Realty Trust, Prologis, and Shopify and has the following options: short January 2026 $135 calls on Shopify. Tyler Crowe has positions in Prologis. The Motley Fool has positions in and recommends Advanced Micro Devices, Digital Realty Trust, Equinix, Hershey, Home Depot, Nvidia, Prologis, Shopify, Taiwan Semiconductor Manufacturing, Tesla, and TopBuild. The Motley Fool recommends Broadcom, Nestlé, WK Kellogg, and XPO and recommends the following options: long January 2026 $90 calls on Prologis. The Motley Fool has a disclosure policy.

• I visited all 63 major US national parks and have found that some are best for first-time travelers.
• Great Smoky Mountains and Death Valley have scenic overlooks that are accessible by car.
• Parks like Grand Canyon and Arches are accessible from major cities.

I've been to all 63 major US national parks, and although each one is special, not all are ideal for first-time travelers. For example, some are remote, expensive to reach, or require long hikes to see the highlights.

Others, however, are easily accessible from major cities or airports, have a solid infrastructure for visitors, and offer unforgettable views with minimal effort.

If you're just getting into the National Park System, these six parks are a great place to start.

Rocky Mountain National Park is one of the most stunning places I've visited.

Rocky Mountain National Park in Colorado is one of the most jaw-droppingly beautiful places I've ever visited.

Just an hour and a half from Denver, this iconic and sprawling park is easy to access for a day trip. Just keep in mind you'll need timed-entry reservations during the busy summer months.

Here, you can hike to incredible lakes and waterfalls on easy to moderate trails. I recommend starting from Bear Lake, where several scenic routes begin. Or, you can take a drive along Trail Ridge Road, which climbs to over 12,000 feet above sea level and offers sweeping views, along with chances to see wildlife.

Great Smoky Mountains is the most-visited national park for a reason.

Great Smoky Mountains National Park, located on the border of Tennessee and North Carolina, is consistently the most-visited national park in the country — and I can see why.

Just over an hour from Knoxville and a short drive from the quirky town of Gatlinburg, it's easy to visit for a day trip or longer.

I love that you don't need to be an avid hiker to enjoy this park. Some of the best scenic overlooks, such as Newfound Gap and Kuwohi (the park's highest point), are accessible by car with short, paved walks to panoramic views.

There are also plenty of beginner-friendly hikes to waterfalls and historic cabins, making it an ideal starting point for first-time national park visitors.

Yellowstone National Park offers a wide range of scenery.

Yellowstone National Park is a must-visit for any first-time national park traveler. Spanning parts of Wyoming, Montana, and Idaho, it's best accessed through cities like Jackson, Wyoming, or Bozeman.

The park offers an unforgettable mix of hot springs, geysers, and wildlife. With minimal walking, you can see iconic spots like Old Faithful, the Grand Prismatic Spring, and the Grand Canyon of the Yellowstone. You might even spot bison, elk, or bears from the roadside.

With well-maintained roads, visitor centers, and lodges throughout the park, I find it's easy to navigate and unlike anywhere else in the world.

Arches National Park has breathtaking red-rock formations.

In my opinion, Arches National Park in Utah is one of the most visually striking and easy-to-navigate parks in the country.

Located just minutes from the outdoorsy town of Moab, and under four hours from Salt Lake City, it's relatively accessible and the drive itself is beautiful.

The park is packed with over 2,000 natural sandstone arches and otherworldly rock formations, many of which are visible right from the road or by taking short, easy hikes.

Arches is a perfect introduction to red-rock landscapes and an excellent choice for travelers who want big views without strenuous hiking.

Death Valley National Park offers unique landscapes.

Death Valley National Park in California, which is about two hours from Las Vegas, is a surreal and surprisingly accessible desert landscape.

Despite its extreme name, many of the park's most iconic spots, such as Badwater Basin, Zabriskie Point, and Artists Drive, are accessible by car with little to no hiking required.

I think it's a great winter or early spring destination, offering incredible views, dramatic colors, and landscapes you can't see in many other places.

Grand Canyon National Park is iconic and packed with amenities.

In my opinion, Grand Canyon National Park in Arizona is one of the most iconic national parks. It's also one of the easiest to visit. Just a few hours from Phoenix or Las Vegas, the South Rim is open year-round and offers stunning views right from the edge.

I recommend hiking into the canyon, but walking along the Rim Trail, stopping at scenic overlooks, or catching the sunrise at Mather Point are just as beautiful.

With visitor centers, shuttle buses, and numerous amenities, it's ideal for a first-time park experience.

Israel launched 200 warplanes on some of Iran's core nuclear and missile programs in what's been dubbed the "Rising Lion" operation. Iran quickly retaliated by sending 100 drones into Israel, which the Israel Defense Forces said were mostly intercepted.

• As a Southern California local, I know which tourist spots are worth visiting and which aren't.
• La Jolla Cove offers stunning views, and Temecula Wine Country is perfect for a peaceful getaway.
• Hollywood Boulevard feels too crowded, and I think the Santa Monica Pier is overpriced.

Picturesque shorelines, star-studded streets, and a mild climate draw tourists from around the world to Southern California.

As someone who grew up in Los Angeles and now lives in San Diego, I've explored everything from national parks to beach towns, and hit just about every major tourist attraction in between.

Although some of these places have really stood out to me, others left me wanting more.

Here are six tourist hot spots I think are worth visiting, and two you can skip on your next trip to Southern California.

Catalina Island is a dreamy and easily accessible seaside escape.

Every time I visit Catalina Island, I feel like I'm landing on a miniature version of the Amalfi Coast. Secluded from the busy city streets, it offers both an elevated seaside ambiance and opportunities for outdoor adventure.

Beachgoers can relax at the Descanso Beach Club and rent chaise lounges or private cabanas complete with beachside service.

For a dose of adrenaline, go zip-lining in the nearby canyons or embark on the bison expedition, a safari-style backcountry tour to observe the local wildlife.

Joshua Tree National Park gives visitors a look at California's unique desert environments.

Although Southern California is best known for its pristine beaches, the region offers a variety of landscapes.

In Joshua Tree National Park, where the stark beauty of the Mojave and Colorado Deserts meet, visitors will find massive boulders, quiet hiking trails, stunning desert sunsets, and one-of-a-kind Airbnbs.

It's the perfect place to turn off your phone and spend quality time in nature. I recommend visiting in the fall or spring to avoid the extreme desert temperatures — summer days often approach or exceed 100 degrees.

I think La Jolla Cove is one of the most beautiful coastal locations in San Diego.

Finding parking in La Jolla, an upscale seaside neighborhood in San Diego, can be a challenge. In my opinion, though, the cove is well worth it.

The small yet stunning spot is one of the most photographed beaches in Southern California, and it's easy to see why. Beachgoers can swim, snorkel, and kayak in the ecological reserve.

When you're not on the beach, the La Jolla Village offers tons of restaurants, shopping, and luxe accommodations. I recommend staying at the iconic La Valencia Hotel, a luxurious pink property with sweeping seaside views.

In my opinion, Coachella is actually worth the hype.

Known as the "influencer Olympics," the Coachella Valley Music and Arts Festival is often hyped up on social media. In my opinion, it's an experience worth having at least once, especially for music lovers.

Between the sky-high art installations, festival fashion, and performances by big names and up-and-coming artists, it's a weekend you won't forget.

If you want to avoid the stampede of influencers snapping content, I recommend opting for weekend two. It features the same eclectic lineup, but in my experience, typically has a more laid-back vibe.

Temecula's wine country is an elevated and romantic getaway.

With picturesque vineyards, award-winning wineries, and a welcoming atmosphere, Temecula is ideal for both wine connoisseurs and those who just want a distraction-free weekend away.

Beyond wine tasting on rolling vineyards, tourists can enjoy dining in Old Town, place their bets at the Pechanga Casino, or even take a sunrise hot-air-balloon ride for a bird's-eye view of the scenic vineyard landscapes.

Malibu's coastal charm embodies the quintessential California dream.

Nestled along the scenic Pacific Coast Highway, this famous seaside town offers immaculate beaches like Zuma and El Matador, which are perfect for sunbathing, surfing, or catching a golden sunset.

Visitors can also explore canyon hiking trails in the Santa Monica Mountains or grab a fresh lunch on the pier at the popular Malibu Farms restaurant.

With its mix of upscale dining, celebrity homes, and breathtaking ocean views, Malibu delivers quiet luxury at its finest.

To be honest, though, I think Hollywood Boulevard is overrated.

If you're a movie buff, it's worth seeing the Walk of Fame and spotting your favorite names beneath your feet. However, I wouldn't recommend spending more than 30 to 45 minutes there.

Hollywood Boulevard can be crowded and full of tourist traps. Trust me — I've done both the TMZ celebrity tour and the Madame Tussauds wax museum.

For a better experience, I recommend driving up to Griffith Observatory and admiring Hollywood Boulevard and the Hollywood Sign from above. In my opinion, it's much more glamorous from afar.

The Santa Monica Pier is fun, but pricey.

Don't get me wrong, I love the Santa Monica Pier and have many cherished memories there. However, if you want to go on the rides, be prepared to spend $17 on a few spins on the Ferris wheel.

Dining at restaurants on or near the pier is also going to be a bit more expensive than the typical, already costly, LA prices.

However, if you just want to hang out by the beach, walk to the end of the pier, and enjoy the view, then Santa Monica deserves a spot on your itinerary.

If you're able to visit on a weekday, you may be able to avoid some of the crowds and traffic, too.

Kevin Peterson is a "nose" for his own perfume company, Sfumato Fragrances, by day. By night, Sfumato's retail store in Detroit transforms into Peterson's craft cocktail bar, Castalia, where he is chief mixologist and designs drinks that pair with carefully selected aromas. He's also the author of Cocktail Theory: A Sensory Approach to Transcendent Drinks, which grew out of his many (many!) mixology experiments and popular YouTube series, Objective Proof: The Science of Cocktails.

It's fair to say that Peterson has had an unusual career trajectory. He worked as a line cook and an auto mechanic, and he worked on the production line of a butter factory, among other gigs, before attending culinary school in hopes of becoming a chef. However, he soon realized it wasn't really what he wanted out of life and went to college, earning an undergraduate degree in physics from Carleton College and a PhD in mechanical engineering from the University of Michigan.

After 10 years as an engineer, he switched focus again and became more serious about his side hobby, perfumery. "Not being in kitchens anymore, I thought—this is a way to keep that little flavor part of my brain engaged," Peterson told Ars. "I was doing problem sets all day. It was my escape to the sensory realm. 'OK, my brain is melting—I need a completely different thing to do. Let me go smell smells, escape to my little scent desk.'" He and his wife, Jane Larson, founded Sfumato, which led to opening Castalia, and Peterson finally found his true calling.

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