Good Morning! Jerome Powell isn’t happy with this year's inflation trajectory, putting a damper on any hopes for rate cuts in the near future. And as the Fed tightens the reins, Treasury yields are soaring, hitting new highs for 2024. Trump Media’s stock is continuing its nosedive after revealing plans to jump into the streaming game. Ticketmaster’s experiencing a day of reckoning from its Taylor Swift fiasco, getting sued by the DOJ for allegedly running a monopoly. Plus interview tips from an investment banker.

Shares are selling out fast for the Harvard-founded startup that’s being called “the Spotify for news.” Invest in Zette for just $250 today.

_{SQUEEZ OF THE DAY}

IB Analysts Outearning WNBA Players

You’ve probably heard of Caitlin Clark, the Iowa women’s basketball star. This season, Clark became the NCAA Division I’s all-time leading scorer, and her final three college games this month averaged 12 million viewers.

Clark got drafted on Monday, selected by the Indiana Fever with the first pick in the WNBA draft. And her contract details are public. At first glance? They look more like an accountants’ salary or half of what a first year investment banking analyst can bring in - than a professional basketball player.

Clark will make $76,500 next year - and her four-year, $340,000 contract averages to $85,000 per year.

Clark’s annual salary isn’t even as much as some NBA mascots! In fact, the Denver Nuggets’ mascot makes $625k/year while the Atlanta Hawks’ mascot makes $600k.

It’s important to note that the WNBA wants to renegotiate salaries after next year, and Clark will make more than $3 million off the court in endorsements.  

But still - Clark’s salary is barely a fraction of Victor Wembanyama, the NBA’s #1 pick who made $12 million last year. This discrepancy is largely due to the NBA's massive revenue generation, nearly $10 billion annually, dwarfing the WNBA's projected $200 million for this year.

Takeaway: As the WNBA celebrates its 27th season and a record-breaking year in terms of viewership and corporate sponsorships, Commissioner Cathy Engelbert has highlighted the league's rapid development and growth. Yet, despite these advancements, the base salaries of WNBA players as a share of league revenue have not seen commensurate increases. Let’s hope superstars like Clark can help the league try and catch up to the NBA.

_{PRESENTED BY ZETTE}

The “Spotify For News” Grew 5x In 2023 (And You Can Invest)

Ever been slammed with a “You’ve Hit Your Free Article Limit” message?

Zette is creating a paywall-free future where you’ll never be blocked again. 

With Zette, one subscription unlocks paywalled articles across the web, starting at just $9.99/month. 

• 110 leading publisher deals, from Forbes to Pulitzer-Prize-winning news outlets

• 50,000+ readers and 5x YoY growth

• $1.7mm oversubscribed pre-seed from Afore, Halogen, and more

(P.S. Zette also won 1st place at Harvard’s Alumni Accelerator Demo Day.)

Time is running out: Score a unique bonus when you invest in Zette for just $250 today.

_HEADLINES

Top Reads

• Powell says it’s taking longer to get to 2% inflation target (CNBC)

• Treasury yields hit fresh 2024 highs (CNBC)

• Trump Media stock in freefall after plans to launch a live streaming platform (YF)

• Ticketmaster parent Live Nation sued by DOJ for inflating ticket prices (Axios)

• New York tops destinations for relocating tech workers (WSJ)

• Morgan Stanley topped Q1 earnings thanks to investment banking results (CNBC)

• Bank of America’s profit drops as key lending revenue weakens (YF)

• Goldman’s plan B unexpectedly upgraded to B+ (Reuters)

• Gold is shining and could hit $3,000 per ounce (CNBC)

• Blackstone said to revive potential sale of Motel 6 brand owner (BB)

_{CAPITAL PULSE}

Markets Rundown

Stocks closed lower after Jerome Powell provided rate cut guidance.

Movers & Shakers

• (+) UnitedHealth ($UNH) +5% after announcing better-than-expected Q1 revenue.

• (–) Bank of America ($BAC) -4% after the bank’s quarterly profit tumbled 18%.

• (–) Live Nation ($LYV) -8% after the DOJ filed an antitrust lawsuit.

Private Dealmaking

• Bain Capital sold Zellis Group to Apax Partners for $1.56 billion 

• Microsoft invested $1.5 billion in AI startup G42

• Rivos, a RISC-V server tech company, raised $250 million

• Sunstone Capital invested $200 million in Accuhealth

• Two Chairs, an in-person therapy startup, raised $72 million

• GridBeyond, a power grid software company, raised $55 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

_{BOOK OF THE DAY}

The Singularity Is Nearer

Since it was first published in 2005, Ray Kurzweil’s The Singularity Is Near and its vision of an exponential future have spawned a worldwide movement. Kurzweil's predictions about technological advancements have largely come true, with concepts like AI, intelligent machines, and biotechnology now widely familiar to the public.

In this entirely new book Ray Kurzweil brings a fresh perspective to advances toward the Singularity—assessing his 1999 prediction that AI will reach human level intelligence by 2029 and examining the exponential growth of technology—that, in the near future, will expand human intelligence a millionfold and change human life forever.

Among the topics he discusses are rebuilding the world, atom by atom with devices like nanobots; radical life extension beyond the current age limit of 120; reinventing intelligence by connecting our brains to the cloud; how exponential technologies are propelling innovation forward in all industries and improving all aspects of our well-being such as declining poverty and violence; and the growth of renewable energy and 3-D printing.

He also considers the potential perils of biotechnology, nanotechnology, and artificial intelligence, including such topics of current controversy as how AI will impact employment and the safety of autonomous cars, and "After Life" technology, which aims to virtually revive deceased individuals through a combination of their data and DNA.

“A fascinating exploration of our future, which raises the most profound philosophical questions.”

_{DAILY VISUAL}

Homebuilding Slumps in March

_{PRESENTED BY RYSE}

Take a Peek Behind the (Smart) Curtain

Best Buy has a proven record of placing early bets on home-technology products that go on to dominate the market. For example: 

Ring - acquired by Amazon for $1.2B

Nest - acquired by Google for $3.2B 

Pay attention, because Best Buy just unveiled a new smart-home product in over 100 stores that has potential for massive returns – RYSE Smart Shades. 

RYSE is poised to dominate the smart shades market (currently growing at 50% annually) and they’ve just opened a public offering of shares priced at just $1.50/share. Current shareholders have already seen their value increase 20% year-over-year, with strong upside remaining as they scale into retail. 

If you missed out on Ring and Nest, this is your chance to secure your stake in the smart home market. 

Invest in RYSE before they become a household name. 

_{DAILY ACUMEN}

Superfoods

Incorporating nutrient-dense superfoods into your diet is an effective way to support your immune system and stay healthy all year round. Almonds are packed with vitamins and minerals like vitamin B2, vitamin E, magnesium, copper and phosphorus that help keep illnesses at bay.

Citrus fruits like oranges and lemons are loaded with vitamin C which is vital for producing infection-fighting white blood cells. The probiotics in yogurt promote a healthy gut and in turn a strong immune system.

Garlic contains allicin which has antibacterial and antiviral properties to ward off infections. Berries such as strawberries, blueberries and raspberries are rich in antioxidants that protect cells from damage and reduce inflammation.

Finally, leafy greens like spinach and kale provide a variety of vitamins, minerals and antioxidants that support overall health and immunity.

_{ENLIGHTENMENT}

Short Squeez Picks

• Top 5 interview tips from an investment banker

• One big problem with how we rank countries by happiness

• Use the 7-38-55 rule to boost emotional intelligence

• Why do so many teams still struggle with bad meetings?

• Why most workplace benefits don’t actually work

• 6 strategic concepts that set high-performing companies apart 

_{MEME-A-PALOOZA}

Memes of the Day