Good Morning and Happy Friday! Elon Musk might have run X’s valuation into the ground, but he’s seeking a $175 billion valuation for SpaceX. McKinsey cut its new partner class by roughly 35% as consulting fees dry up. GameStop might let CEO Ryan Cohen start buying other stocks with company cash. Plus how to stop being so competitive at work, and five strategies for nailing your next interview.

_{SQUEEZ OF THE DAY}

2025 SA Recruiting Kick-Off

We’re still wrapping up 2023, but recruiting for 2025 investment banking summer analyst recruiting roles is already in full swing. Houlihan Lokey, Guggenheim, and Deutsche Bank already opened applications - and Gugg says it will close its applications on January 7th.

Safe to say, recruiting has gotten out of hand. The candidates these banks hire haven’t even completed their first semester of sophomore year - so they can’t start working full-time until like June-September 2026.

It’s still likely that many banks won’t start formally recruiting until the spring or even summer. But banks like Gugg and even Deutsche (lmao) are trying to lock in that top talent. They know there’s an ambitious target-school sophomore out there ready to commit to working 80-100 hour weeks two summers from now. 

Takeaway: I don’t know about you but I’m missing the good ole’ days when figuring out which bank you were going to intern at 15 months down the road was a post-Spring Break bender type of problem. And you have to wonder how much earlier investment banks can keep pushing recruitment.

_{SPONSORED BY VANTAGEPOINT}

Power Your Portfolio With AI

AI continues to send shockwaves through every industry across the globe.

Its latest feat? Predicting winning stocks before everyone else.

More than 35,000 investors of every level are using AI to dial in market forecasting, helping them exit before profits erode and generate more consistent returns.

Traders are buzzing about this one stock as we head towards the New Year.

Get Exclusive Insights - Free & Live:

• ✨ Trendspotting Secrets: Learn to identify emerging trends early.

• 💡 Expert Tips: Save on premiums, stay ahead of volatility.

• 📈 Effective Strategies: Combat time decay in your portfolio.

Don't Miss Out - View the #1 Ticker Now and elevate your trading as the New Year approaches.

_HEADLINES

Top Reads

• 2023 is the least affordable home buying year in a decade (CNBC)

• Wall Street puts a sell on its China holdings (WSJ)

• GameStop may let Ryan Cohen buy other stocks with company cash (CNBC)

• US private payrolls miss expectations in November (YF)

• Apollo’s Rowan says levered lending is in its late innings (BB)

• Amazon tests grocery subscription service for prime members (CNBC)

• McKinsey cuts new partner class by roughly 35% (WSJ)

• Wall Street quants join chatbot boom as AI gold rush intensifies (BB)

• US labor market steadily slowing (Reuters)

• SpaceX’s valuation seeking $175 billion valuation via tender offer (Axios)

_{CAPITAL PULSE}

Markets Rundown

Stocks closed higher ahead of Friday’s jobs report.

Movers & Shakers

• (+) JetBlue ($JBLU) +15% after company says travel is picking up, raises Q4 outlook.

• (+) Advanced Micro Devices ($AMD) +10% after the company launched an AI chip to rival Nvidia.

• (–) C3.ai ($AI) -11% because of worries AI investments will eat into company’s profitability.

Private Dealmaking

• Klook Travel Technology, a travel booking company, raised $210 million

• Artbio, a biotech company, raised $90 million

• X-energy, a nuclear reactor developer, raised $80 million

• Pontera, a wealth management startup, raised $60 million

• Igloo, an insurtech startup, raised $36 million

• AM Batteries, a battery equipment startup, raised $30 million

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

_{BOOK OF THE DAY}

Breaking Twitter

Breaking Twitter takes readers inside the darkly comic battle between one of the most intriguing, polarizing, influential men of our time—Elon Musk—and the company that represents our culture’s dearest hope for a shared global conversation.

From employee accounts within Twitter headquarters to the mission-driven team Musk surrounded himself with, this is the full story from all sides.

Can Musk miraculously succeed or will he spectacularly fail? What will that mean to the global town hall that is Twitter? What, really, is Elon’s end goal? 

The whole world is watching. Breaking Twitter will provide ringside seats.

“Elon Musk didn't break Twitter. Twitter broke Elon Musk.”

_{DAILY VISUAL}

Holiday Gift Season

What Americans say they estimate they’ll spend on holiday gifts

_{SPONSORED BY ECKARD}

Investing in the Future: The Eckard Approach to Energy Assets

Troy W. Eckard is a leading expert in domestic energy and energy asset management. Since 1985, he has focused solely on the U.S. energy sector and alternative investment portfolios. 

His expertise offers in-depth knowledge to private investors aiming to build successful, diverse portfolios.

As the owner and Chairman of Eckard Enterprises, Troy leads a skilled team that specializes in finance, operations, land, engineering, and geology. 

Eckard is top player in mineral rights acquisitions and manages over 1,400 high-net-worth partners.

Troy advocates for tangible asset ownership as a secure long-term investment strategy for investors. The Eckard Team focuses on selecting and developing prime assets for their partners.

Learn what makes Eckard a leader in alternative asset management.

Fill out this form and step into the future of passive income with Eckard.

_{DAILY ACUMEN}

Hopes & Expectations

“They’re not the same thing.

Hope can fuel us. Hope can be refilled. Hope opens the door to possibility.

Expectations, on the other hand, are a trap. They make us brittle and lead to disappointment.

When we raise our hopes and lower our expectations, we establish a resilient way forward.”

Source: Seth Godin

_{ENLIGHTENMENT}

Short Squeez Picks

• Top 23 productivity books of 2023

• How to stop being so competitive at work

• 5 strategies for nailing your next interview

• Things successful people are happy to give up to achieve their goals

• How to use strategic thinking to create the life you want

_{MEME-A-PALOOZA}

Memes of the Day