Good Morning! The U.S. and China agreed to significantly roll back tariffs in a major trade breakthrough. Nasdaq futures were up 3.4%, and S&P 500 futures climbed 2.5%.

Theranos felon Elizabeth Holmes is reportedly advising her partner on a new blood-testing startup from prison. Crypto lender Celsius’ founder was sentenced to 12 years, and CoreWeave is now looking to raise $1.5 billion in debt after its IPO flopped.

The IRS lost 31% of its tax auditors in DOGE downsizing, Spain took a $454 million economic hit from its recent blackout, and Mother’s Day spending is projected to top $34 billion.

Plus: Remote workers are more engaged but less happy, the new Whoop is stirring backlash, and 5 smart ways to navigate office politics.

Cytonics is developing a drug to tackle joint pain. Learn about their raise and join them as an investor.

SQUEEZ OF THE DAY

4-Year Non-Compete

Ken Griffin is lobbying hard to make sure if you leave Citadel, you're not working anywhere near Wall Street South for a while.

Citadel is backing a Florida bill that would allow four-year non-compete clauses and “garden leaves” for employees making at least twice the local average wage (~$140K+ in urban areas).

The bill has already cleared the state legislature and now awaits Governor Ron DeSantis’ signature.

What it means: Employees could be barred from joining a competitor (or launching their own fund) for up to four years after quitting. And if you're placed on garden leave, your employer would still pay your salary (but not your bonus) while sidelining you from the industry.

The bill also shifts legal momentum in employers’ favor, requiring courts to issue preliminary injunctions before final rulings, effectively blocking employees from working elsewhere while legal battles play out.

Citadel’s fingerprints are all over the legislation. Lobbyists helped draft the bill and advocated for it alongside business groups like the Associated Industries of Florida.

Supporters say the bill protects trade secrets and attracts business. Critics argue it stifles mobility and hurts young professionals’ careers.

One employment lawyer called it “extremely employer-friendly,” warning it could limit long-term marketability for Florida finance talent.

Takeaway: If this passes, leaving a hedge fund in Florida might feel less like a career move, and more like a four-year timeout. Since relocating Citadel’s HQ to Miami, Ken Griffin has poured millions into political donations and helped reshape state policy in favor of elite employers. Kenny G is not just expanding Citadel’s empire, he’s rewriting the rules of Wall Street South to fit it.

HEADLINES

Top Reads

• US, China strike deal after extensive talks in Switzerland (NYP)

• Trump suggests cutting China tariffs to 80% ahead of trade talks (Axios)

• China talks are coming, but the pain is already here (Axios)

• Elizabeth Holmes’s partner reportedly raises millions for blood-testing startup (TC)

• 58 wallets have made a combined $1.1B in profits on $TRUMP (CNBC)

• IRS lost 31% of tax auditors due to DOGE (BB)

• Spain took a $454M impact to its economy after recent blackout (BB)

• Fortnite applies to launch on Apple’s App Store after Epic Games court win (CNBC)

• Newark Airport loses radar again (AP)

• Trump claims deals 'in the hopper' as Wall Street girds for China talks (YF)

• Founder of crypto lender Celsius sentenced to 12 years in prison (CNN)

• AI execs used to beg for regulation. Not anymore (Fortune)

• Tech’s strong ad sales are showing signs of cracking from Trump’s trade war (CNBC)

• New Whoop comes with controversy (Verge)

• Mother's Day spending to hit $34.1 billion (USN)

• CoreWeave in talks for $1.5B debt deal after IPO misfire (YF)

• Remote workers: Engaged, but unhappy (LI)

PRESENTED BY CYTONICS

Can This Startup Do for Joint Pain What Ozempic Did for Weight Loss?

Osteoarthritis affects over 30 million Americans, yet nearly all treatments just mask the pain. Cytonics is doing something different: it’s developing a drug that targets the actual cause of joint damage.

Their therapy, CYT-108, is designed to block the enzymes that eat away at cartilage, potentially stopping osteoarthritis before it gets worse.

They’ve already raised $25M+ from “everyday” investors (no VC or Big Pharma). And with early clinical trials now underway, Cytonics could be positioned at the forefront of a new generation of treatments for joint degeneration.

This is your chance to invest* in a startup aiming to rewrite the playbook on pain.

CAPITAL PULSE

Markets Rundown

Market Update

• U.S. stocks edged lower Friday as investors awaited the kickoff of U.S.–China trade talks in Switzerland over the weekend.

• President Trump suggested reducing tariffs on most Chinese imports to 80% from 145%, signaling potential easing in trade tensions.

• Energy and real estate outperformed, while health care and communications lagged.

• Asian markets were mixed, while Europe held steady, and WTI oil rose above $60 on reduced trade risk.

• Multiple Fed officials spoke publicly as the blackout period ended, while bond yields climbed, with the 10-year at 4.39% and the 2-year at 3.89%.

Economic Data Highlights

• U.S.–China tariff proposal: Trump floated lowering tariffs on Chinese goods to 80%

• 10-year Treasury yield: 4.39% – up as rate cut bets ease

• 2-year Treasury yield: 3.89% – near cycle highs, curve flattens to 50bps

• Fed outlook: Still on hold; 3 cuts expected in 2025

• Unemployment rate: Steady at 4.2%

• WTI oil: Rallied above $60 amid easing trade tensions

Reported Earnings

• TeraWulf (WULF) – Reported May 9: Met expectations with a continued focus on scaling its zero-carbon mining operations and long-term sustainable growth.

• Enbridge (ENB) – Reported May 9: Reaffirmed 2025 guidance; provided updates on major pipeline infrastructure and energy transport expansion.

Earnings Today

• Plug Power (PLUG) – Reporting May 12 (After Market Close): Expected to update on hydrogen infrastructure progress and cost reduction efforts.

• Monday.com (MNDY) – Reporting May 12 (Before Market Open): Focus on enterprise client growth and platform expansion into automation and AI.

• Hertz (HTZ) – Reporting May 12 (After Market Close): Investors watching for commentary on fleet costs, EV performance, and airport rental demand.

Movers & Shakers

• (+) Lyft ($LYFT) +28% after strong Q1 net income, upping its buyback to $750M.

• (+) MicroChip ($MCHP) +13% because BofA raised its price target after better-than-expected guidance.

• (–) Sweetgreen ($SG) -16% after the salad chain lowered its full year outlook.

Private Dealmaking

• Coinbase acquired Deribit for $2.9 billion

• CoStar bought Domain, a property classifieds business for $1.92 billion

• LondonMetric bought Urban Logistics for $930 million

• Rippling, a HR software startup, raised $450 million

• HAYA Therapeutics, a precision medicines startup, raised $65 million

• Inductive Bio, a drug discovery startup, raised $25 million

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

NEIGHBORHOOD WATCH

Real Estate Digest

Mortgage rates stayed flat week over week. This time last year, rates were 30bps higher and purchase applications were trending downward. Today, rates are lower and have remained stable for weeks, sparking continued increases in purchase applications.

Latest News

• Cost of owning a home Is cheaper today than this time last year

• What is the outlook for NYC real estate in 2025?

• 432 Park Avenue residents sue developers over structural defects

New Listings

Need help with real estate? Our official partner, Nest Seekers, can help you buy, sell, rent, or invest, anywhere in the world. Get in touch here.

• 240 Riverside Blvd Apt: PH-1 New York, NY: 4 Bed / 4.5 Bath - $14.5M

• 1418 S Miami Ave Apt: 6204 Miami, FL: 4 Bed / 4.5 Bath - $6.4M

• 6181 Temple Hill Dr Los Angeles, CA: 4 Bed / 6 Bath - $5.3M

• Cannes, Californie Cannes, Alpes-Maritimes, France: 6 Bed - $9M

• Cascais, Lisboa 2750-245 Portugal: 5 Bed / 7 Bath - $6.8M

BOOK OF THE DAY

The Sky’s The Limit

Sky's the Limit tells the inspirational tale of John P. Calamos Sr., an American trailblazer, self-made success story, and living legend in the world of investing.

Each chapter contains stories and business lessons he learned along the way.

From a stock boy in his parents' grocery store in Chicago's west side, to 400+ combat missions in Vietnam, to launching his own firm which now has upwards of $35 billion in assets, John's career and the extreme success he's enjoyed through that career have been built on taking risks and being resilient.

“John Calamos changed the investment landscape when he started his firm just as the Chicago options and futures markets gained national attention.”

DAILY VISUAL

Temu Traffic Down 55%

PRESENTED BY BOXABL

The Stick-Built House Officially Outdated

What if building a house could be as simple as building a car? Where a car rolls off the assembly line every few minutes. 

BOXABL is inspired by Ford and Tesla’s manufacturing process. Their mission is to make upscale, low-cost housing available globally by bringing assembly line automation to the housing industry.

BOXABL’s patented technology allows them to create modular, prefabricated homes that are designed to fold up for transport which significantly decreases the cost of shipping & the complexity of installation. 

BOXABL has raised over $170M from over 40,000 investors since 2020. They recently achieved a significant milestone: raising over 50% of their Reg A+ funding limit! BOXABL is now only accepting investment on their website until the Reg A+ is full.** 

If you want to join over 40,000 existing investors and be a part of the story, click below to explore investing in BOXABL.

Invest in BOXABL today.

DAILY ACUMEN

Legends Series: John Templeton

When fear ruled the markets, John Templeton went shopping.

In 1939, with war clouds thick over Europe, Templeton borrowed $10,000 to buy 100 U.S. stocks trading under $1—companies others assumed were going bankrupt.

Four years later, his bold contrarian bet had quadrupled.

Templeton’s genius wasn’t just value investing—it was spotting irrational pessimism and attacking it with conviction. 

He later founded the Templeton Growth Fund in 1954, one of the first to embrace a global investment lens.

While others stuck to domestic blue chips, Templeton hunted for bargains in post-war Japan and emerging economies.

Over nearly four decades, his fund returned 15% annually.

His mantra? "Buy at the point of maximum pessimism."

It’s advice that resonates today.

While the S&P 500 has rebounded, it still sits 9% below February highs.

Asian markets remain mixed, and investors are cautiously optimistic that tariff relief may take hold.

Consumer staples and health care—two historically defensive sectors—are lagging in the rally.

Templeton would see opportunity in that lag.

Not every winner is found in big tech or hype-driven sectors.

In a world of uncertainty, undervalued and overlooked companies often hide in plain sight.

As inflation cools and global growth slows, Templeton’s global mindset reminds us to go where others aren’t looking.

Buy what’s unloved. Bet on long-term resilience.

ENLIGHTENMENT

Short Squeez Picks

• One CEO’s daily ritual for raising future leaders

• 5 smart ways to deal with office politics

• 4 productivity traps that actually waste time

• The worst-paying college majors of 2025

• Serotonin neurons challenge old views of brain function

MEME-A-PALOOZA

Memes of the Day

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