🍋 $6B Eclipse Economy

Jamie Dimon thinks AI is the most pressing issue facing JPMorgan, plus the $6B eclipse economy.

“We are completely convinced the consequences [of AI] will be extraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years.” — Jamie Dimon

Good Morning! Yesterday’s solar eclipse boosted the US economy by $6 billion as Americans traveled to witness the event. Blackstone bought Apartment Income REIT in a $10 billion bet that real estate values are nearing lows. And despite generative AI hype, venture capitalists are still pretty much on the sidelines. Plus RBC fired its CFO for an undisclosed relationship with a staffer, and Andrew Huberman’s muscle-building protocol.

If you haven’t already, make sure you are subscribed to our PE, VC & M&A newsletter Buysiders, and read this month’s edition, where we cover Amazon’s largest VC investment.


Dimon Bullish on AI

Jamie Dimon dropped his annual shareholder letter yesterday. And in 2024? He says the biggest issue JPMorgan is probably grappling with is artificial intelligence.

Jamie Dimon is feeling pretty bullish on AI. He thinks AI could be as impactful on humanity as the printing press, electricity, and computers. 

Dimon thinks AI could "augment virtually every job" and has identified more than 400 use cases internally for roles within the firm. JPMorgan now has over 2,000 AI data scientists, too.

It’s interesting that during a time of heightened geopolitical and regulatory risks, Dimon chose AI as his first and most pressing topic. 

Jamie Dimon is one of the top voices on Wall Street. So he's definitely lending some credibility to all of the AI hype. Some economists and investors are questioning whether or not we're in a bubble - but Jamie Dimon is pretty much sounding the alarm and telling Wall Street to buckle up for AI mania.

Takeaway: Jamie Dimon being all in on AI is good news for AI. He sees AI not only doing the grunt work but sparking new ways to innovate and serve customers at JPMorgan. Navigating this AI wave will have its ups and downs, but Dimon’s message? It’s time to get excited and ready for change. With JPMorgan leading the charge, we may be on the brink of a finance revolution that’s hopefully going to shake things up in the best way possible.


The Best PE, VC & M&A Newsletter

Buysiders is our deals newsletter to bring y’all the best insights on deals around Wall Street.

Every month, you get insider details on the month’s top 3 deals. For this month’s edition, we cover the following deals:

  1. Amazon writes its largest VC check

  2. Reliance Industries is betting big on Indian streaming

  3. Canyon Partners receives an investment from Japan

Read the full edition here and subscribe to the newsletter below.


Top Reads

  • The $6B solar eclipse economy (CBS)

  • Wall Street just gave its highest S&P 500 forecast yet (YF)

  • Despite gen AI hype, venture capitalists are still largely on the sidelines (CNBC)

  • Royal Bank of Canada fires CFO over undisclosed relationship (Reuters)

  • New York City braces for congestion pricing (Axios)

  • Why Dimon, Musk, and Ackman took sides in the Disney-Peltz proxy battle (YF)

  • Disney’s spending $60 billion to keep parks as its top money maker (CNBC)

  • Banks are building more branches for the first time in a decade (YF)

  • JPMorgan says CEO transition is a top priority (Reuters)

  • The pressure on Goldman CEO David Solomon is not letting up in 2024 (YF)

  • UBS CEO says integrating Credit Suisse will become a 'case study' (CNBC)


Markets Rundown

Stocks closed little changed on Monday as rising Treasury yields weigh on stocks.

Movers & Shakers

  • (+) Tesla ($TSLA) +5% after Elon Musk announces a robotaxi unveil on August 8th.

  • (+) SoFi Technologies ($SOFI) +5% because Citi resumed coverage on the finance company with a buy.

  • (–) Trump Media ($DJT) -8% after investors assessed the social media platform’s profitability.

Private Dealmaking

  • Blackstone bought AIR Communities, an apartment landlord, for $10 billion

  • Vista Equity Partners bought Model N, a pharma revenue optimization platform, for $1.25 billion

  • Tradeweb Markets bought Institutional Cash Distributors for $785 million

  • Varda Space, an in-space manufacturing startup, raised $90 million

  • Colaesce.io, a data management software provider, raised $50 million

  • Electronica Finance, a micro and SME loans provider, raised $48 million

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


The Pursuit Of Excellence

Millions of business professionals aspire to become effective leaders. But for hardworking, growth-oriented top performers who are always looking to improve and for rigorous thinkers who are never quite satisfied with the status quo, the true goal is the lifelong pursuit of excellence.

Leadership advisor Ryan Hawk has interviewed hundreds of the most productive achievers in the world on his acclaimed podcast, The Learning Leader Show, to discover the best practices for pursuing and sustaining excellence. He found a pattern of uncommon behaviors that set these stellar individuals apart.

Packed with specific actions to take, experiments to run, and tools to analyze what works best for you, this uncompromisingly practical guide will inspire, challenge, support, and empower you to become your very best. Put mindsets into action and turn behaviors into habits with The Pursuit of Excellence.

“A master class in achieving and sustaining excellence, even in the most challenging of times.”


Significant Infrastructure Spending Needed

Source: Apollo


Intentional Curiosity

Curiosity is a fundamental human trait that drives us to explore, learn, and grow. However, in today's distraction-filled world, it can be challenging to harness the power of our curiosity.

By practicing intentional curiosity - deliberately directing our attention to the most important stimuli, whether internal or external - we can overcome distractions and achieve our goals.

Research shows that curiosity activates regions of the brain associated with reward and enjoyment, creating a positive feedback loop that motivates ongoing learning.

To cultivate intentional curiosity, we can minimize obvious distractions, monitor our minds to gently redirect our focus when needed, make space for mind wandering to boost creativity, and approach everything in life with a sense of curiosity.

By drawing novel connections between our thoughts, experiences, interests and relationships, we keep our minds nimble and engaged. Ultimately, intentional curiosity is about finding the right balance between focus and exploration - monitoring our attention while embracing serendipitous creativity.


Short Squeez Picks

  • Job interview phrases that are ‘major red flags’

  • The Huberman Muscle-Building Protocol

  • 7 steps to improve your emotional intelligence 

  • New features that can improve working from home

  • 5 ways to harness the power of your strengths


Memes of the Day



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