Good Morning! Long-term treasury yields hit a 16-year high at 4.9%, rattling Wall Street. And thanks to high rates, home affordability has gotten so bad that if you dream of living in an “average” house, you better be pulling in $115,000 a year.

OpenAI is in talks to sell shares at an $86 billion valuation. Bosses everywhere are channeling their inner '80s vibe, yanking everyone back to the office as WFH rates take a nosedive. Tesla's price cuts are taking a toll on the profits, and Twitter is testing a $1 new subscriber fee. Because...why not?

Below you might notice a brand-new section, 'Wall Street Corner', which we’ll feature in every Thursday edition. As the quintessential voice of Wall Street on Instagram for over half a decade, we'll be dishing out curated quotes, insider info on comp, and the juiciest banking/buy-side whispers.

Got some Wall Street wisdom or banter? Respond to this email or slide into our DMs 📩

_{SQUEEZ OF THE DAY}

AI Saves Jobs?

Ever since OpenAI dropped ChatGPT almost a year ago, everyone’s been worried that AI’s coming to take their job.

And it makes sense - Morgan Stanley estimates that up to 300 million jobs could be taken over by AI.

But what if the AI boom actually creates more jobs?

That’s what it’s looking like right now. Between Netflix hiring a $900k prompt engineer in the middle of the writers’ strike and tech companies going on an AI hiring boom, the generative AI craze has been net-positive for employees so far.

A few companies are trying to profit off the craze and the need to find workers to review generative AI outputs. One company, Prolific, matches Americans with developers and startups and pays them to review the AI-generated outputs.

Other Americans are taking on side gigs reviewing AI, and you can make around $20/hour reading outputs.

Takeaway: It’s going to take all hands on deck to get AI to where the industry is capable of going. And with that huge need for help, a ton of jobs are going to be created, too. And who knows? Maybe ChatGPT will be asking for a raise next year!

_{CAPITAL PULSE}

Markets Rundown

Stocks closed lower as yields climb.

Movers & Shakers

• (+) Abbott ($ABT) +4% after an earnings beat, strong guidance.

• (–) Morgan Stanley ($MS) -7% after reporting lower investment banking revenue.

• (–) United Airlines ($UAL) -10% after warning pricier fuel, war in Middle East will cut prices.

Private Dealmaking

• Thermo Fisher Scientific bought Olink for $3.1 billion 

• Baichuan, an AI chatbot developer, raised $300 million

• Apax Partners bought Kin + Carta, a British consultancy, for $214 million 

• SecureW2, a passwordless security software provider, raised $80 million 

• Nucleus RadioPharma, a supply chain organization, raised $56 million

• Nova Credit, a credit startup for immigrants, raised $45 million

Get access to private deal flow here.

_{SPONSORED BY HEAR.COM}

Hearing Aids Just Got Their Biggest Upgrade Yet…

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It’s a game changer for anyone looking to hear more clearly in conversation.

It offers unparalleled speech clarity, even in the midst of background noise. You can also stream music, adjust settings via app, and enjoy ultra HD sound.

See why audiologists are raving about this powerful German technology and start your no-risk trial today.

_HEADLINES

Top Reads

• Activist investors are on the march (Axios)

• Citadel sues SEC over ‘consolidated audit trail’ (Reuters)

• Private equity needs a new talent strategy (HBR)

• Can Nvidia thrive without China? (CNBC)

• BlackRock says private credit shift from banks is here to stay (BB)

• Architects report a big drop in business (CNBC)

• Goldman joins post-earnings bank bond spree with debt sale (BB)

• Fed’s Waller wants central banks to wait before deciding on more rate hikes (YF)

• Taylor Swift could be a better billionaire than Musk (BB)

_{BOOK OF THE DAY}

If It Sounds Like A Quack

It's no secret that American health care has become too costly and politicized to help everyone. So where do you turn if you can't afford doctors, or don't trust them? In this book, Matthew Hongoltz-Hetling examines the growing universe of non-traditional treatments -- including some that are really non-traditional.

With costs skyrocketing and anti-science sentiment spreading, the so-called "medical freedom" movement has grown. Now it faces its greatest challenge: going mainstream.

In these pages you'll meet medical freedom advocates including an international leech smuggler, a gold miner-turned health drink salesman who may or may not be from the Andromeda galaxy, and a man who says he can turn people into zombies with aerosol spray.

One by one, these alternative healers find customers, then expand and influence, always seeking the one thing that would take their businesses to the next level--the support and approval of the government.

Should the government dictate what is medicine and what isn't? Can we have public health when disagreements over science are this profound? No, seriously, can you turn people into flesh-eating zombies?

If It Sounds Like a Quack asks these critical questions while telling the story of how we got to this improbable moment, and wondering where we go from here. Buckle up for a bumpy ride...unless you're against seatbelts.

“A Pulitzer Prize finalist's bizarre journalistic journey through the world of fringe medicine, filled with leeches, baking soda IVs, and according to at least one person, zombies.”

_{ENLIGHTENMENT}

Short Squeez Picks

• The 24 best podcasts of 2023

• Why formalizing your follow-up process is essential

• 14 small mindset shifts that can change your life

• Tips for saving time for doing laundry

• Keys to moving fast and fixing things in business

_{HEARD AROUND THE STREET}

Wall Street Corner

We all know that interns are basically unpaid coffee-fetching gurus.

But it turns out internship programs are some of Wall Street firms’ favorite recruiting methods.

Apparently, there's big bucks in scouting the next generation of barista-bankers.

This summer we ran a proprietary Intern comp survey - and the results are surprising.

The real winners? Hedge fund interns - who were able to rake in a pro-rated salary of over six figures (in exchange for a summer filled with pls fixes and don’t spin your wheels on this, but need it by 9am tomorrow).

Investment banking interns? After a summer of hustling, they're rolling back to campus with a cool 20k, and probably a caffeine addiction.

You can see our full survey results here.

_{DAILY VISUAL}

Annual Income Needed to Afford a Median-Priced US Home

_{SPONSORED BY CAPLINKED}

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What makes CapLinked’s Enterprise Data Rooms the choice of dealmakers in the fast lane?

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Ready to claim your ride and close your next deal? Open an Enterprise Plan today.

_{DAILY ACUMEN}

Easy Mode vs Hard Mode

Your circumstances dictate whether you're in a state of "easy mode" or "hard mode."

Many individuals inadvertently opt for the challenging path by neglecting adequate sleep, consuming unhealthy foods, or failing to nurture their key relationships.

While it's impossible to eliminate life's challenges or emotions, you can position yourself in a way that prevents them from taking over.

Consistently practicing the most basic actions yields the most significant impact.

_{JOB BOARD}

Featured Jobs

• TheGuarantors - Head of Finance - New York, NY

• ResortPass - VP - New York, NY

• Marathon Asset Management, LP - VP - New York, NY

_{MEME-A-PALOOZA}

Memes of the Day