Good Morning! Nvidia broke its post-earning curse and added $442B in market cap after projecting a 70% revenue growth. Apollo acquired a co-controlling stake in Atlantic Aviation from rival KKR in a deal that values the private jet operator at nearly $10 billion. And Millennium sued a trader from Dymon for $2.5 million after she reneged on a job offer.

Trump signed an order to rename Lake Ontario "Lake America" amid the Canada trade war. The Trump family's new crypto bank is reportedly backed by an Abu Dhabi sheikh. And Zoom's Anthropic stake has grown to $3 billion in value.

Plus: How Celsius became the king of normie energy drinks, and two absent-minded habits of highly intelligent people.

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SQUEEZ OF THE DAY

All-Star VC Investing

Kevin Durant is a polarizing figure in basketball. He might be struggling to win another ring after an 8-year drought, and plenty of fans haven’t forgiven him for joining the Warriors in 2018. But despite the beefing with teammates and burner accounts, Kevin Durant might have become one of the most successful venture investors of all time.

Apparently, Durant is sitting on a 24,000% gain after cutting a tiny seed check to what was once an obscure consumer chatbot.

Around 2018, while playing for the Warriors, Durant reportedly invested $250,000 in Hugging Face. He invested $100,000 in the seed round and another $150,000 in the Series A. Eight years later, Nvidia reportedly agreed to acquire the company for $12.9 billion. And if it closes at that price, Durant's original $250,000 check is reportedly worth more than $60 million.

And Durant wasn’t some visionary with a brilliant AI thesis; he basically stumbled into Hugging Face by accident. At the time, Hugging Face was pitching investors around building a consumer chatbot app aimed at teenagers. Hugging Face wanted to build an AI "best friend" that teens could text, trying to differentiate against Snapchat and Instagram in the crowded consumer app market. 

The consumer chatbot business never really took off, but while building it, the founders accidentally created a set of developer tools that turned out to be far more useful than the chatbot itself. Developers loved them, and when Hugging Face became the place where developers go to find, share, and deploy AI models, the company pivoted entirely. Hugging Face evolved into the central hub of open-source AI, sort of like a GitHub built specifically for machine learning.

And Nvidia, which already dominates the hardware underneath that activity through GPUs and CUDA, bought Hugging Face to get closer to the developer and distribution layer above the chips. 

Takeaway: It's not unusual for athletes to make venture-style bets, understanding most will fail and hoping one or two turn into real home runs. Durant's Hugging Face investment looks like it's operating in a different stratosphere entirely, with a $250,000 check into a failing teen chatbot app that turned accidentally into a linchpin of the entire open-source AI stack. One fan on X put it well: "Kevin Durant is an A+ investor, but unfortunately a C- teammate." 

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HEADLINES

Top Reads

• Nvidia adds more than $400 billion in value after blowout earnings (CNBC)

• Apollo buys into Atlantic Aviation at near $10 billion valuation (BB)

• Millennium sues Dymon trader for $2.5 million after 'gazumping' (BB)

• Trump signs order to rename Lake Ontario ‘Lake America’ amid Canada trade war (CNBC)

• Trump family's new crypto bank is backed by Abu Dhabi sheikh (WSJ)

• Private jet firm Vista explores $1 billion Europe IPO (BB)

• Zoom's Anthropic stake grows to $3 billion in value after gains (BB)

• Anthropic tests new way for Claude to work with robots and scientific lab tools (BB)

• How Celsius is challenging Red Bull and Monster in the energy drink category (BB)

• The latest viral AI assistant rocketing across Silicon Valley (WSJ)

• KKR to pay $250 million to resolve DOJ merger filing lawsuit (BB)

• Requiem for a VC office park (Axios)

• Two Sigma's feuding founders head to arbitration in fresh battle (BB)

• SK Hynix CEO says Indiana will be key memory production base by 2030 (CNBC)

• SEC drops ex-congressman insider trading case after Trump pardon (BB)

CAPITAL PULSE

Markets Rundown

Market Update

• Technology led markets higher on strong earnings from NVIDIA, Salesforce, and CrowdStrike; the 10-year Treasury yield ticked up to 4.67%.

• WTI crude rose to nearly $84 on reports Iran and Oman plan to share Strait of Hormuz shipping revenue.

• Asian and European equities were mostly lower overnight; the U.S. dollar was little changed.

Economic Data

• Initial jobless claims fell to 203,000, below the 210,000 forecast, while continuing claims eased to 1.78 million.

• With 96% of the S&P 500 reporting, 86% have beaten estimates by an average 27% upside surprise.

• The unemployment rate stands at 4.1%, just below the Fed's 4.2% longer-run full-employment estimate.

Movers & Shakers

• (+) Salesforce ($CRM) +22% after the cloud CRM software company beat Q2 earnings and full-year guidance.

• (+) Nvidia ($NVDA) +9% because the AI chipmaker forecasted roughly 70% revenue growth for next fiscal year.

• (–) Wendy’s ($WEN) -14% after Trian Fund Management, the company's largest shareholder, won’t pursue a take-private deal.

Prediction Markets

• Warsh’s keynote is this morning at 10am EDT.

• Trade on real-world events with Kalshi. Use code OWS to get a $10 bonus when you trade $10.

Private Dealmaking

• KKR and IMM Investment agreed to invest around $2.2 billion in SK Broadband

• Instinct, an AI assistant startup, is raising $250 million

• Socure, an identity verification company, raised $156 million

• Regent Craft, a maker of electric maritime vessels, raised around $120 million

• Gestala, a Chinese brain-computer interface developer, raised $84 million

• Stability AI, a developer of audio models, raised $75 million

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

BOOK OF THE DAY

Failure Is An Option

Description:
A candid leadership memoir from Mike Grossman reflecting on the realities of building, running, and scaling technology companies in Silicon Valley. Rather than presenting entrepreneurship as a straight path to success, Grossman explores the mistakes, setbacks, difficult decisions, and unexpected lessons that come with being a CEO. The book offers practical insights into leadership, hiring, company culture, strategy, resilience, and the importance of learning from failure.

Book Length: 256 pages
Release Date: September 15, 2026

Ideal For:
Entrepreneurs, CEOs, startup executives, investors, and professionals interested in the realities of Silicon Valley leadership and building companies through uncertainty.

Failure isn't the opposite of success, it's one of the costs of learning how to build something that lasts.

DAILY VISUAL

UK Companies Are Increasingly Funded by Investors, Not Just Banks

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DAILY ACUMEN

Empathy Gap

The calm version of you making a plan on a quiet Sunday cannot accurately predict how the anxious, adrenaline-soaked version of you will behave in the middle of a fast-moving trading day. This is the hot-cold empathy gap, the failure to anticipate how much an intense emotional state overrides reasoning that felt solid in a cool moment.

This is why risk limits written in advance get blown through during a real drawdown, not because the limit was wrong, but because the person setting it calmly could not truly model how persuasive the panicked state's excuses would sound in the moment.

The fix is not better willpower in the hot state, since willpower is exactly what degrades first. It is building mechanical, non-negotiable rules while cold, precisely because you already know the hot version of you cannot be trusted to reason its way out cleanly.

ENLIGHTENMENT

Short Squeez Picks

• 6 habits that help leaders become exceptional

• What doctors want you to know about catch-up sleep

• 4 causes of bad leadership

• How to fall asleep fast

• 2 absent-minded habits of highly intelligent people

MEME-A-PALOOZA

Memes of the Day

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