Good Morning! Professional sports team values keep breaking records, with the LA Lakers now valued at a record-breaking $10B in a majority sale to Guggenheim’s CEO.

Stablecoin firm Circle has soared over 500% since its market debut. Banks face rising risks from climate lawsuits, and Elizabeth Warren is sounding the alarm on private equity in 401(k)s.

Plus: Nike pushed back the Skims launch with Kim Kardashian due to production delays, the Social Security trust is predicted to run out earlier than thought, and 8 morning habits of successful people.

Who will be the next NYC mayor? Place your trade on Kalshi today.

SQUEEZ OF THE DAY

Amex Plans Biggest Card Overhaul Ever

Credit cards used to be about transactions. Now they’re about status, with $695 annual fees, Centurion lounges, and lifestyle perks that sound more like Soho House than finance.

American Express just announced the “largest investment ever” in its flagship Platinum card.

The refresh will land later this year, and while Amex is keeping most of the updates under wraps, we do know it includes three new Centurion Lounges (Newark, Salt Lake City, Tokyo) and expanded dining perks thanks to its acquisition of Tock, which adds 7,000 new restaurant experiences on top of Resy’s 20,000+.

Amex is also aggressively targeting Gen Z. The number of Gen Z Platinum cardholders grew 40% year-over-year.

The timing isn’t random. Amex is locked in an ongoing war with JPMorgan’s Sapphire Reserve (which just raised its annual fee to $795) and Capital One’s Venture X. These cards are duking it out for the high-income, points-maximizing crowd aka every consultant at JFK Terminal 4.

Amex has already built a cult following. After hiking its Platinum fee to $695 in 2021, it layered on perks like hotel credits, Uber Cash, and Equinox memberships. And it’s working: Amex makes nearly $6.6 billion a year in card fees, and Platinum is a major driver. In fact, fee revenue now makes up more than 20% of Amex’s total revenue.

Takeaway: The credit card wars are getting expensive, and analysts are questioning how long customers will keep paying higher fees with increasingly complex rewards. Amex may also be the Equinox of credit cards: less about utility and more about thriving in the flex economy.

The next version of the Platinum card may be a mystery for now, but rest assured, it’ll still come with a sleek metal finish and an identity crisis.

HEADLINES

Top Reads

• Guggenheim CEO buys majority stake in Lakers in $10B deal (CNBC)

• Circle stock soars again, now up 500% since market debut (YF)

• Banks face rising risks from climate lawsuits (FT)

• Wall Street leans on stock traders to cushion dealmaking slowdown (FT)

• Nike delays launch of women’s brand in partnership with Kim Kardashian’s Skims (YF)

• Fed holds key rate steady, still sees two more cuts this year (CNBC)

• Elizabeth Warren sounds alarm on private equity in 401(k) plans (Axios)

• The housing market slump is getting worse (Axios)

• Social security trust fund projected to run out by 2034, a year earlier than thought (Axios)

• Blackstone sees $200B in potential European credit deals (BB)

• Private credit makes up a third of U.S. life insurance assets (BB)

• Private equity sits on $1T amid uncertainties as M&A stalls (MSN)

PRESENTED BY KALSHI

Who Will Be The NYC Mayor?

New York City never sleeps, and neither does the action on Kalshi’s NYC mayor prediction market.

The mayoral race is heating up, with Andrew Cuomo eyeing a political comeback and Zohran Mamdani energizing the progressive base.

Cuomo has pulled ahead for now—a $100 bet on him currently offers a 25% return if he wins the Democratic primary on Tuesday, June 24, 2025.

Over $5.5 million has already been traded in this market. Get in on the action and make your prediction today.

CAPITAL PULSE

Markets Rundown

Market Update

• U.S. equity markets closed modestly lower on Wednesday as the Fed concluded its June meeting. Technology and utility stocks posted the largest gains, while energy and communication sectors were laggards.

• Bond yields rose, with the 10-year Treasury yield at 4.39%.

• In global markets, Asia finished mixed, while Europe was broadly lower after eurozone CPI held at 1.9%, below expectations.

• WTI oil traded higher as markets assessed escalating air strikes between Israel and Iran.

Economic Data Highlights

• Fed Decision (June): Held rates steady at 4.25%-4.5%. Updated projections show two rate cuts in 2025, but only one cut in 2026, down from two in March.

• GDP, inflation, and unemployment forecasts were revised modestly higher.

• The bond market is still pricing in two cuts this year, and three next year—a faster pace than the Fed’s current projection.

• Initial Jobless Claims: Fell to 245,000, below expectations of 250,000.

• Continuing Claims: Slightly down to 1.94M, indicating a gradually cooling but still healthy labor market.

Movers & Shakers

• (+) Coinbase ($COIN) +16% after the Senate passed the stablecoin bill.

• (+) Bausch Health ($BHC) +8% because the company’s executive chair bought 3.6 million shares.

• (–) Zoetis ($ZTS) -4% after the animal health company was downgraded by Stifel.

Private Dealmaking

• Teamworks, a sports software startup, raised $235 million

• Juniper Square, a private markets software provider, raised $130 million

• Coralogix, an observability platform, raised $115 million

• Mach Industries, an aerospace defense-tech startup, raised $100 million

• Canary Technologies, a hotel guest management software, raised $80 million

• Look Up Space, a traffic security platform, raised $58 million

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

BOOK OF THE DAY

The Haves and Have-Yachts

Description: A vividly reported collection of ten essays originally published in The New Yorker (2017–2024), offering a sharp, witty exploration of America’s super-rich—from superyachts and luxury bunkers to tax strategies and elite political clout. Osnos peels back the glamour to reveal the chilling mechanics of modern ultrarich power.

Rating:
• Amazon: 4.5 / 5 (26 ratings)
• Goodreads: 4.0 / 5 (80 ratings)

Book Length: 278 pages (hardcover)
Audible Length: ~10 hrs 43 mins, narrated by the author himself

Ideal For: Investigative nonfiction readers, critics of inequality, sociology-of-wealth enthusiasts, Succession fans—anyone curious about the hidden lives and political influence of the ultrarich.

“An eye‑opening account of superyachts… a droll and timely analysis of extreme wealth.” — The Guardian

DAILY VISUAL

Record-High Foreign Ownership of the US Equity Market

PRESENTED BY DELETEME

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Protect yourself and join DeleteMe, the #1 personal data removal service–get 20% off with code “SQUEEZ”.

DAILY ACUMEN

Underrated Health Habit

Forget green smoothies and 10,000 steps—if you want to thrive into old age, start with your relationships.

Groundbreaking studies show that the quality of your close connections predicts long-term health better than cholesterol, exercise, or even genetics.

It’s not about having a crowd; it’s about feeling seen, safe, and supported.

Loneliness, especially the kind where you're surrounded but still disconnected, raises your risk of disease more than physical inactivity.

And conflict-heavy relationships?

They may be silently aging you faster than any bad habit.

As we chase longevity, it’s time to treat emotional safety not as a luxury—but as medicine.

ENLIGHTENMENT

Short Squeez Picks

• How to have self-compassion

• You’re being lied to about protein

• Why saunas are a game changer for athletic performance

• 8 morning habits of successful people

• How to increase stamina at any age

MEME-A-PALOOZA

Memes of the Day

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