Good Morning! Citi execs are weighing a regional bank acquisition to boost deposits and fuel lending and trading. Two-time Super Bowl champion Malcolm Jenkins launched a $200M fund targeting real estate and sports. And OpenAI's ad pilot, six weeks in, is already tracking $100M in annualized revenue.

Markets slipped into correction as the Iran war dragged on. Microsoft is headed for its worst quarter since 2008. And private credit's angry retail customers are exposing the product's limits in real time.

Plus: Sen. Warren is turning up the pressure on PE landlords, NJ Airbnbs could mint $240K over the World Cup, and the Iran war has wiped $100B from luxury stocks.

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SQUEEZ OF THE DAY

Apollo's Taking Wall Street South

Apollo Global Management is preparing to establish a second U.S. headquarters in either Texas, Nashville, or South Florida, a notable shift for a firm that has been synonymous with Manhattan since its founding in 1990. 

The firm told employees that most future growth is expected to happen in the new hub, not New York.

Apollo, which manages $938 billion and has grown from roughly 1,700 employees in 2020 to more than 4,000 today, isn’t just looking to open a symbolic satellite office with a few analysts and a nice view; the firm thinks the next chapter in private capital might be written elsewhere.

On Wall Street, the assumption for decades has been simple: if you want to build a serious investment firm, you build it in New York. The counterparties are there, the lawyers are there, the bankers are there, and the junior talent is there. Apollo is now testing a different model; keep New York as the flagship, but place the next hiring wave in a lower-tax, more business-friendly Sunbelt market.

And looking South is not a radical idea anymore. Elliott moved its headquarters to Florida years ago, and Citadel relocated to Miami. Goldman has expanded meaningfully outside New York, and Apollo is just one of the largest private equity dominoes to fall.

The subtext is political as much as economic. Bill Ackman has spent the last two years warning that higher taxes and a more hostile policy environment would push wealthy residents and businesses to start “making arrangements for the exits.” Apollo's CEO, Marc Rowan, even reportedly called NYC mayor Mamdani an 'enemy' of the Jews at a fundraiser last year. 

Apollo’s move doesn’t prove New York is losing Wall Street; American Express just committed to a new global HQ at 2 World Trade Center, and Bank of America is expanding at One Bryant Park. New York is not being replaced, but it is being unbundled. The elite rainmakers still want Manhattan, but the next 1,000 hires don’t necessarily have to be there.

Takeaway: Apollo’s second headquarters is bigger than a real estate decision. It is one of the clearest signals yet that top-tier finance is beginning to split its center of gravity. New York still matters most for proximity, prestige, and dealmaking density. But if Apollo is right, the next era of private capital growth may be built in places with lower taxes, looser politics, and a lower cost of living.

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HEADLINES

Top Reads

• Citi eyes regional bank deal as Fraser gears up for next chapter (BB)

• Super Bowl champ Jenkins launches $200 million investment fund (BB)

• OpenAI ad pilot already worth $100M in annualized revenue (TI)

• Stock indexes step into correction territory (Axios)

• Microsoft set for worst quarter since 2008 as AI fears converge (YF)

• Private credit's angry retail customers are showing its limits (BB)

• Sen. Warren seeks to turn up the pressure on private equity landlords (Axios)

• Iran war wipes out $100 billion from luxury stocks (CNBC)

• Airbnbs are topping $6,000 a night in World Cup housing frenzy (Fortune)

• TSA pay is restored, but long lines at airports last (LI)

• America's geriatric stock market (Acadian)

• Oil prices close at highest level since 2022 as Iran negotiations fail to ease supply fears (CNBC)

• Markets now see the Fed's next move as a potential rate hike as inflation fears mount (CNBC)

• Iran to economic risks: market's ability to forecast world in question (CNBC)

• Netflix raises prices across all streaming plans (CNBC)

• Trump ban on investor homebuying may sacrifice bigger real estate deal (CNBC)

• Why investors were right to be wary of Blue Owl's $1.4 billion deal (WSJ)

• White-collar workers are accepting lower-paying jobs (LI)

CAPITAL PULSE

Markets Rundown

Market Update

• Stocks closed lower as oil prices continued to climb, keeping pressure on equities

• Consumer discretionary and financials lagged, while energy extended its leadership

• Ongoing disruptions in the Strait of Hormuz remain the key driver of sentiment

• Global markets softer, with Europe down and Asia mixed overnight

• Markets remain caught between resilient fundamentals and rising energy-driven risks

Consumer Trends

• Sentiment weakened in March, reflecting pressure from higher gas prices and market volatility

• Short-term inflation expectations moved higher, signaling concern around persistent price pressure

• Longer-term expectations eased slightly, suggesting inflation fears are not yet fully entrenched

• Overall backdrop points to a cautious but still stable consumer

Rates and Macro Backdrop

• Bond yields pushed higher again, driven primarily by inflation concerns tied to oil

• Markets are pushing out expectations for Fed rate cuts, reflecting a more patient policy path

• The Fed still appears on an easing trajectory, but timing is shifting later

• Higher yields are a headwind for equities near term, but improve income opportunities in fixed income

Movers & Shakers

• (+) Entergy ($ETR) +7% after the utility company signed long-term power agreements with AWS, Meta, and Google to supply data centers, projected to generate $5 billion in customer savings over 20 years.

• (–) Palo Alto Networks ($PANW) -6% because the cybersecurity sold off after a leak of Anthropic's new AI model "Claude Mythos," raising fears that advanced AI could replace traditional security software.

• (–) Clear Secure ($YOU) -11% after the Senate moved to fund most of DHS, easing shutdown-driven travel disruptions that had been a tailwind for the biometrics company.

Prediction Markets

• Word on the Street is Goldman is going to take it.

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Private Dealmaking

• Novartis will acquire Excellergy for up to $2 billion

• Blackstone invested $250 million into ADGT, a payments infrastructure platform

• Xona, a developer of small satellite navigation networks, raised $170 million

• Cents, a payments software platform for laundromats, raised $140 million

• Qualified Health, an AI platform for health systems, raised $125 million

• Immutrin, an antibody developer, raised $87 million

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

BOOK OF THE DAY

Becoming Legend

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Book Length: 320 pages
Release Date: March 3, 2026

Ideal For:
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DAILY VISUAL

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DAILY ACUMEN

Memory Lies

Every time you remember something, you are not retrieving a file. You are reconstructing it from scratch, and the person doing the reconstructing is who you are today, not who you were then. The memory changes with you, quietly, every single time you access it.

This matters because most people are making present decisions based on experiences they are unknowingly misremembering. The investment that taught you to be cautious may have been bad luck, not bad judgment. The relationship that confirmed your worst beliefs about people may have been one bad person, not a pattern. The version of events you have rehearsed so many times it feels like fact has been edited and reframed until it barely resembles what actually happened.

You are not a reliable narrator of your own life. You are something closer to a novelist who keeps rewriting the earlier chapters to make the ending feel more inevitable.

The dangerous part is that you cannot tell which memories are accurate and which have been quietly revised to protect your ego, confirm your fears, or justify the story you needed to be true.

ENLIGHTENMENT

Short Squeez Picks

• How 1M+ investors start their day

• How to navigate corporate power dynamics

• How to boost your VO2 max in weeks

• Jonathan Haidt’s message to Gen-Z about phone usage

• Scientists found a surprising way to make exercise work better

• Why working to be more successful helps you live a longer life

MEME-A-PALOOZA

Memes of the Day

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