Good Morning! Musk is suing Apple and OpenAI, accusing them of stifling AI competition. The U.S. is eyeing more corporate stakes with a sovereign wealth fund reportedly in the works.

Hedge funds scored a court win over the SEC’s short sale rule, while Ivy League endowments remain stuck with billions locked in illiquid alternatives.

Keurig is buying Peet’s Coffee for $18 billion, AbbVie is paying $1.2 billion for a depression treatment, and Nvidia is rolling out its $3,499 “robot brain” as it bets big on robotics.

Plus: TPG faces scrutiny over African hospital stakes, data center securitizations could top $110 billion by 2026, and the continuation fund market is on track to quadruple by 2034.

Vanta recently secured their Series D at a $4.15B valuation. See why leading fintechs trust them for compliance (and get $1000 off).

SQUEEZ OF THE DAY

Banking Hiring Is Back

Only a few months ago, investment banks were tightening their belts amid tariff-driven uncertainty. But heading into the fall, Wall Street is back in hiring mode. Senior bankers are being poached, junior pipelines are reopening, and recruiters say activity is the strongest since before the slowdown.

JPMorgan is leading the charge, naming former Goldman veteran Jerry Lee as global chair of investment banking and adding senior hires across technology, energy, and activism defense. The bank brought on more than 300 senior bankers globally in the first half of the year.

Citi has raided JPMorgan for M&A and tech talent and UBS has reshuffled its Americas M&A leadership.

Even boutiques are getting aggressive: Evercore is spending $196 million to acquire British firm Robey Warshaw, and Lazard has brought in 14 new MDs as part of its push to double revenue by 2030.

For senior bankers, demand remains strong for rainmakers who can originate deals and bring client relationships, even if overall fee pools remain below peak years. Many are being lured with outsized pay packages and the chance to re-position at firms investing for the next cycle.

For juniors, the market is also turning. After a soft first half, banks have resumed hiring associates and VPs. Recruiters report a 200% jump in inbound requests for junior talent in August, leaving those who stuck through the slow patch now facing heavier workloads, broader client coverage, and quicker promotion opportunities.

Takeaway: Wall Street does not expand headcount unless it expects deal flow. Revenues are still running below the 20% growth once projected for 2025, but the return of job-hopping and aggressive hiring signals confidence in the pipeline. For bankers, it means more competition for mandates, but also more opportunities to climb the ladder or lateral to another bank.

HEADLINES

Top Reads

• Musk’s xAI sues Apple and OpenAI over ChatGPT and iPhone integration (CNBC)

• Goldman names Takanabe as Japan investment banking co-head (BB)

• Evercore hires Citigroup’s Ingemarsson to expand in Nordics (BB)

• The Ivy League keeps failing a basic investing test (WSJ)

• Keurig Dr Pepper nears $18B deal for JDE Peet’s (WSJ)

• AbbVie to buy Gilgamesh depression drug for up to $1.2B (BB)

• Nvidia unveils Thor T5000 “robot brain” chip (CNBC)

• TPG’s African hospital push sparks safety complaints (BB)

• Heir to Malaysian fortune seeks $200 million for private markets (BB)

• Private equity continuation market tipped to quadruple by 2034 (InvestorDaily)

• Data Centers to propel infra securitizations past $110B by 2026 (BB)

• Thoma Bravo agrees to buy Verint Systems for $1.23B (BB)

• Cracker Barrel says it ‘could’ve done a better job’ with controversial new logo (CNN)

• Duolingo social guru lands new role (LI)

• Why boomers hold far more wealth than Gen X (BB)

• NFL explores sports-betting prediction markets (Axios)

• Intel stake highlights risks of “deals-based capitalism” (YF)

• The “Big Stay” reshapes labor markets with no-hire, no-fire freeze (CNBC)

• White House adviser says U.S. likely to keep taking stakes in companies (CNBC)

• Tech’s “Magnificent Seven” stocks are losing steam (WSJ)

• Why private equity is increasingly drawn to the recruitment sector (BDO)

• Berkshire Hathaway says it’s not looking to buy anything big right now (YF)

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Ramp, a Vanta customer, recently secured $500 million in funding at a $22.5 billion valuation. Vanta itself closed a Series D at a $4.15 billion valuation, proof that the platform delivers results for fast-growing teams.

With continuous monitoring, real-time risk visibility, and one unified platform, Vanta is the most efficient route to compliance.

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CAPITAL PULSE

Markets Rundown

Market Update

• U.S. stocks fell, with caution ahead of NVIDIA’s earnings later this week weighing on sentiment.

• Communication and energy stocks led gains, while consumer staples, health care, and utilities lagged.

• 10-year Treasury yield rose to 4.28%, though still below its July peak near 4.50%.

• Asia closed mostly higher, with Hong Kong’s Hang Seng and China’s Shanghai index both hitting year-to-date highs.

• Europe pulled back, despite Germany’s business climate index hitting a 2-year high.

• Dollar strengthened; WTI oil rose on geopolitical risks to Russian crude supply.

Economic Data Highlights

• NVIDIA earnings Wednesday: Analysts expect EPS of $1.01, up ~49% y/y. Investors will focus on revenue and guidance to gauge durability of AI-driven demand.

• Earnings season wrap: 82% of S&P 500 companies have beaten estimates, with an average upside surprise of 8.0%. Q2 earnings growth now expected at 10.5%, revised up from 3.8%.

• PCE inflation Friday: Headline forecast at 2.6% y/y, core seen edging up to 2.9% from 2.8%. Powell reiterated at Jackson Hole that tariff-driven price spikes should be short-lived.

• Bond markets are pricing in two Fed cuts this year (likely starting September) and three more in 2026.

Reported Earnings

• PDD Holdings (PDD) – Posted stronger-than-expected revenue, driven by Temu’s international momentum; margins remained pressured by promotional intensity.

• Heico (HEI) – Results in line with forecasts; aerospace demand recovery and defense backlog supported growth, though margins were steady.

Earnings Today

• Okta (OKTA) – Key focus on enterprise security adoption, AI integrations, and billings outlook.

• MongoDB (MDB) – Investors watching Atlas cloud growth, operating margin progress, and AI workload adoption.

Movers & Shakers

• (+) Vital Energy ($VTLE) +15% after the energy company will be acquired by Crescent Energy for $3.1 billion.

• (–) Restoration Hardware ($RH) -5% because Trump announced new tariffs on furniture companies.

• (–) SolarEdge Technologies ($SEDG) -7% after offshore wind farm plans were halted.

Private Dealmaking

• Keurig Dr Pepper acquired JDE Peet’s for $18 billion

• ProVerum, a hyperplasia treatment developer, raised $80 million

• Paragraf, a graphene-based electronics maker, raised $55 million

• Twin, a metabolic health startup, raised $53 million

• Kasa, a flexible accommodations provider, raised $40 million

• SpinLaunch, a low-orbit broadband constellation developer, raised $30 million

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

BOOK OF THE DAY

Master of Change

Description: A compelling guide to building a "rugged flexibility" mindset—one that blends resilience with adaptability to help you not just endure change, but thrive within it. Drawing on scientific research, ancient wisdom, and everyday practice, Stulberg offers a framework for embracing life’s instability—preparing you to respond with awareness, purpose, and strength.

Rating: 
Amazon 4.5 / 5
Goodreads 4 / 5

Book Length: 229 pages

Ideal For: Creatives, leaders, coaches, and anyone navigating rapid change—whether personally or professionally—and striving to stay grounded, adaptive, and forward-moving.

“Happiness equals reality minus expectations, and suffering equals pain times resistance.”

DAILY VISUAL

Carvana’s Redemption

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DAILY ACUMEN

Signaling

Markets don’t just move on numbers; they move on signals.

A dividend cut signals management pessimism.

Insider buying signals conviction.

Humans are hardwired to interpret not just data, but what that data implies.

Careers are no different.

Every email you send, every meeting you attend, every association you make signals something.

Silence signals as much as speech.

Posting on LinkedIn, quitting a job, even who you sit next to at dinner—all are signals.

The irony is that most people broadcast unintentionally, and then wonder why they’re misunderstood.

Smart investors know the difference between noise and meaningful signal.

Smart professionals do too.

Ask yourself: what am I signaling through my actions today?

Because whether you intend it or not, the market of people is pricing you constantly.

ENLIGHTENMENT

Short Squeez Picks

• Why so many managers struggle (and how to stop)

• The rise of Green Wall Street

• Gen-Z shares their unhinged job survival hacks

• The “6-6-6” walking challenge actually works

• Ghazal Alagh’s drama-free playbook for toxic workplaces

MEME-A-PALOOZA

Memes of the Day

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