Good Morning! Robinhood is partnering with delivery app Gopuff to allow customers to withdraw cash from their accounts and have it brought right to their doorstep for a $7 delivery fee. Scotland is selling kilt bonds to try and become an investor-friendly destination.

Build-A-Bear stock has been on an Nvidia-like tear. Musk’s xAI reportedly secured $15 billion in fresh funding, though Musk denies it. And the $2.7 billion Botox industry is fighting to stay relevant as the “clean-girl” aesthetic takes over.

Plus: Michael Saylor says Bitcoin will be “without a doubt” bigger than gold within a decade, how private equity’s vision for a BlackRock-backed roofing empire fell apart, and how “microshifting” is turning 9-to-5 into 7-to-7.

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SQUEEZ OF THE DAY

Big Short Bows Out

Michael Burry, the investor made famous by The Big Short, is winding down operations and getting ready to go off the grid. His hedge fund, Scion Asset Management, has officially deregistered with the SEC, ending its obligation to file public disclosures. For the past decade, those quarterly 13F filings were must-reads for anyone tracking Burry’s contrarian bets.

It comes just weeks after reports that Burry had taken short positions against the AI trade through puts on Nvidia and Palantir.

Nvidia is up 37% year-to-date, Palantir has soared 126%, and the latter now trades at a triple-digit earnings multiple. Betting against the strongest market narrative of the decade drew reactions, including a public jab from Palantir CEO Alex Karp.

Burry’s investor letter hinted at deeper frustration. He wrote that his view of value “has not been in sync with markets for some time.” Short sellers have taken heavy damage this year as the market’s enthusiasm for AI steamrolled traditional valuation logic.

And Burry is not alone. Jim Chanos and Nate Anderson, two of the most recognizable short-focused investors, also shut down their firms this year after the bull run overwhelmed their playbooks.

What comes next is unclear. In another post, Burry said he will be “on to much better things,” and he shared a photo of Christian Bale, who played him in The Big Short, with the caption “Me then, me now. It worked out. It will work out.” Several analysts think he may convert Scion into a family-office structure, which would allow him to trade privately without SEC filings.

Takeaway: Whether Michael Burry is winding down Scion so he can bet against the AI boom on his own terms or simply stepping back after making enough money to ride into the sunset, time will tell. What is clear is that he never liked the spotlight. A quieter, lower-visibility role without CNBC and Bloomberg scrutinizing every publicly-filed trade may be exactly where he has always been most comfortable.

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HEADLINES

Top Reads

• Stocks tumble as chances of December interest rate cut fade (NBC)

• Robinhood starts offering cash-doorstep service for users (YF)

• Scotland plans to launch “kilt bonds” to fund government projects (CNBC)

• Botox and filler sales lag as the “clean-girl” aesthetic rises (BB)

• Build-A-Bear’s stock price has been on an Nvidia-like run (BB)

• Musk’s xAI reportedly secures $15 billion in fresh funding, but Musk denies report (CNBC)

• Michael Saylor says “without a doubt in my mind” Bitcoin will be bigger than gold within a decade (YF)

• A BlackRock-backed roofing conglomerate went bust (NYT)

• Crypto asset manager Grayscale reports revenue drop in IPO filing (BB)

• Founders Fund backs startup bringing AI to plumbers and roofers (BB)

• Why private equity is stuck with “zombie companies” it can’t sell (CNBC)

• Blackstone launches senior lending fund after $22 billion debut (BB)

• Blackstone’s Jon Gray opens private-equity access to retail investors (BB)

• Dayforce shareholders approve Thoma Bravo’s takeover deal (YF)

• Apollo & KKR report record wide gap in valuing stressed private loans (BB)

CAPITAL PULSE

Markets Rundown

Market Update

• Stocks fell sharply, with all major indexes down more than 1.5% following the Dow’s record high yesterday.

• Tech led declines, as renewed valuation concerns weighed on growth sectors, while small-caps also underperformed.

• Bond yields edged higher, with markets now pricing less than a 50% chance of a December rate cut, down from 70% last week.

• President Trump signed the stopgap funding bill ending the 43-day government shutdown, though the resumption of economic data will be gradual.

• Disney shares dropped 8% after fourth-quarter revenue came in below expectations.

Economic Data Highlights

• The Fed faces a data gap ahead of its December 10 meeting, as key indicators delayed by the shutdown may remain incomplete.

• October’s jobs report will include payrolls data but omit the unemployment rate, according to NEC Director Kevin Hassett.

• The resumption of federal data is expected to occur over several weeks, which could complicate near-term monetary-policy decisions.

• We believe policymakers will rely more heavily on private and survey-based indicators until official releases normalize.

AI Enthusiasm Meets Valuation Reality

• Investor sentiment toward AI stocks has cooled, prompting renewed scrutiny of lofty valuations.

• While AI remains a powerful long-term growth driver, we think its dominance can amplify volatility when concentrated in a few mega-cap names.

• Value-oriented sectors such as health care, materials, and financials have recently outperformed, signaling a broader market leadership.

Earnings Today

• QUBT (Quantum Computing Inc.) – Focus on commercialization progress and contract momentum.

• HIVE (Hive Digital Technologies) – Watch crypto-mining margins amid volatile Bitcoin prices.

• BTBT (Bit Digital) – Key to monitor mining capacity expansion and cost efficiency.

Movers & Shakers

• (+) Sweetgreen ($SG) +11% after the company’s cofounder bought $11M worth of stock.

• (–) Tesla ($TSLA) -7%  because the EV maker recalled 10,500 Powerwall 2 battery systems.

• (–) Disney ($DIS) -8% after disappointing quarterly revenue as linear TV results decline.

Prediction Markets

• Does more revenue mean more stimulus checks??

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

Private Dealmaking

• Anysphere, the maker of coding assistant Cursor, raised $2.3 billion

• FNZ Group, a wealth and asset management software provider, raised $650 million

• Chaos Industries, a maker of counter-drone radar systems, raised $510 million

• Gopuff, a rapid-delivery company, raised $250 million

• Teradar, a developer of solid-state sensors, raised $150 million

• Wonderful, an AI agent startup, raised $100 million

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

BOOK OF THE DAY

Get Your Own Coffee

Description: A powerful, no-holds-barred memoir from Suzanne Hopgood, who transformed being underestimated into her superpower. From bussing tables in her parents’ hotel to chairing corporate boards, she recounts navigating sexism, boardroom battles, and high-stakes leadership in a man’s world—with grit, strategy, and bold action.

Book Length: 188 pages
Release Date: October 2025

Ideal For: Women executives, rising leaders, corporate rebels, and anyone who’s been underestimated and wants to leverage it into leadership on their own terms.

“When my first boss said, ‘You’ll always be underestimated—use it to your advantage,’ I didn’t know how valuable that would become.”

DAILY VISUAL

Median Age of All US Homebuyers: 59 Years

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DAILY ACUMEN

Age of Acceleration

We are living through the fastest decade in human history. AI is writing code, robots are walking, biology is programmable, and space is becoming commercial.

Every frontier we once dreamed of is being digitized, dematerialized, and democratized. The future is compounding faster than our ability to emotionally process it.

Yet amid all this acceleration, the defining skill won’t be technological fluency, it will be emotional stability. Machines will think for us, but not feel for us.

The winners will be those who can stay calm while everything around them evolves at light speed. The investors who think long-term, the leaders who ground their teams, the humans who remain centered in chaos.

Progress will give us abundance: of food, energy, knowledge, and longevity. But abundance creates its own scarcity: attention, meaning, presence. The world won’t run out of intelligence; it will run out of stillness.

So as the curve steepens, remember: the most advanced system in the world isn’t artificial. It’s a human mind aware enough to pause, breathe, and decide how to use the godlike power it’s been given.

ENLIGHTENMENT

Short Squeez Picks

• How finance professionals are getting smarter on the Canadian market

• How microshifting is making 9-5 become 7-7

• You don’t need better boundaries; you need a better framework

• Why the first 5 minutes of your meeting determine everything

• How to assess a new team quickly

• Will AI destroy our manners?

MEME-A-PALOOZA

Memes of the Day

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