Good Morning! Goldman traders are on track to generate more than $5 billion in Q2 revenue. KKR-owned Arctos is backing a $288 million college football stadium district in Tennessee, complete with a 24-story hotel. And Wimbledon debenture seats are now fetching over $500,000, more than triple their price two years ago.

Plus: Oracle cut 21K jobs over the past year amid AI revamp, PE bosses are turning to carried interest loans as payouts stall, and how Citadel became an energy giant, and why the curse of optionality traps ambitious people.

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SQUEEZ OF THE DAY

JPM Exec Dumps Career in the Trash

Over the weekend, clips from the Knicks championship parade began circulating online: a woman in full Knicks gear emptying one of the city's limited-edition blue-and-orange parade trash cans onto a Manhattan sidewalk, then strolling off with the empty bin. Additional footage caught her riding the subway home with her new souvenir.

The internet did what it does and went hunting. She was soon identified as Angie Báez, 40, an Executive Director of Community and Industry Engagement for Card and Connected Commerce at JPMorgan Chase, a role she'd held for more than a year.

Before that, she ran DEI at The Infatuation, the restaurant-review site Chase scooped up in its push into lifestyle content. She's also co-founded a talent agency on the side.

Once the video reached JPMorgan, the bank reviewed it and moved fast. By Tuesday, she was out. A spokesperson kept it short: "This employee is no longer with the company." Sources noted she'd attended the parade in a personal capacity, which apparently was not enough to save the gig.

The legal damage, for now, is lighter than the career damage. As of June 20, the NYPD said no complaints had been filed and she has not been charged. Under NY law, swiping property worth under $1,000 is petit larceny, usually a fine or a summons for a first offense. The Sanitation Department, however, did not mince words, calling it illegal, antisocial, and (their words) "incredibly stupid" to do on camera.

Takeaway: A job that pays $250-$450K, a title, and a decade-plus career, traded for a trash can that retails at roughly nothing. All of it filmed, posted, and traced back to her in under 72 hours. The lesson isn't complicated: the parade ends, but the footage is forever. As a wise man once said, f*ck around, and find out.

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JPMorgan: "Some Employees are Spending More on Tokens Than Their Salary"

After Uber reportedly spent its entire 2026 AI budget in 4 months, the conversation among AI leaders is concentrating on cost optimization and value. New model releases are showing similar benchmark performance, with materially different cost to their predecessors, but no way of analysts knowing what model is best fit.

Firms on Wall Street are partnering with Endex to route agent requests to models that meet the required quality threshold and are reserving frontier models for the select tasks where incremental intelligence produces measurable economic value.

Endex brings these agents directly into Excel, building custom deployments around each firm's unique workflows.

HEADLINES

Top Reads

• JPMorgan Chase fires DEI exec who stole trash can at Knicks parade (NYP)

• Oracle sheds 21,000 roles over the past year amid wave of AI layoffs (CNBC)

• S&P 500, Nasdaq sink as AI rally loses steam (YF)

• Goldman equities haul to rip past $5 billion toward new record (BB)

• KKR-owned Arctos backs $288 million Tennessee stadium district (BB)

• Wimbledon investors cash in with VIP seats costing over $500,000 (BB)

• Private equity bosses turn to carried interest loans as payouts stall (FT)

• Citadel: the hedge fund that became an energy giant (FT)

• Anthropic backer Menlo Ventures lands $3 billion in its largest-ever haul (BB)

• Deutsche Bank cuts gold forecasts up to 22% as bulls temper view (BB)

• Chicago missed the tech boom. Quantum computing gives it a second chance. (WSJ)

• Meta announces new smart glasses starting at $299, as Zuckerberg keeps pushing wearables (CNBC)

• Could there be a $10 trillion company? Tech investing star Laffont thinks so (CNBC)

• Stada weighs €6 billion takeover of CVC-backed Cooper Consumer Health (BB)

• Athleisure brand Vuori targets China in global retail push (WSJ)

• K-shaped economy shifts dealmaking toward wealthy (Axios)

CAPITAL PULSE

Markets Rundown

Market Update

• Markets closed lower, with the S&P 500 down 1.4% and the Nasdaq down 2.2% as technology stocks led the decline.

• The Dow Jones was relatively resilient, finishing near flat.

• Semiconductor stocks were the biggest laggard, with the S&P 500 semiconductor industry falling roughly 6%.

• WTI crude oil declined to around $73 per barrel, while Treasury yields were little changed.

• The U.S. dollar continued to strengthen against major developed-market currencies.

Technology Pullback

• Technology stocks experienced a broad pullback following a strong rally from the March lows.

• The Nasdaq had gained roughly 26% since March 30 prior to this week's decline.

• The PHLX Semiconductor Index had risen more than 100% over the same period.

• Manufacturing data remained constructive, with the June S&P Global Manufacturing PMI reaching its highest level in four years.

Movers & Shakers

• (+) IBM ($IBM) +5% after JPMorgan upgraded to Overweight with a $291 price target, arguing IBM's software business is undervalued.

• (–) Carnival ($CCL) -5% because elevated fuel costs weighed on the forward outlook and a broader Korean chipmaker selloff dragged travel stocks lower.

  (–) AMC Entertainment ($AMC) -24% after announcing it would sell 95.25 million shares in a dilutive equity offering to raise ~$200M.

Prediction Markets

• Core PCE for May releases tomorrow.

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

Private Dealmaking

• AppsFlyer, a marketing measurement company, raised over $1 billion

• Meta invested $900 million in CRED, an Indian fintech

• Peregrine Technologies, a data connectivity company servicing state and local government, raised $250 million

• Fomo, a trading app, raised $75 million

• Nura Bio, a developer of therapies for neurodegenerative conditions, raised $73.8 million

• Spiro, an African EV maker and battery-swapping network, raised $55 million

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

BOOK OF THE DAY

How To Get Rich In American History

Description:
A captivating tour through three centuries of American financial wisdom from Joseph S. Moore. The book examines the investing, saving, and wealth-building advice that Americans followed from the colonial era through the modern age, separating timeless principles from costly misconceptions. By exploring booms, busts, speculation frenzies, and personal finance trends across generations, it reveals which lessons have stood the test of time and which repeatedly led people astray.

Book Length: 336 pages
Release Date: May 5, 2026

Ideal For:
Investors, history enthusiasts, and anyone interested in understanding how financial advice has evolved and what timeless wealth-building lessons remain relevant today.

The most valuable financial lessons are often the ones that have survived generation after generation of human mistakes.

DAILY VISUAL

Home for the Holidays

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DAILY ACUMEN

Status Quo Bias

Doing nothing feels safe in a way that taking action never does, even when nothing is by far the riskier choice.

The brain treats the harm that comes from a decision as far worse than the identical harm that comes from passivity, so people cling to a sinking status quo to avoid the sharper regret of having actively chosen wrong.

This is why so many obviously bad situations persist long past their expiration.

Leaving the job, ending the partnership, cutting the loss, all require an action that could be blamed on you, while staying put quietly outsources the blame to circumstance.

Inaction feels blameless even as it costs you everything.

But choosing not to decide is still a decision, and the comfort of having "not done anything" is one of the most expensive feelings a person can buy.

ENLIGHTENMENT

Short Squeez Picks

• The workplace habit that slowly damages your confidence

• Why personal growth is the most powerful business strategy

• 5 simple ways to minimize stress

• What do you need to do to unlearn work?

• Why ambitious people make this career mistake

MEME-A-PALOOZA

Memes of the Day

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