Good Morning and Happy Friday! HSBC claims it’s achieved a world-first quantum computing breakthrough for financial markets. Trump approved a TikTok deal via executive order, with J.D. Vance announcing the government values the business at $14 billion. And Blackstone is weighing an IPO or sale of Ancestry.com.

Amazon agreed to a $2.5 billion FTC settlement over its “deceptive” Prime marketing. Big banks are reversing their Hong Kong retreat as dealmaking booms. And KKR is deploying a record $20 billion in Europe this year.

Plus: Robert Kraft sold a minority stake in the Patriots at a $9 billion valuation, the CLO boom could squeeze private credit, and is Gen Z unemployable?

Join investors and founders globally at Kingscrowd’s Investment Crowdfunding Week, Sept 29–Oct 2 (virtual). Register free today.

SQUEEZ OF THE DAY

Blackstone’s British Bet

Last week, Blackstone was revealed as the largest investor behind the splashy announcements tied to Trump’s state visit to the U.K. 

The world’s largest private equity firm pledged to invest nearly $135 billion in the UK over the next decade, the single biggest U.S. commitment in a package that also included Microsoft, Nvidia, and OpenAI with $202 billion combined.

Blackstone’s plan includes about $121.5 billion of fresh capital plus another $13.5 billion already earmarked for data-center infrastructure.

The size of the bet is striking, but the timing is what matters. Foreign direct investment into the U.K. collapsed to just $1.6 billion last year, down from $28 billion the year before.

IPO fundraising is at a 30-year low. Global allocators have been steering clear, citing Brexit drag, political instability, and fiscal uncertainty. Yet here comes Blackstone with the ultimate contrarian signal. Morningstar called it “a significant vote of confidence,” and the ripple effect could pull other investors back into the market.

So why now? Blackstone isn’t making a patriotic play; it’s a value one. London and the U.K. more broadly offer cheap valuations, with scarce long-duration assets and reliable cash flows in sectors Blackstone loves: data centers, housing, logistics and private credit.

For a firm built on spotting dislocations, Britain may be the rare major economy trading at a discount. If the thesis plays out, Blackstone locks in assets at depressed values and may force peers to follow rather than miss the rebound.

Still, the money won’t flood in overnight. The plan stretches over 10 years, and history shows that not every pledged dollar makes it to deployment. But the signal is the point. Blackstone is effectively calling the bottom on Britain and staking its reputation on the idea that London is mispriced.

Takeaway: Blackstone is buying when sentiment is weakest, locking in hard assets with dependable cash flows, and using its scale to reset the narrative. The firm isn’t betting on Britain’s politics; it’s betting that fear has overshot fundamentals, and that patient capital will collect the premium.

HEADLINES

Top Reads

• HSBC touts edge over Wall Street rivals with new quantum trial (BB)

• Trump signs executive order facilitating TikTok deal (NBC)

• Blackstone weighs IPO options for Ancestry.com (YF)

• Amazon reaches FTC settlement over Prime practices (CNBC)

• Big banks unwind Hong Kong retreat as dealmaking booms (FT)

• KKR deploys record $20B in Europe this year (FT)

• JPMorgan expands millionaire wealth services to dozens of branches (BB)

• Robert Kraft sells minority stake in Patriots at $9B valuation (CNBC)

• CLO boom risks pricing out private credit (BB)

• Is Gen Z unemployable? (WSJ)

• Goldman Sachs investment vehicle to delist in London (WSJ)

• Ken Griffin warns more tariff-driven inflation is ahead, urges Fed independence (CNBC)

• Goldman Sachs is back to square one after listed PE flop (BB)

• Starbucks plans layoffs, store closures in $1B overhaul (Axios)

• Nvidia $100B investment in OpenAI fuels bubble fears (Axios)

• Office investor demand rebounds in 2025, JLL says (CNBC)

• HSBC says S&P 500 rally can extend to 7,000 (Axios)

• Databricks commits $100M to OpenAI spending (CNBC)

• Private credit giants convert debt into equity for jumbo deals (BB)

PRESENTED BY KINGSCROWD

The Golden Age of Venture Investing Is Here

For decades, early investors have turned simple ideas into life-changing returns. Think early Airbnb investors who saw 499,900% returns from backing a simple idea to pay rent.

While institutional investors have had the lion share of those deals, today’s regulatory shift has opened pre-IPO access to everyone through investment crowdfunding. We’re living through what Alumni Ventures’ Mike Collins calls “a golden age of venture investing”, where innovation accelerates and smart capital finds explosive opportunities.

Out of 6,375 companies executing Reg CF campaigns since 2016, Kingscrowd has tracked 77 investment exits with 21 IPOs and 49 M&A deals.

Investment Crowdfunding Week (Sept 29–Oct 2) reveals how sophisticated investors are building portfolios around pre-IPO opportunities through Reg CF and Reg A+ deals that create generational wealth. You’ll get four days of live startup pitches, exit strategies, and insider access to the platforms delivering these returns.

Registration is free, but the experience could reshape your investment approach forever.

CAPITAL PULSE

Markets Rundown

Market Update

• U.S. stocks fell for a third day, with the Nasdaq leading declines despite upbeat economic data

• Q2 GDP growth revised up to 3.8% vs. 3.3% forecast, supported by stronger consumption

• Weekly jobless claims dropped to 218K, easing fears of a rising trend in unemployment

• 10-year Treasury yield climbed to 4.17%, up 15 bps since the Sept. 17 Fed meeting

• Energy stocks lagged, while consumer staples outperformed

Economic Data Highlights

• Q2 GDP: Final reading at 3.8% annualized, beating expectations (3.3%)

• Consumption growth: 2.5% vs. 1.7% forecast

• Atlanta Fed GDPNow: Tracking 3.3% for Q3, supported by 2.7% consumption growth

• Jobless claims: 218K vs. 233K forecast, reversing the recent spike

Reported Earnings

• Accenture (ACN) – Beat on EPS and revenue; AI-related bookings a key driver

• Jabil (JBL) – Topped expectations; AI demand offset weakness in auto and renewables

• Costco (COST) – Membership revenue and same-store sales strong; tariffs mitigated by local sourcing

Earnings Today

• No significant earnings

Movers & Shakers

• (+) Intel ($INTC) +9% after the chipmaker is reportedly in talks to secure an investment from Apple.

• (+) IBM ($IBM) +5% because the technology company was revealed to be behind HSBC’ s quantum-powered trades.

• (–) Oracle ($ORCL) -6% after a downgrade by Rothschild.

Private Dealmaking

• Novacap agreed to acquire Integral Ad Science for $1.9 billion

• Nscale, a hyperscaler, raised $1.1 billion

• Modular, an AI software development platform, raised $250 million

• Signal AI, a risk and reputation intelligence platform, raised $165 million

• Tide, a business management platform, raised $120 million

• Sparrow Pharmaceuticals, a developer of cardiometabolic drugs, raised $95 million

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

BOOK OF THE DAY

Rule Breaker Investing

Description:
David Gardner, the “Chief Rule Breaker” of The Motley Fool, shares his investing ethos built on spotting the next wave of high-growth companies before they’re obvious. Over 18 chapters, he outlines the habits, frameworks, and mindset needed to “break the rules” of conventional investing—emphasizing conviction, patience, and long-term vision over short-term picks.

Book Length: 256 pages
Release Date: September 16, 2025

Ideal For:
Growth investors, stock pickers, founders, and anyone wanting to shift from reactive trading to confident, future-oriented investing.

“Stop following the market. Start breaking the rules and lead the way.”

DAILY VISUAL

US Housing Boom

Want more? Visualize the markets with Carbon Finance

PRESENTED BY DEEL

How Top Global Companies Structure Payroll Across Borders

Hiring across countries is easy. Paying compliantly? Not so much.

This guide from Deel breaks down the 3 most common global payroll models (decentralized, centralized, and BPO) with real-world examples, pros and cons, and what to consider when scaling.

Whether you're building an international team or optimizing an existing structure, this is a must-read for finance leaders, HR, and operations teams navigating cross-border compliance.

Find out which model fits your global team best and how to avoid the common pitfalls.

DAILY ACUMEN

Time Arbitrage

The market’s biggest inefficiency isn’t information, it’s time horizon.

Most traders think in quarters, most managers in years, most humans in days.

If you can stretch your horizon just a little longer, you’re competing in a less crowded game.

Time arbitrage is buying what’s ugly now but inevitable later, investing in relationships before they’re “useful,” writing ideas years before they’re mainstream.

Patience isn’t passive, it’s playing a game others aren’t willing to stay in.

ENLIGHTENMENT

Short Squeez Picks

• 6 tips for smoother mornings

• Why it’s so hard to delegate and how to improve

• How to save money on bills

• Why your boss is always booked

MEME-A-PALOOZA

Memes of the Day

📣 Partner With Us: Get in front of an audience of over 1 million finance professionals, business leaders, and policy influencers. Submit a partnership inquiry.

📈 Grow With Us: Work directly with the Overheard on Wall Street team to scale your finance brand. Schedule your free consult.

🔒 Short Squeez Premium – Insiders: Access exclusive content, including investment analysis, wellness features, career tools, and our full recruiting resource library. Upgrade to Premium. 

🧢 Wall Street Shop: Explore our collection of finance-themed apparel and merchandise. Visit the shop.

📬 Deals Newsletter – Buysiders: A curated roundup of major M&A, private equity, and VC activity. Plus access to private deal flow. Subscribe here.

🏠 Real Estate Newsletter – City Squeez: Latest news and exclusive listings for those looking to buy, rent, or invest in real estate around the world. Sign up here.

📚 Courses: Level up with our excel, modeling, and private equity courses. View offerings.