Good Morning! Palantir’s post-earnings slump dragged markets lower after CEO Alex Karp called “Big Short” investor Michael Burry “bats*** crazy” for shorting Palantir and Nvidia. Bitcoin’s November slide deepened as it fell below $100K for the first time since June.

Equity traders are set for the biggest bonus bump of the year, up ~14% from 2024, while bankers can expect a gain of ~12%. Portugal, already overflowing with tourists, now wants data centers to lure AI giants. And Papa John’s had its worst day in five years after reports Apollo pulled its buyout bid.

Plus: Mamdani won the NYC mayoral race, Cava cut its full-year forecast in another hit to fast-casual, and how top performers deal with control-freak bosses.

How do you sift through the noise of fintech AI? Ask the Farsight team during their live webinar and demo on AI in investment banking. Register today.

SQUEEZ OF THE DAY

Bulls Call Timeout

Stocks slid Tuesday after a wave of Wall Street CEOs warned investors to brace for a pullback.

The Nasdaq fell more than 2% and the S&P 500 lost 1.2%, led by an 8% plunge in Palantir that set off the selling.

The selloff wasn’t driven by data or earnings. It was sparked by a warning from Goldman Sachs and Morgan Stanley that the market’s rally has gone too far.

At the Global Financial Leaders’ Summit in Hong Kong, Goldman Sachs CEO David Solomon said it is “likely there’ll be a 10 to 20% drawdown in equity markets within the next 12 to 24 months.” Morgan Stanley’s Ted Pick echoed the view, calling a 10 to 15% correction “healthy.”

Their warnings hit as valuations hover near dot-com-era highs and the rally depends on a shrinking group of AI-driven megacaps to keep climbing.

The tone among Wall Street leaders is turning from celebration to caution. Capital Group CEO Mike Gitlin told the same audience that markets are “between fair and full” on valuation.

With prices stretched, risk is rising. “Big Short” legend Michael Burry, who has sounded the alarm on 200 of the last 2 recessions, is even shorting Nvidia and Palantir.

Fund managers say a pullback might be just what the market needs. After one of the strongest six-month runs since the 1950s, many are calling for a 10% correction to reset positioning and remind investors that stocks don’t go up linearly forever. The upside is that liquidity remains strong, earnings are holding, and the bulls are already waiting to buy the dip.

Takeaway: Wall Street isn’t predicting a crash, just a cooldown. When the CEOs of Goldman and Morgan Stanley start calling for a correction, it’s not panic, it’s a signal that the easy money has already been made. The market’s gotten so bats*** crazy that even the people selling the Kool-Aid are telling you to put the cup down.

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As AI adoption accelerates across investment banking, firms are racing to find tools that can actually move the needle. But with dozens of new platforms entering the market, which ones are truly delivering results?

Join Farsight Co-founder & CEO Samir Dutta and Head of Strategy Jacob Bassil on November 13 at 12pm ET for a live, hands-on session exploring how AI is transforming research, workflows, and decision-making; and what sets Farsight apart.

In this webinar, you’ll learn:

• How leading banks are using AI to streamline research, pitches, and client intel

• Workflow vs. chat interfaces: Understanding which AI approach fits different tasks

• How AI helps bankers spot overlooked opportunities and reshape mandates

• What gives Farsight an edge (live demo + audience Q&A)

Walk away with actionable insights to accelerate deal flow and sharpen your edge.

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HEADLINES

Top Reads

• New York City Mayor Results 2025 (CNBC)

• Nearly a million New Yorkers say they’d flee the city if Mamdani becomes mayor, poll finds (NYP)

• Alex Karp blasts 'Big Short' investor Michael Burry as 'bats*** crazy' for bets against Palantir, Nvidia (CNBC)

• Bitcoin’s November sell-off worsens as coin falls below $100k for first time since June (CNBC)

• Equity traders seen landing this year’s biggest bonus hikes as deal activity rebounds (BB)

• Portugal has plenty of tourists, now it wants on data centers (BB)

• Papa John's sinks 10% on report Apollo withdrew its offer to take chain private (CNBC)

• Cava cuts full-year forecast, in warning to other fast casual chains (CNBC)

• White-collar layoffs rise as AI-washing reshapes corporate America (CNBC)

• Amazon demands Perplexity stop AI shopping agent from making unauthorized purchases (BB)

• Trump's tariffs head to the Supreme Court (YF)

• Pinterest shares plummet 15% on earnings miss, weak forecast (CNBC)

• Norway’s $2 trillion sovereign wealth fund rejects Elon Musk’s $1 trillion Tesla pay plan (CNBC)

• Job openings in October slumped to the lowest level since February 2021 (CNBC)

• Private equity investor body sounds alarm over rush of retail money (FT)

CAPITAL PULSE

Markets Rundown

Market Update

• Stocks pulled back, with the Nasdaq and S&P 500 both down by over 1% as tech led the decline.

• Palantir Technologies slid more than 9% despite reporting strong third-quarter results, reflecting valuation concerns.

• Yields rose, as the 10-year Treasury yield climbed to about 4.10%.

• Gold rebounded above $4,000 per ounce, while oil prices were broadly unchanged.

• The S&P 500 is up ~37% and the Nasdaq ~56% since April lows—no 5% correction yet, suggesting markets may be due for consolidation.

Economic Data Highlights

• Earnings season remains a positive pillar: ~71% of S&P 500 companies have reported, and ~83% of those have beaten expectations.

• Earnings growth being tracked at roughly 12% year-over-year for Q3, above earlier forecasts of ~7%.

• Non-tech sectors such as industrials, health care and consumer discretionary are showing strong earnings surprises.

• Government shutdown risk remains elevated, as the shut-down enters its longest stretch on record, raising potential growth concerns if it drags on.

Earnings Today

• McDonald’s (MCD) – Focus on global same-store sales, menu-pricing trends and consumer margin pressures.

• Robinhood Markets (HOOD) – Watch for trading activity dynamics, crypto exposure and cost controls.

• Arm Holdings (ARM) – Key points: chip-design demand, licensing growth, and AI-hardware ecosystem momentum.
  

Movers & Shakers

• (+) Hertz ($HTZ) +36% after the rental car chain announced strong Q3 profit.

• (+) Wingstop ($WING) +11% because the fast casual chain’s earnings beat estimates.

• (–) Papa John’s ($PZZA) -10% after Apollo withdrew its take-private bid.

Prediction Markets

• If Sydney Sweeney isn’t even on this list, can we trust it?

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

Private Dealmaking

• Intuitive Machines agreed to buy Lanteris Space Systems for $800 million

• Beacon Software, a holding company for niche software firms, raised $250 million

• Tala Health, a health care AI platform developer, raised $100 million

• Infravision, a drone startup for transmission line installation, raised $91 million

• Azalea Therapeutics, a genomic medicines startup, raised $65 million

• CourtReserve, a tennis and pickleball club management software provider, raised $54 million

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

BOOK OF THE DAY

Who is Government?

Description: A compelling collection of essays that shine a light on the often-invisible work of public servants across America. From cybercrime investigators to infrastructure engineers, the book weaves together profiles of everyday government employees whose work underpins society but goes largely unrecognized. It’s a timely reminder of why institutions matter and the human stories behind the phrase “the state.”

Book Length: 272 pages

Ideal For: Anyone curious about how government really operates, institutional believers and skeptics alike, public-service professionals, and readers looking to understand the hidden gears of civic society.

“The government is a vast, complex system that Americans pay for, rebel against, rely upon, dismiss, and celebrate—and it’s made up of people doing work that can be deeply consequential and beneficial to everyone.”

DAILY VISUAL

25% of the US Population is Subprime

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DAILY ACUMEN

Social Illusion of Progress

It’s never been easier to look like you’re making progress.

Metrics, dashboards, updates — they’re all proxies for motion.

But motion isn’t momentum.

In investing and in life, the deepest progress is often invisible: quiet learning, silent reputation-building, slow confidence.

The danger of modern ambition is confusing public validation with private evolution.

When the applause stops, will you still feel like you’re growing?

The scoreboard of success isn’t how many people are watching.

It’s how well you can keep building when no one is.

ENLIGHTENMENT

Short Squeez Picks

• How to persuade people who disagree with you

• Why are more retirees going back to college?

• How highly-successful people deal with a control-freak boss

• How surface-acting drains leaders 

• Why you shouldn’t aspire to be a billionaire 

MEME-A-PALOOZA

Memes of the Day

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