🍋 Comp Sci Students Struggling

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Good Morning!  As the inflationary flames continue to rage, companies are starting to feel the heat. Morgan Stanley is the latest to announce layoffs, cutting 2% of its global workforce. That’s 1,600 jobs worldwide. Buzzfeed is feeling the burn too, announcing they'll slash a whopping 12% of their staff.

Goldman CEO David Solomon says his bank may resume layoffs in 2023. Let's just hope someone sends out a warning email before deactivating their key cards this time...

A crypto hedge fund hit by the FTX collapse defaulted on $36 million of debt yesterday. CEO of JP Morgan Jamie Dimon isn't feeling bullish on Bitcoin - he compared it to a 'pet rock' yesterday. But to be fair, a pet rock might actually be more valuable.

And HBO Max is finally back on Amazon Prime after a brief hiatus. Let's just hope the economy doesn't flame out before we can binge on some Game of Thrones.

If you are interested in getting in front of a smart, young audience of business leaders, bankers, investment professionals, policy influencers of over 450,000 people, then fill out this form, we’ll be in touch.

1. Story of the Day: Comp Sci Students Struggling

It's been a rough year for computer science majors. Students expected six-figure Big Tech jobs post-graduation. But hiring freezes and layoffs have turned their job search into a digital wasteland.

Over the past decade, many top students have ditched the finance/investment banking track for jobs at tech giants like Google, Amazon, or Microsoft. Who wouldn't want similar pay with a great work-life balance and no "pls fix thx" emails at 2:30am?

Computer science has been a sure-fire bet for a generation of students. But inflation is Big Tech's Achilles' heel, leaving job candidates feeling the pinch.

Many tech giants have already cut thousands of jobs, including internships and new hire offers. To add insult to injury, most companies have also implemented hiring freezes. Amazon reportedly will take half the number of interns as last year, which is tough for younger college students too.

Takeaway: Computer science majors are used to being the hottest thing in the job market, but this year they're feeling a bit left out in the cold. Having internships and job offers withdrawn is bad enough, but hiring freezes are a double whammy. Tech will probably bounce back, but if all else fails, tech nerds can always become finance bros.

2. Markets Rundown

If you want access to Wall Street insider interviews, industry deep-dives, premium research/resources and weekly Knowledge Drop newsletter, check out our Insiders membership.

Stocks closed lower for the 4th straight day as recession talks heightened.

Movers & Shakers

• (+) Signet Jewelers ($SIG) +20% after the company's earnings beat Wall Street's expectations.

• (–) Snap Inc. ($SNAP) -7% because the company expects lower spending from advertisers amidst recession concerns.

• (–) GameStop ($GME) -9% after the meme stock began layoffs.

Private Dealmaking

• NRG Energy will buy Vivint Smart Home, a security and automation company, for $2.8 billion

• Fanatics, a sports platform, raised $700 million 

• Oda, a Norwegian grocery delivery firm, raised $151 million

• DeHaat, an Indian agricultural tech services platform for farmers, raised $60 million 

• Saltbox, a warehouse space startup, raised $35 million

• Plant Prefab, a modular townhomes manufacturer, raised $30 million

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Top Reads

• Elon Musk’s had a bad year (Axios)

• SBF’s Robinhood stake is tied up in FTX bankruptcy proceedings (CNBC)

• The big split emerging in the economy (Axios)

• Tim Cook says Apple will use chips built in the U.S. at Arizona factory (CNBC)

• Ad growth expected to slow further in 2023 (Axios)

• Apple sued by two women alleging using their exes used AirTags to stalk them (CNN)

• Goldman on the hunt for bargain crypto firms after FTX fiasco (Fox)

• Is meme stock mania finally over? (CNN)

• Tony Fadell is trying to build the iPod of crypto (Wired)

• Blockchain is much more than crypto (WSJ)

• The last time the US faced a debt fight this bad it lost its AAA rating (CNN)

4. Book of the Day: Going Public

Going Public is a character-driven narrative centered on the last five years of unparalleled change in how technology startups sell shares to the public.

Initial public offerings, or IPOs, are typically the first-time retail investors can own a piece of the New Economy companies promising to rewire economic rules.

Selling IPOs is also one of the most profitable businesses for Wall Street investment banks, who have spent the last 40 years protecting their profits.

In an era when algorithms and software have made the financial markets more efficient, the pricing of IPOs still relies on human judgment.

In 2018, executives at music-streaming service Spotify sought to upend the status quo. Led by a trim and understated CFO, Barry McCarthy, and a shy but brilliant founder, Daniel Ek, they took a wild idea and forged something new.

Going Public explores how they got comfortable with the risk, and how they lobbied securities watchdogs and exchange staff to rewrite the regulations. 

“The story of how they beat adversity and a system stacked against them holds universal truths.”

5. Short Squeez Picks

• Twilio stock has fallen off a cliff this year, down more than 80%. If you'd like to model out where it goes from here, Daloopa is giving away Twilio's model. Download here

• 10 mental concepts that will make you way smarter

• 9 secrets that will make you an expert negotiator

• Why becoming committed and unattached is a powerful way to work

• 12 office desk accessories you’ve never heard of

• 11 psychological terms you’re probably misusing 

6. Daily Visual: CEO Optimism Fading as Economy Teeters

Business Roundtable CEO Economic Outlook Index

Source: Axios

7. Daily Acumen: Opportunity Paradox

“Take on less, accomplish more.

Success doesn’t come from taking on everything that comes your way.

It comes from focus—deep focus on the tasks that really matter.

Say yes to what matters, say no to what doesn’t.

Your time is an asset to be cherished.”

Source: Sahil Bloom

8. Memes of the Day

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