Good Morning! Morgan Stanley and Goldman’s profits nosedived to a four-year low. But investment banks see a dealmaking comeback on the back of Fed’s pivot on rate hikes. Burger King’s parent company shelled out $1 billion to buy its largest franchisee. A judge axed JetBlue’s acquisition of Spirit Airlines - and Spirit’s stock fell almost 50%. Plus four mistakes everyone makes at the office, and the average bench press by age.

_{SQUEEZ OF THE DAY}

Drizly Goes Dry

Uber's decided it's time for the last call for Drizly, the go-to app for Americans’ quarantine margarita emergencies. 

Drizly was born in a Boston College dorm back in 2012, and Uber bought the company for $1.1 billion in 2021, a huge premium from its $73 million valuation in 2017. 

During those lockdowns, Drizly could deliver booze right to your doorstep. Drizly sales skyrocketed by 400% during the pandemic. 

But as Americans made it out of lockdowns, Drizly’s shine started to fade. Plus, a nasty data breach and a scolding from the FTC wasn’t great for its image.

Takeaway: You’ve got until the end of March to order your last Four Lokos, Bud Light or whatever your drink of choice is from Drizly. But don't think Uber's ditching the alcohol game entirely. They're hinting that we might see them integrate Drizly’s intellectual property with UberEats. It turns out Gen-Z and Millennials love a one-stop-shop for their late-night snacks and booze.

_{SPONSORED BY TEA}

Ranking, Rewarding, and Revolutionizing Open-Source Software

tea is a web3 protocol that’s designed to enhance the sustainability and integrity of the software supply chain by enabling open-source software developers to capture the value that they create. 

Founded by the creator of Homebrew—the largest macOS package manager with tens of millions of users—Max Howell started tea because he’s on a mission to solve the problem of open-source software contributors not being fairly rewarded for their important work.

The tea Protocol uses an algorithm called Proof of Contribution to quantify the impact of a software project across the software ecosystem. The algorithm assigns each project a dynamic score—referred to as the project’s teaRank—based on the project’s orientation within, and utilization by the software ecosystem over time. 

Find out what’s brewing and join the OSS rewards revolution by getting involved with the communi’tea!

Sign up for the tea Incentivized Testnet waitlist here.

_HEADLINES

Top Reads

• Wall Street banks see dealmaking comeback (BB)

• Judge blocks JetBlue-Spirit merger after DOJ’s antitrust challenge (CNBC)

• Goldman sticks the landing at end of a tumultuous year (NYT)

• The winners of the return-to-office wars (Axios)

• Delta closed 2023 20% above pre-pandemic travel level (YF)

• Why sticky inflation could prove hard to conquer (Axios)

• Societe Generale staff trust in leadership slips (BB)

• EQT, KKR among suitors for $5 billion Broadband asset (YF)

• Car buyers are getting some leverage back (Axios)

• Renters are being hit harder by inflation than homeowners (CNN)

• Companies are still cutting white collar jobs (WSJ)

_{CAPITAL PULSE}

Markets Rundown

Stocks closed lower after the Fed warned interest rate cuts could take time.

Movers & Shakers

• (+) Advanced Micro Devices ($AMD) +8% because analysts are bullish on chip demand.

• (–) Morgan Stanley ($MS) -4% after its CEO warned of geopolitical, economic risks ahead.

• (–) Spirit Airlines ($SAVE) -47% after a judge blocked JetBlue from acquiring Spirit.

Private Dealmaking

• Synopsys bought Ansys, an engineering simulation software provider, for around $35 billion

• Restaurant Brands bought largest U.S. Burger King franchisee for $1 billion  

• Electra, an EV charging network, raised $330 million 

• Quantinuum, the quantum computing arm of Honeywell, raised $300 million 

• One Equity Partners bought its Associated Spring business from Barnes Group for $175 million

• Authentic Brands Group acquired footwear maker Sperry for around $130 million

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

_{BOOK OF THE DAY}

A Curious Mind

From Academy Award–winning producer Brian Grazer, New York Times bestseller A Curious Mind offers a brilliant peek into the “curiosity conversations” that inspired him to create some of the world’s most iconic movies and television shows. He shows how curiosity has been the “secret” that fueled his rise as one of Hollywood’s leading producers and creative visionaries, and how all of us can channel its power to lead bigger and more rewarding lives.

Grazer has spent most of his life exploring curiosity through what he terms “curiosity conversations” with some of the most interesting people in the world, including spies, royals, scientists, politicians, moguls, Nobel laureates, artists…anyone whose story might broaden his worldview.

A Curious Mind is not only a fascinating page-turner—it also offers a blueprint for how we can awaken our own curiosity and use it as a superpower in our lives. Whether you’re looking to strengthen your management style at work, uncover a new source of creativity, or become a better romantic partner, this book—and its lessons on the power of curiosity—can change your life.

"It'll encourage you and your partner to engage in novel conversations."

_{DAILY VISUAL}

US Native-born Employment 6 Million Jobs Below Pre-pandemic Trend

_{SPONSORED BY DELTA}

The Smart Choice for Savvy Investors: Delta Investment Tracker

Delta Investment Tracker is your ultimate tool for staying ahead in the financial markets. 

Designed for all investors, it offers real-time portfolio tracking, comprehensive market data, and personalized analytics.

With Delta, you gain insights into market trends, ensuring you make informed decisions. Its intuitive interface simplifies asset management, whether you monitor stocks, crypto, or ETFs. 

Click here to elevate your investment strategy today and become part of the community leading the charge in smart, technology-empowered investing.

_{DAILY ACUMEN}

Food

Our daily food choices are architects of both physical and mental well-being, and recent research spotlights the dark side of ultra-processed foods. These tempting items, from energy bars to frozen meals, not only jeopardize physical health but also cast shadows over mental and emotional states.

Studies underscore a significant link between diets rich in ultra-processed foods and mental health challenges, with a 44% higher risk of depression and a 48% increased risk of anxiety.

Additionally, a 25% rise in dementia risk is associated with every 10% increase in ultra-processed food intake. Recognizing the addictive nature of these foods, designed to exploit our preferences for sweet and fatty options, emphasizes the need for mindful, whole-food choices that nourish both body and mind.

Breaking free from this cycle demands a compassionate approach, acknowledging the challenges posed by an environment designed to foster addiction. In this intricate dance between nutrition and mental health, our choices script a daily narrative—one bite at a time.

_{ENLIGHTENMENT}

Short Squeez Picks

• The 5 key critical mistakes Harvard’s board made, according to MBA professor 

• 4 mistakes everyone makes at work

• The average bench press by age

• How to use the cake baking principle to master emotional intelligence

• 7 strategies for being more productive in 2024

_{MEME-A-PALOOZA}

Memes of the Day