Good Morning! Amazon agreed to buy satellite telecom company Globalstar for $11.6 billion to compete with SpaceX's Starlink. JPMorgan topped estimates for Q1. And Goldman filed for its first bitcoin ETF.

Banks are tallying $100 billion in private credit loans, but executives are telling investors to stay calm. Ken Griffin says a global recession is inevitable if the Strait of Hormuz stays shut. And Jamie Dimon says Anthropic's Mythos vulnerabilities highlight the rising risk of cyber attacks.

Plus: TCW Group marked down its equity stake in Red Lobster by 98%, AI chatbots give misleading medical advice 50% of the time, and why NYC restaurants are starting to look like offices.

The biggest bottleneck in AI is power. This company is positioning to be the infrastructure layer that removes it. Learn more about them here.

SQUEEZ OF THE DAY

Fed Nominee is Rich Rich

Kevin Warsh, Trump's nominee to replace Jerome Powell as Fed chair, disclosed personal holdings worth between $135 million and $226 million in new financial filings.

Factor in his wife Jane Lauder, an Estée Lauder heiress Forbes values at $1.9 billion, and the combined ethics filing comes to roughly $192 million, though that figure barely scratches her actual wealth given most of her holdings are listed simply as "over $1 million" with no upper limit.

Warsh would be the wealthiest Fed chair in modern history by a wide margin.

The 69-page filing reads less like a government disclosure and more like a private investment ledger. Two positions in Juggernaut Fund LP exceed $50 million each, with underlying assets undisclosed due to confidentiality obligations. He also reported $10.2 million in consulting income from advising Stanley Druckenmiller's family office, plus ~$3 million from Wall Street firms and Stanford.

The portfolio includes exposure to SpaceX, crypto, blockchain infrastructure, and other venture-style bets, a stark contrast to prior Fed chairs. Powell was considered unusually wealthy by Fed standards at $19–75 million. Bernanke left in 2014 with roughly $2.3 million.

Warsh has pledged to divest certain holdings within 90 days if confirmed. His Senate Banking Committee hearing is set for April 21.

Takeaway: The filing is unusually large, unusually complex, and unusually Wall Street-coded for a Fed chair nominee. Confidential fund interests, Druckenmiller advisory income, board seats, and venture bets across private markets and crypto. Safe to say the next Fed chair knows his way around a portfolio.

PRESENTED BY NUAI

The Power Problem Behind AI’s Next Big Infrastructure Play

Goldman Sachs forecasts data center power demand could surge 165% this decade, but in major U.S. hubs, grid connection wait times are already stretching 4–7 years.

Developers are being forced out of traditional markets and into regions where energy is cheap, accessible, and increasingly mandated to be generated on-site.

New Era Energy & Digital is building what it considers a future-proof framework that satisfies these requirements. The company is building a gigawatt-scale data center campus in the Permian Basin and recently announced a joint venture with Stream Data Centers to finance and operate the project.

Read the full story here.*

HEADLINES

Top Reads

• Amazon buying Globalstar to rival SpaceX's Starlink (Axios)

• JPMorgan's bond traders just taught Goldman a lesson (BB)

• Goldman Sachs files first bitcoin ETF (YF)

• Banks tally $100 billion of private credit loans as calm urged (BB)

• Global recession is inevitable if Strait of Hormuz stays shut, says Citadel's Ken Griffin (CNBC)

• Jamie Dimon says Anthropic Mythos vulnerabilities highlight rising cyber attack risk (CNBC)

• TCW private credit fund slashes Red Lobster equity value by 98% (BB)

• AI chatbots give misleading medical advice 50% of the time, study finds (BB)

• Blackstone's Joan Solotar says investors should separate 'signal from the noise' in private credit (CNBC)

• Apple could win the AI race without running (Axios)

• TPG agrees to buy Learfield in a deal worth roughly $2 billion (Sportico)

• OpenAI revenue chief accuses rival Anthropic of goosing revenue projections (Fortune)

• Iran war could cost US taxpayers $1 trillion, says Harvard academic (CNBC)

• Wholesale prices rose 0.5% in March, much less than expected despite war impact (CNBC)

• Blue Owl private credit fund raises $400 million in bond market (BB)

• Polypeptide studies strategic options as private equity circles (BB)

• JPMorgan and other big banks see profits rise as Dimon warns of 'increasingly complex' set of risks (YF)

• Meta commits to one gigawatt of custom chips with Broadcom as Hock Tan agrees to leave board (CNBC)

• United Airlines, American Airlines merger report (CNBC)

• Meta inks deal with Broadcom for custom chips (YF)

• NYC restaurants are starting to look like offices (NYT)

CAPITAL PULSE

Markets Rundown

Market Update

• Stocks moved higher as cooler inflation data and earnings supported sentiment

• Leadership came from consumer discretionary and communication services, while energy lagged

• Oil prices pulled back, easing pressure after recent geopolitical volatility

• Treasury yields declined, reflecting softer inflation expectations

• Global markets followed the tone, with strength across Asia and Europe

Inflation Signals Ease Pressure

• Producer price data came in meaningfully better than feared, calming inflation concerns

• Underlying trends suggest pipeline pressures are stabilizing rather than accelerating

• Goods and services both showed signs of cooling momentum

• Markets interpreted the data as reinforcing a “higher for longer, but not worse” Fed stance

• Rate cuts are still expected, but timing likely pushed further out

Earnings Season Kicks Off

• Early reports from major financial firms came in ahead of expectations

• Strength was driven by trading activity and capital markets, not lending

• Asset managers benefited from strong inflows and market participation

• Forward commentary was steady but slightly cautious, especially on lending dynamics

• Broader earnings expectations remain solid, though margin pressure is a watchpoint

Movers & Shakers

• (+) Bloom Energy ($BE) +24% after expanding its fuel cell supply partnership with Oracle to up to 2.8 GW to power AI and cloud data centers, JPMorgan raised its price target to $231 from $166.

• (+) American Airlines ($AAL) +8% because United Airlines CEO Scott Kirby publicly floated a possible combination between the two carriers, sparking merger speculation across the sector.

• (–) CarMax ($KMX) -15% after Q4 earnings showed a GAAP net loss of $0.85 per share and gross profit down more than 9%, spooking investors despite beating non-GAAP estimates.

Prediction Markets

• Watch Wednesday: Rolex GMT-Master II “Pepsi”

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

Private Dealmaking

• Amazon agreed to acquire Globalstar, a satellite-based telecom company, for around $11.6 billion

• BAWAG Group of Austria agreed to buy Irish retail lender Permanent TSB for around $1.75 billion

• American Industrial Partners agreed to acquire Avanos Medical, a medical device maker, for around $1.27 billion

• Slate Auto, a developer of affordable electric pickup trucks, raised $650 million

• Mark Anthony Group acquired Finnish Long Drink, an RTD cocktail brand, for $325 million

• Lucid Motors raised $200 million from Uber

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

BOOK OF THE DAY

Lucky Devils

Description:
A gripping true story from Kit Chellel about a group of unconventional gamblers who challenged the system and found ways to win where others couldn’t. Blending investigative journalism with narrative storytelling, the book explores risk, probability, and the psychology of betting, revealing how discipline, creativity, and calculated risk-taking can tilt the odds in your favor.

Book Length: 304 pages
Release Date: April 14, 2026

Ideal For:
Readers interested in high-stakes risk-taking, probability, and real-world stories of individuals who found an edge in seemingly unbeatable systems

The game is not about luck it is about finding an edge where no one else is looking.

DAILY VISUAL

Checked Bag Fees Mooning

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DAILY ACUMEN

Compounding

Excellence compounds. Most people know this and use it as motivation. What gets discussed far less is that mediocrity compounds at exactly the same rate in exactly the opposite direction.

The slightly substandard work you let slide, the standard you quietly lowered because nobody noticed, the exception you made just this once: these do not stay isolated. They become the new baseline.

The most dangerous erosion is not the dramatic fall. It is the slow recalibration of what you consider acceptable, happening so gradually that by the time you notice, the new standard has been in place long enough to feel normal.

ENLIGHTENMENT

Short Squeez Picks

• The newest performance partner for the UFC

• How personal training helps you hit your goals

• How to budget your mental health like your money

• What happens when wealthy parents try and claw back fortunes from their kids

• 6 steps to decluttering your life

• How to become a leader everyone roots for

MEME-A-PALOOZA

Memes of the Day

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