Good morning and Happy Friday! Lululemon jumped after Elliott revealed a $1B stake. Core inflation cooled to 2.7%, its lowest since 2021. Coinbase rolled out stock trading plus Kalshi-based prediction markets.

Two “Airbnb for boats” startups are merging, the Florida-based platform is on pace for $100M+ in bookings. Chipotle launched $3.82 high-protein chicken cups. Fly-fishing brand Simms faces backlash after a $1.1B PE buyout.

Plus: Blackstone dropped its 2025 holiday video, Jason Derulo performed at Apollo Credit’s holiday party, an Indian AI stock (with two employees) is up 55,000%, and Tricolor’s Excel guy allegedly couldn’t fix the numbers in a fraud probe.

This Christmas, give yourself the gift of yield.

SQUEEZ OF THE DAY

Trump Goes Nuclear

Trump Media, the social media company behind Truth Social and the Trump family’s crypto holdings, is expanding into nuclear fusion. The company will merge with TAE Technologies, a fusion power developer, in a deal that will value the combined entity at $6 billion.

Trump Media is the money-losing parent company of Truth Social, and has struggled to turn a profit or gain market share in the social media industry.

President Trump is still the company’s largest shareholder with over a $1 billion stake, and the plan is for the combined company to become one of the first publicly traded nuclear fusion companies.

Shares closed 42% higher on the news. After the deal closes, shareholders of Trump Media and TAE are expected to own ~50% each of the combined company, implying significant dilution but also giving Trump Media access to a new capital-intensive growth narrative.

While nuclear fusion could be a clean, safer, and cheaper source of energy, it’s still very expensive and relatively unproven. There are no commercial plants that currently produce electricity using fusion. The combined company wants to start building its first plant next year, a timeline many experts view as ambitious.

Fusion is gaining traction as a possible solution to the massive energy demands of AI data centers. Unlike traditional nuclear power, fusion does not carry meltdown risks, making it more politically and commercially attractive.

The deal is expected to provide TAE with up to $300 million in funding, though analysts caution that total capital needs could be far higher. TAE counts Google, Chevron, and Goldman Sachs among its backers and has already raised more than $1.3 billion.

Takeaway: Trump Media has tried being a social media company, a crypto company, a streaming company, and is now betting on becoming one of the first publicly traded nuclear fusion plays.

While the pivot gives the stock a fresh narrative tied to AI and energy, execution risk remains high, capital needs are substantial, and the path to reversing a difficult year for shareholders is still far from certain.

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HEADLINES

Top Reads

• Elliott said to build a $1B+ stake in Lululemon (YF)

• November CPI rose at a 2.7% annual rate, lower than expected (CNBC)

• The $8 billion black market for Venezuelan oil is suddenly closing down (WSJ)

• Two ‘Airbnb for boats’ companies are merging (WSJ)

• Fly-fishing brand Simms faces retail boycott after private equity takeover (BB)

• Chipotle just introduced "high protein cups" in broader protein push (CNBC)

• World-beating 55,000% surge in India AI stock fuels bubble fears (BB)

• Tricolor’s Excel guy failed to fix numbers in alleged fraud (BB)

• Bill Ackman strikes $2.1B deal for insurer in bid to build ‘modern Berkshire Hathaway (YF)

• Berlin launches ‘Germany Fund’ in private equity push (FT) 

• Friday could be a wild day of trading on Wall Street. Here’s why. (CNBC)

• Global PE firms are said to eye TPG-backed school operator XCL (BB)

• OpenAI discussed funding at $750 billion value, Information says (BB)

• JPMorgan quants warn of extreme crowding in speculative stocks (BB)

• Micron earnings beat expectations as AI memory demand surges (CNBC)

• Coinbase announces stock trading and Kalshi-based prediction markets (WSJ)

• Blackstone’s Schwarzman says data center business not a bubble (BB)

• Apollo expands risk reviews to reflect extreme weather (BB)

CAPITAL PULSE

Markets Rundown

Market Update

• Stocks finished higher after inflation came in cooler than expected, led by consumer discretionary and communication services

• Energy lagged despite higher oil prices, while defensives underperformed

• Bonds rallied, with the 10-year Treasury yield falling to 4.12%

• Dollar strengthened against major currencies

• Commodities saw WTI move higher amid concerns around potential U.S. action on Venezuelan oil shipments

Economic Data Highlights

• CPI inflation eased to 2.7% YoY in November, below expectations to hold at 3.0%

• Core CPI slowed to 2.6% YoY, driven by cooling shelter inflation

• Shelter inflation decelerated to 3.0%, a key driver of broader disinflation

• Jobless Claims fell to 224K, while continuing claims edged higher to 1.9M, signaling a cooling but stable labor market

• Rates Outlook remains supportive, with markets pricing two Fed cuts in 2026 after a likely early-year pause

Sector Trends

• Consumer Discretionary and Communication Services led gains on easing inflation

• Energy lagged despite firmer crude prices

• Rate-sensitive areas benefited from lower yields

• Market breadth improved modestly as inflation relief supported risk appetite

Earnings Today

• CCL – Focus on booking trends and pricing power into 2026

• PAYX – Watch for commentary on labor-market demand and SMB hiring trends

Movers & Shakers

• (+) Micron Technology ($MU) +10% after the chipmaker issued a strong revenue forecast.

• (+) Lululemon ($LULU) +3% because Elliott Management took a $1B stake in the company.

• (–) FactSet Research Systems ($FDS) -8% after the financial data platform missed earnings.

Prediction Markets

• Mariah Carey is on a generational run. Who else will be a winner?

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

Private Dealmaking

• Howard Hughes Holdings bought Vantage Group, a specialty insurer, from Carlyle for $2.1 billion 

• Lovable, a vibe coding startup, raised $330 million

• Radiant, a developer of nuclear microreactors, raised more than $300 million

• Syremis Therapeutics, a developer of schizophrenia drugs, raised $165 million

• Imprint, a loyalty rewards platform, raised $150 million

• Addition Therapeutics, a genomic medicine company, raised $100 million

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

BOOK OF THE DAY

Play Nice

Description: A definitive inside look at one of gaming’s most iconic companies — from its passionate founding culture and era-defining hits to the internal fractures, leadership missteps, and shifting industry forces that brought it to a crossroads. Winther weaves oral history and narrative analysis to show how a culture built on craft and community collided with growth pressures, corporate ownership, and changing player expectations. The result is both a cautionary tale and a blueprint for rebuilding creative organizations in the digital age.

Book Length: 272 pages
Release Date: 2025

Ideal For: Gamers, creators, leaders, and anyone fascinated by how culture, commerce, and community collide in today’s creative industries.

“You can build a universe people love — but if you forget why they loved it in the first place, it won’t matter.”

DAILY VISUAL

Immigration Stalls

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The AI bubble has a supply chain.

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The AI boom runs on GPU-hours. Ornn lets you see the meter. 

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DAILY ACUMEN

Incremental Progress

In 1975, a janitor at Disneyland named Dick Nunis noticed trash on the ground and picked it up. Walt Disney saw this and eventually promoted him. Nunis continued this practice, and it became a Disneyland tradition, everyone picks up trash, regardless of their role.

This tiny action, multiplied across thousands of employees over decades, became a defining feature of the Disney experience. Small actions, consistently applied, create cultures, build empires, and transform lives.

The ancient Greeks understood this through the concept of "kaizen" - continuous improvement. Toyota used it to revolutionize manufacturing. The British cycling team used it to dominate the Olympics by improving everything by just 1%.

You don't need massive transformations. You need small, sustainable improvements repeated relentlessly. Can you improve your morning routine by 5 minutes? Your work process by 1%? Your relationships by one small gesture daily?

These incremental gains seem insignificant in the moment but become unstoppable over time. What one small improvement could you make today? Remember, Rome wasn't built in a day, but they were laying bricks every hour.

ENLIGHTENMENT

Short Squeez Picks

• How to create a 3 statement model and DCF in 10 minutes*

• The biggest leadership skill people struggle with

• The MD moment in an investment banking career

• Great leaders share 3 rare behaviors

• The 3 cognitive habits of high achievers

• How to start loving reading again

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Memes of the Day

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