Good morning and Happy Friday! The DOJ is pushing for Google to sell Chrome, sending the company’s stock down 4.5%. Crypto is mooning and might get another boost as Trump Media explores a crypto payment service. U.S. companies are stockpiling to hedge against Trump tariffs, and Ken Griffin warns that these tariffs could pave the way for crony capitalism. Over in India, Gautam Adani’s fraud charges could trigger wider consequences for the country’s economy.

Plus, Thanksgiving dinner prices are set to drop in 2024 but remain above post-pandemic levels, and a startup has raised $44 million to revolutionize delivery… straight from space!

Investors are no longer conducting due diligence manually—they are automating DD with Hebbia. Test it out today.

_{SQUEEZ OF THE DAY}

Gensler Out as Bitcoin Inches to $100K

SEC Chair Gary Gensler will step down on January 20, 2025, aligning with President-elect Donald Trump’s inauguration.

Known for his tough stance on cryptocurrency, Gensler’s departure has sparked optimism among crypto advocates and Wall Street insiders who anticipate a more industry-friendly regulator under the new administration.

During his tenure, Gensler cracked down on major crypto firms like Coinbase and Ripple, alleging securities law violations. Critics argued that his enforcement lacked clarity, leaving the industry scrambling for compliance.

Despite his efforts, many of his initiatives, including climate-risk disclosures and tighter rules for hedge funds, faced legal setbacks or failed to gain traction.

Gensler’s departure comes as Bitcoin nears a historic milestone, trading at $98,612 and briefly hitting a record $99,028. The rally is driven by expectations that the Trump administration will adopt a more favorable stance toward digital assets. 

Trump has previously signaled support for the sector, even suggesting the creation of a national Bitcoin reserve.

Potential successors to Gensler, such as Brian Brooks (former Binance.US CEO) and Teresa Goody Guillén, are seen as more crypto-friendly. Experts believe the new leadership could drop ongoing cases against companies like Ripple and Coinbase, creating a clearer regulatory framework and boosting market confidence.

Takeaway: With Bitcoin on the brink of $100K and a potential regulatory reset in sight, the crypto industry is hopeful for a transformative period. The market is watching closely as a new era of leadership at the SEC unfolds. It might be a matter of time before we have a crypto bro running the SEC.

_{PRESENTED BY HEBBIA}

Analysts: If You’re Still Diligencing By Hand, Read This

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Why? 

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_HEADLINES

Top Reads

• Alphabet shares slide 4% following DOJ push for Google to divest Chrome (CNBC)

• The Department of Justice asks court to force Google to spin off Chrome (CNN)

• Bitcoin surges to fresh record high, could soon reach $100k (YF)

• Trump’s social media company exploring crypto payment service called TruthFi (CNN)

• Trump AG pick Matt Gaetz says he’s withdrawing (CNBC)

• U.S. companies are stocking up to cushion incoming Trump tariffs (Axios)

• Citadel’s Ken Griffin says Trump’s tariffs could lead to crony capitalism (CNBC)

• Thanksgiving dinner prices drop in 2024 (YF)

• Starbucks rethinks China business (YF)

• Home loans set to stay costly (MW)

• Trump's voter base relies on spending Musk's DOGE might cut (Axios)

• Boeing CEO to staff: Own comeback (YF)

• Adani’s U.S. fraud charges could have wider repercussions for India (CNBC)

• Texas court strikes down SEC's dealer rule in win for crypto (Axios)

• Startup raises $44 million to deliver items from space (Axios)

_{CAPITAL PULSE}

Markets Rundown

Markets Rally as Cyclicals Lead the Charge: Wall Street surged Thursday, with financials, retailers, and industrials driving a broad rally. The S&P 500 posted its fourth consecutive gain, led by cyclicals, as tech took a backseat despite Nvidia's (NVDA) mixed earnings reaction.

Fed Pause Gains Traction: With a month to go until the Fed’s December meeting, markets are evenly split on whether rates will hold or see another 0.25% cut. Fed Chair Jerome Powell signaled patience, and falling jobless claims highlight a resilient labor market despite cooling in some regions. Upcoming jobs and inflation data will be pivotal for the Fed’s decision.

Bitcoin Nears $100K: In a standout move, bitcoin surged to nearly $100,000, underscoring optimism in crypto markets. Broader equities reflected a rotation from mega-cap tech to cyclicals, as investors prepare for key economic data to shape the year-end narrative.

Movers & Shakers

• (+) Snowflake ($SNOW) +33% after earnings beat.

• (+) BJ’s Wholesale Club ($BJ) +8% after the retailer will hike membership fees for first time in 7 years.

• (–) MicroStrategy ($MSTR) -16% because short seller thinks Bitcoin pullback could halve the stock.

Private Dealmaking

• Odoo, a SME productivity software provider, raised $520 million

• Lighthouse, a commercial intelligence platform, raised $370 million

• Tokamak Energy, a fusion energy developer, raised $125 million

• League One Voleyball, a youth volleyball brand, raised $100 million

• Spectro Cloud, a cloud management startup, raised $75 million

• Zarminali Health, a pediatric health startup, raised $40 million

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

_{NEIGHBORHOOD WATCH}

Real Estate Digest

Rates ticked back up slightly this week. Heading into the holidays purchase demand is expected to slow down but there has been an increase in activity in the two weeks following the election.

While for-sale inventory is increasing modestly, the elevated rate environment has caused new construction to soften. Confidence and certainty in the economic outlook for the US is driving talk of increased deal-making between IPOs and M&A activity which would have an ancillary effect on real estate in major finance and tech hubs.

Latest News

• How Are Business Leaders Viewing the Post-Election Market Rally and What That Means for Real Estate

• Milan Beats London and New York As Home to Most Expensive Shopping Street

• Right Now May Be the Best Time for Homebuyers in Five Years

• Florida Is Not So Cheap Compared With New York These Days

• Home Sales Post First Year Over Year Sales Increase in Three Years

New Listings

• 221 Monroe Dr West Palm Beach, FL: 6 Bed / 5 Bath - $9,800,000

• 11 Sibbald Crescent Georgina, York, Canada: 4 Bed / 4 Bath - $2,999,999

• 36 Gramercy Park East Apt: 5N New York, NY: 3 Bed / 2.5 Bath - $4,999,000

• Frazione Girola Italy: 3 Bed / 3 Bath - $8,963,590

• 444 N Lucerne Blvd. Los Angeles CA: 6 Bed / 6 Bath - $3,495,000

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

_{BOOK OF THE DAY}

How To Live An Extraordinary Life

What does it take to make the most of what really matters (and to know what that is before it passes you by)? To overcome obstacles that set most people back (and to see them coming beforehand)? To flourish not just financially – but also in your family, free time, and the world of business?

What does it take to live an extraordinary life?

The answers will surprise you.

Anthony Pompliano has lived in a war zone, met and interviewed the world's wealthiest people, built and sold companies, invested in more than 200 businesses, formed friendships around the globe, started a loving family, and found happiness. Along the way, he has kept a personal list of the lessons he has learned.

Now, in How to Live an Extraordinary Life, he writes 65 letters to his children laying out each lesson and how he learned it, and explaining how it can be applied by anyone in their life today. 

The result is a compelling collection of practical and inspiring life strategies that anyone can use to build an extraordinary life.

“It takes a level of obsession to achieve greatness.”

_{DAILY VISUAL}

Where Undocumented Workers Work

_{PRESENTED BY FENCHURCH LEGAL}

Unlock the Potential of Litigation Funding Investments

Looking for steady returns in a volatile market? Litigation funding might be the alternative you’ve been waiting for. Join Fenchurch Legal’s exclusive webinar to explore how this unique fixed-income model works and why it’s gaining traction as a stable investment option.

What You’ll Learn:

• How litigation funding generates consistent, uncorrelated returns

• Strategies to mitigate risk and ensure quarterly interest payments

• Insights from Fenchurch Legal’s CEO, Louisa Klouda, on leveraging litigation funding to diversify your portfolio

Whether you’re new to alternative investments or seeking innovative ways to grow your wealth, this webinar is your opportunity to learn directly from an industry leader.

Event Details:

• Date: December 4th

• Time: 9:30am ET

• Host: Louisa Klouda, CEO and Founder of Fenchurch Legal

Secure your spot and start investing in justice with confidence.

_{DAILY ACUMEN}

Lump Sum vs DCA

When deciding how to invest a large sum of money, you can choose between lump-sum investing or dollar-cost averaging (DCA). Lump-sum investing means putting all your money in the market at once, which historically outperforms DCA most of the time since markets tend to rise over the long term. The main downside is dealing with short-term volatility, which may be stressful for some investors.

On the other hand, DCA involves investing smaller amounts over time. It may not yield as high returns, but it reduces the risk of investing everything right before a market downturn. It also helps maintain discipline for those who are risk-averse or anxious about investing during uncertain periods.

The choice between the two depends on your risk tolerance, time horizon, and comfort with market ups and downs. While lump-sum investing generally offers better returns, DCA can provide more peace of mind, particularly during market volatility. The best approach is one that aligns with your financial goals and lets you sleep soundly at night.

_{ENLIGHTENMENT}

Short Squeez Picks

• 8 signs someone dislikes you but hides it 

• High-performers need feedback, too

• 4 ways to hack your motivation and get more done

• Can listening to music make you more productive at work?

• Thoughts on nostalgia

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Memes of the Day