Good Morning! It only took a few days for Taylor Swift's Eras Tour to become the highest-grossing domestic concert film ever - raking in between $95M to $97M during its opening weekend. Meanwhile, Morgan Stanley is hatching a plan to buy up to 1,000 pubs across Britain. A recession is no longer the consensus - with many economists turning optimistic and saying the Fed's rate hikes are a wrap. And Wall Street's biggest bull just revised its S&P 500 price target to gain another 13% by year-end.

As promised, please find the Wall Street intern compensation deck here.

_{SQUEEZ OF THE DAY}

GPT Gold Rush

This week, tech giants are gearing up to show off their shiny new AI tech during earnings calls, and how their products can help other businesses.

But there's one thing they haven't been able to crack yet - how to turn a profit on generative AI.

Generative AI comes at a price - the applications have to use snazzy, expensive chips that guzzle enormous computing costs. Even Microsoft took a profit hit with one of its early generative AI products.

Tech companies are quickly realizing that economies of scale don't apply to generative AI - it requires some intense new calculations every time you ask a question. And the more customers who hop on the AI bandwagon, the more the bills stack up for maintaining the infrastructure.

Takeaway: It’s going to take hundreds of millions of dollars and several years - if not more - to get revolutionary generative AI products up and running. And while investors are all over AI companies - we're not sure if they’ve priced in years of losses and mounting R&D costs yet. Here's to hoping the AI can figure out a way to budget before the electricity bill comes in!

_{CAPITAL PULSE}

Markets Rundown

Stocks closed lower ahead of new inflation worries.

Movers & Shakers

• (+) Dollar General ($DG) +9% after bringing back its CEO.

• (+) Progressive ($PGR) +8% after an earnings beat.

• (–) Boeing ($BA) -3% after announcing it will investigate 737 MAX quality issues.

Private Dealmaking

• Microsoft completed its $69 billion acquisition of Activision Blizzard

• Atlassian bought Loom, a video messaging company, for $975 million

• Allianz bought insurer TUA Assicurazioni for $295 million

• Capital Rx, a pharmacy benefit manager, raised $50 million

• Slope, an SF-based B2B payments platform, raised $30 million

• Take Command, a provider of employee health benefits, raised $25 million

Get access to private deal flow here.

_{SPONSORED BY RYSE}

Ever Dreamed of Being an Exclusive Early-Stage Investor?

The smart home industry is entering a phase of consolidation, with a wave of acquisitions that have led to massive returns for smart-home investors:

• Smart vacuum iRobot acquired by e-commerce giant Amazon for $1.7B.

• Smart thermostat Ecobee acquired by power generation giant Generac for $770M.

And let’s not forget RING and Nest — acquired by Amazon and Google for $1.2 and $3.2B respectively.

The trend behind these acquisitions? Patented products and retail distribution.

RYSE is the up-and-coming company in the Smart Shades industry, with proprietary tech that’s just one week from launching into +100 Best Buy stores.

They are disruptors in the slow-moving window shades industry and you can become an early stage investor in their company at only $1.25/share!

Learn how to become a shareholder.

_HEADLINES

Top Reads

• IPOs are in a rut (CNN)

• Citi set aside severance for 2,000 additional job cuts (BB)

• Why the Fed has a ‘Lemonhead’ problem (Axios)

• 2023 is the year of Microsoft’s glow-up (YF)

• Bumble CEO’s ‘crazy hacks’ that grew company into $1.9B one (CNBC)

• Inside SBF’s defense strategy against star witness Caroline Ellison (Axios)

• Jamie Dimon warns this may be most dangerous time world has seen in decades (Fox)

• Private-equity backed peach farm files for bankruptcy to pursue sale (Reuters)

• Consumer sentiment plunges in October (Axios)

• Apollo might get noodle LBO thrown back in its face (Reuters)

_{BOOK OF THE DAY}

Platonic

How do we make and keep friends in an era of distraction, burnout, and chaos, especially in a society that often prizes romantic love at the expense of other relationships?

In Platonic, Dr. Marisa G. Franco unpacks the latest, often counterintuitive findings about the bonds between us—for example, why your friends aren’t texting you back (it’s not because they hate you!), and the myth of “friendships happening organically” (making friends, like cultivating any relationship, requires effort!).

As Dr. Franco explains, to make and keep friends you must understand your attachment style—secure, anxious, or avoidant: it is the key to unlocking what’s working (and what’s failing) in your friendships.

Making new friends, and deepening longstanding relationships, is possible at any age—in fact, it’s essential. The good news: there are specific, research-based ways to improve the number and quality of your connections using the insights of attachment theory and the latest scientific research on friendship.

Platonic provides a clear and actionable blueprint for forging strong, lasting connections with others—and for becoming our happiest, most fulfilled selves in the process.

“For our life to feel significant, we crave someone to witness it, to verify its importance.”

_{ENLIGHTENMENT}

Short Squeez Picks

• 7 ways reading can improve your leadership

• Two words of advice for procrastinators

• Top 3 books for aspiring CEOs and everyone else

• How to stop your amygdala from hijacking emotions

• If you’ve never used these 4 phrases, you’re a better boss than you think

_{DAILY VISUAL}

Consumer Sentiment Drops

University of Michigan Index of Consumer Sentiment

_{SPONSORED BY HEAR.COM}

The Ultimate Conversation Starter

Say hello to Horizon by hear.com. It’s the world’s first-ever hearing aid with dual processing, and it’s taking the U.S. by storm. Why?

It’s a game changer for anyone looking to hear more clearly in conversation.

It offers unparalleled speech clarity, even in the midst of background noise. You can also stream music, adjust settings via app, and enjoy ultra HD sound.

See why audiologists are raving about this powerful German technology and start your no-risk trial today.

_{DAILY ACUMEN}

Happiness

Finland, the perennial happiness champion, is spreading joy like it's the latest viral meme. They're not keeping their happiness secrets locked in a vault; instead, they're sharing their happiness recipe—for free!

Finland's Tourism Department offered a masterclass in happiness to lucky participants, with more than 150,000 people from all over the world signing up. Clearly, the Finnish happiness wave has gone global, or maybe we're all just eager to learn the art of smiling through cold winters.

Here are a few pearls of wisdom harvested from this frosty fountain of joy.

First, nature is your BFF, even if you live in a concrete jungle. You don't have to hug a tree, but connecting with your surroundings is like a happiness boost.

Finland's "Everyman's Rights" law lets folks roam in nature, camp, and embrace all things outdoors. It's like their entire country is a national park. No wonder they're so chipper!

Second, it's better to have enough than to want more. Always chasing more can feel like playing hide and seek with your happiness. According to April Rinne, "enough" means balance and sufficiency.

Lastly, design your space for happiness. Taina Snellman-Langenskiöld, a design pro, dropped some wisdom: choose meaningful objects, make things with your hands, and bring the outdoors in with plants.

_{MEME-A-PALOOZA}

Memes of the Day