Good Morning! Global economy is on its way back, with the IMF boosting its global growth forecast to 3%. In M&A land, PacWest agreed to merge with its smaller rival Banc of California.

Microsoft and Google both reported earnings. Microsoft's growth was hurt by cooling cloud demand, but the company still touts its AI potential. Google posted strong growth as online ads rebounded. TikTok wants to dive into U.S. commerce. And British billionaire, Joe Lewis, owner of soccer club Tottenham Hotspur, was indicted in the U.S. for insider trading.

Looking to get into cigars but don’t know where to start. Check out today’s sponsor Cigar Place. They’ve put together a sampler that includes ten of the industry's most renowned brands for pennies on the dollar.

_{SQUEEZ OF THE DAY}

Hot IPOs and FOMO

The IPO market is roaring back to life in 2023. Over the past few years, investors had been sitting on the sidelines out of fear of losing money. But after $CAVA and $ODD both successfully IPO’d over the past month, FOMO is starting to hit some investors hard.

The stars are aligning for an IPO market resurgence. With U.S. stocks surging to new highs, volatility subsiding, and inflation easing, the stage is set for private company leaders to take the plunge into public ownership. And because over the past 18 months so many startups buckled down, cut costs, and pivoted to quick profitability, the IPO pipeline is going to be stronger than ever.

Take British chip designer Arm, which could IPO in September at a valuation north of $50 billion. There’s market-automation platform Klaviyo (valued at $9.5 billion in 2021), Birkenstock (could IPO at over $7 billion) and Instacart, too.

We might not see a repeat of the 2020 and 2021 frenzy, but that could be a good thing. Back then, unprofitable startups raced to go public, and investors rewarded them with sky-high valuations.

Takeaway: The allure of IPOs lies in their potential for massive future profits, making them irresistible when interest rates hovered near zero. But investors think this pipeline could make solid investments. Startups have focused on profitability over the past few years after years of focusing on pretty much everything else in the low interest rate environments. Alas, with great IPOs comes great FOMO.

_{CAPITAL PULSE}

Markets Rundown

Stocks closed higher as earnings season kicks off.

Movers & Shakers

• (+) General Electric ($GE) +6% after company posted strong Q2 results.

• (+) Xerox ($XRX) +6% after the company’s profit topped estimates.

• (–) Spotify ($SPOT) -14% after a revenue miss and weak guidance.

Private Dealmaking

• Thales bought Imperva, a cybersecurity company, from Thoma Bravo for $3.6 billion

• Blackstone sold Simply Self Storage for $2 billion

• Bunq, a Dutch neobank, raised $111 million

• Solink, a cloud camera security startup, raised $60 million 

• Kodem, an application security startup, raised $25 million 

• Xterio, a web3 game publisher, raised $15 million

_{SPONSORED BY CIGAR PLACE}

The Fastest Way to Become a Cigar Aficionado

If you are new to cigars and just a wee bit intimidated on where to start, Cigar Place has you covered. They’ve put together a sampler that includes ten of the industry's most renowned brands for pennies on the dollar.

Channel your inner Gordon Gekko and experience the depth and variety of flavors that have made these cigars a top choice among aficionados.

With this exclusive offer, you'll receive all ten premium, highly-rated cigars at 76% off their retail price. To make the deal even sweeter, they’re waiving shipping fees entirely.

So go ahead, start your journey to becoming a cigar aficionado today.

_HEADLINES

Top Reads

• Sensing an end of Fed hikes, some investors return to dividend stocks (Reuters)

• Big Tech prepares its next AI pitch (YF)

• The rise of gig workers is changing the face of the US economy (CNN)

• Inside Musk’s ‘X’, the everything-app that will replace Twitter (Axios)

• U.S. oil M&A jumps as private equity unloads shale assets (Reuters)

• Social media’s copycat conundrum (Axios)

• Ex-Centerview rainmaker puts elite M&A partnership on trial (BB)

• Europe’s largest airline just sounded the alarm on travel demand (CNN)

• Foxconn’s failed India chip effort shows how hard it is for new players (CNBC)

• Lazard launches a new arm focused on capital raising (WSJ)

_{BOOK OF THE DAY}

The Leap To Leader

The chasm separating managers from leaders is widening as the skills required to be an effective leader grow in number and complexity. But you're ambitious. You want to cross that chasm. And your organization needs you to cross it in order to join its bench of stars who will lead with empathy and humanity and ground the organization's strategies in a meaningful, mission-driven, and purposeful way.

The Leap to Leader is your trusted playbook for making the biggest jump of your career. You'll learn from more than a hundred successful leaders who share their powerful insights and compelling stories of how to make the leap, along with practical strategies and tactics for building a loyal following, moving up quickly to broaden your impact, and making the subtle but crucial mindset shifts that are required to lead others effectively.

As senior managing director at the ExCo Group, Adam Bryant has worked directly with hundreds of fast-rising executives, sharing the leadership development frameworks, tools, and approaches that are at the heart of this book.

“Get ready to make the biggest jump of your career.”

_{ENLIGHTENMENT}

Short Squeez Picks

• Do you have a fear of acorns?

• How to do the trending 12-3-30 workout from TikTok

• How to use a work notebook to improve your productivity

• Top money habits of successful people

• 26 chain restaurant pasta dishes, ranked from worst to best

_{DAILY VISUAL}

Streaming Services Get More Expensive

_{DAILY ACUMEN}

How To Score A Raise

Getting a pay raise isn't just about showing off all the cool things you've done at work. Bosses usually see your accomplishments as, well, you just doing your job. Want to make them sit up and take notice?

Start by putting a number on your achievements. Websites like Glassdoor or Salary.com can be real game-changers here – they'll give you a ballpark figure of what folks doing the same job are earning.

Found out you're underpaid? Show your boss the proof, and don't forget to tell them about the jobs out there that could be luring you away with their higher paychecks. If you're already getting the big bucks, don't sweat it – you can still ask for more, but remember to keep it real.

Timing is everything when it comes to asking for a raise. Figure out when your company usually hands out the extra dough, and make your move then. If you're already at the top of your pay grade, it might be time to think about a new gig.

Sometimes, even the best-laid plans don't pan out. If your boss turns you down, be cool. A simple "I'm disappointed, but thanks for considering my request" should do. Then, chat about how you could possibly get that raise in the future.

Don't forget, just because you're a whizz at your job doesn't mean you're automatically entitled to more money. Knowing the lay of the land, picking your moment, and being a pro even if you're turned down – that's how you bag that raise, now or in the future.

_{MEME-A-PALOOZA}

Memes of the Day