Good Morning! Goldman beat expectations as profit jumped 19% on strong investment banking fees and record equities revenue. Thoma Bravo is winding down its growth equity business to refocus on buyouts. And McDonald's is moving into energy drinks and specialty sodas, taking aim at Starbucks, Dutch Bros, and Sonic.

Oracle is under scrutiny for allegedly using an algorithm to target employees with stock options during layoffs. Meta is on track to overtake Google as the world's largest digital ad platform. And Robinhood is rolling out F1 access and premium credit card perks to retain users.

Plus: Chicago's "cheap big city" reputation is fading as rents surge faster than almost every other city except San Francisco, and how much protein you actually need.

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SQUEEZ OF THE DAY

Josh Harris Broke PE Fundraising

The private equity industry is posting its worst fundraising numbers in a decade. But Josh Harris’ 26North Partners just raised nearly $6 billion for its inaugural buyout strategy, the largest figure ever for a debut buyout firm.

The firm smashed its original $4 billion target set in 2023 and set a U.S. record for a first-time PE fundraise. Josh Harris seeded the fund with his own money, which is a signal of confidence to the LP base of pension plans, sovereign wealth funds, and family offices.

Josh Harris co-founded Apollo Global Management, one of the most successful private equity firms built, before leaving in 2022 to start 26North. He is also the lead owner of the Washington Commanders, which he acquired for $6.05 billion in 2023, the most expensive NFL franchise sale in history at the time.

He is not a first-time manager, and LPs weren't betting on an unknown. They were betting on one of the architects of modern private equity getting a fresh start with his own capital on the line.

26North has already begun deploying capital, having signed or completed seven investments including ArchKey Solutions, an electrical contractor serving data centers; Bruin Capital, a mid-market sports investing platform; and Composition Brands, the maker of Viking and La Cornue premium kitchen appliances. 

The data center angle is deliberate. Harris is targeting the infrastructure layer behind AI, specifically middle-market data centers where he says returns are higher and competition is lower than the mega-cap plays everyone else is chasing.

Takeaway: Raising $6 billion for a debut fund in the worst PE fundraising environment in a decade is something. But the more interesting signal is what Harris is hunting: AI infrastructure, sports assets, and energy-driven dislocation from the Iran conflict.

"The $100 oil prices are here to stay," he said, and 26North is already war-gaming implications across jet fuel, autos, and consumer spending. Harris spent 30 years at Apollo learning to find the fat pitch. He just raised $6 billion to swing at it.

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HEADLINES

Top Reads

• Goldman Sachs profits rise on stock trading, M&A surge (YF)

• Thoma Bravo winds down growth equity to focus on owning firms (BB)

• McDonald's to launch energy drinks and specialty sodas (WSJ)

• Oracle accused of targeting employees with stock options in recent layoffs (NY Post)

• Meta expected to unseat Google as world's largest digital-ad player (WSJ)

• F1 races, premium card perks keep Robinhood, Revolut clients loyal (BB)

• Chicago's cheap big-city image is cracking as rents surge (BB)

• Apple's AI push takes shape with display-free glasses (BB)

• Oil prices rise sharply as US blockades Strait of Hormuz (NBC)

• Tiger Global backs PopUp Bagels at $300 million valuation (QSR)

• Goldman stock traders trounce Wall Street record by $1 billion (BB)

• Ackman's joint Pershing Square fund IPO begins formal marketing (BB)

• LVMH Q1 sales miss expectations as luxury recovery is put on pause amid Middle East war (CNBC)

• Dell, HP shares jump on acquisition speculation report (BB)

• Hedge fund money is reshaping a 180-year-old insurance model (BB)

• Meta builds AI version of Mark Zuckerberg to interact with staff (FT)

CAPITAL PULSE

Markets Rundown

Market Update

• Stocks rebounded after early losses as geopolitical headlines shifted throughout the day

• Markets initially fell on news of a Strait of Hormuz blockade, then recovered on renewed peace discussions

• Small caps and tech led gains, signaling improving risk appetite into the close

• Oil remained volatile, ending lower on the day but still elevated vs. pre-conflict levels

• Bond yields moved lower, reflecting a partial unwind of earlier stress

Geopolitics Driving Volatility

• The weekend brought setbacks in peace negotiations, increasing uncertainty

• The blockade raised concerns of prolonged supply disruption and escalation risk

• Restrictions on Iranian exports could tighten global supply, even as broader flows remain uncertain

• Late-day reports of renewed diplomatic outreach helped stabilize sentiment

• Markets remain highly sensitive to every incremental headline

Earnings Take the Baton

• Focus is beginning to shift toward earnings season as the next major catalyst

• Early bank results were mixed, but expectations remain constructive overall

• Profit growth is expected to stay strong, supported by resilient demand and productivity gains

• Technology continues to lead earnings momentum, particularly tied to AI

• Strength in energy may help offset cost pressures across other sectors

Movers & Shakers

• (+) Oracle ($ORCL) +13% after touting AI capabilities at its Customer Edge Summit, including its Oracle Utilities Opower platform which helped residential utility customers save $369 million in 2025, reinforcing the AI cloud demand narrative.

• (+) CoreWeave ($CRWV) +8% because Bank of America, Macquarie, D.A. Davidson, and Roth Capital all raised price targets, following last week’s back-to-back landmark deals with Meta ($21B) and Anthropic.

• (–) Conagra Brands ($CAG) -4% after announcing John Brase as incoming CEO effective June 1, replacing Sean Connolly.

Prediction Markets

• Earnings Call Special (tomorrow before markets open): Citigroup

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

Private Dealmaking

• 26North, led by Joshua Harris, raised $5.9 billion for its debut fund

• Leonard Green & Partners is in talks to buy Cumming Group, a construction project consultancy, from New Mountain Capital for around $3 billion

• Somnigroup International agreed to buy Leggett & Platt, a bedding company, for around $2.5 billion

• Baker Hughes agreed to sell Waygate Technologies, a provider of testing and inspection tech, to Hexagon for around $1.45 billion​​​​​​​​​​​​​​​​

• Juno, a tax prep automation startup, raised $12 million

• Packz, a gamified collectibles platform, raised $10.7 million

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

BOOK OF THE DAY

Freedom of Money

Description:
A firsthand account from Changpeng Zhao on building Binance into one of the most influential platforms in crypto. The book blends personal story with lessons on resilience, risk-taking, and navigating one of the most volatile industries in the world. It highlights the importance of user trust, speed of execution, and staying adaptable while operating at global scale under constant scrutiny.

Book Length: 320 pages
Release Date: April 8, 2026

Ideal For:
Entrepreneurs, investors, and operators interested in crypto, high-growth startups, and building resilient companies in uncertain and fast-moving markets

In the most volatile environments the only real advantage is the ability to move fast and keep user trust intact.

DAILY VISUAL

Masters Prize Money Keeps Rising

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.*

DAILY ACUMEN

All In

Keeping your options open is not a neutral position. It has a cost, and the cost is paid in depth, commitment, and the kind of compounding that only happens when you stop hedging and go all in on something.

Optionality feels like freedom but often functions as sophisticated avoidance dressed up as strategy.

The people who built something remarkable almost always did it by closing doors, not leaving them open.

Not because the other doors were bad, but because pursuing everything at half commitment produces the same result as pursuing nothing at full commitment.

At some point a decision is not a limitation. It is the thing that makes everything else possible.

ENLIGHTENMENT

Short Squeez Picks

• A 30-second tip to reset your nervous system

• How much protein do you really need?

• Why you need indoor shoes

• Why intermittent fasting and running don’t mix 

• When executive presence backfires

MEME-A-PALOOZA

Memes of the Day

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