Good Morning and Happy Friday! Trump and Elon’s bromance went nuclear… Elon called for Trump’s impeachment and mocked his Epstein ties, while Trump threatened to yank Tesla’s subsidies. Musk later hinted at a truce, but Tesla still closed down 14%, wiping out $150B in market value.

Stablecoin firm Circle soared 168% in a blockbuster IPO, raising $1.1B in an upsized offering. A VC firm wants to backfill Trump’s Ivy League research cuts. Thoma Bravo’s founder says PE has lost its way. And heirs are firing their parents’ financial advisors.

Plus: Silver’s catching gold’s rally, 10 must-read books for summer, and the 22 best pizza spots in NYC right now.

Discover how leading firms are using Hebbia to streamline research, diligence, and reporting.

SQUEEZ OF THE DAY

JPMorgan Cracks Down on PE Recruiting

Wall Street’s biggest bank is gatekeeping the golden exit for its junior bankers. While many incoming investment banking analysts at JPMorgan view the job as a stepping stone to private equity, the firm is making it clear: not on our watch.

In a memo sent to incoming analysts, the bank prohibits them from accepting future-dated offers from other companies before joining or within their first 18 months on the job. Violators will receive notice and be terminated.

The move marks JPMorgan’s most aggressive effort yet to curb the private equity industry’s increasingly accelerated recruiting timeline, with on-cycle firms poaching bankers before they even hit the desk.

While the bank didn’t name specific industries, the policy clearly targets buyout firms that lock in analysts up to two years in advance, creating potential conflicts when those analysts are staffed on deals involving their future employers.

JPMorgan is also shortening its analyst program from three years to two and a half, offering a faster path to associate, a move aimed at keeping analysts from jumping ship too soon.

On-cycle recruiting has turned into a mess, and JPMorgan is looking to break the cycle. It’s a bad look when analysts already have one foot out the door, and banks need them to care, for 18 months, minimum. And if any firm has the clout to change the game, it’s JPMorgan.

The new rules go beyond just future-dated offers. Even taking interviews during the training period could put analysts at risk of termination.

Private equity shops won’t love how vocal Dimon is being about this. And top talent doesn’t love being leashed. It’s hard to imagine college grads suddenly viewing banking as a long-term career instead of a PE launchpad. But if other firms follow suit, Wall Street’s junior talent pipeline may be in for a reset.

Takeaway: Jamie Dimon has called private equity recruiting practices “unethical” for some time, and now he’s throwing down the gauntlet. When Dimon acts, Wall Street tends to follow. The move could reshape recruiting norms and force both banks and buyout firms to rethink how they compete for junior talent.

HEADLINES

Top Reads

• Trump says Musk went crazy, threatens to cut government contacts for his companies (CNBC)

• Musk signals he’s open to cooling off period in Trump feud (BB)

• Anduril's valuation reaches $30.5 billion (BB)

• Thoma Bravo cofounder says private equity has lost its way (BB)

• VC firm wants to offset Trump research costs (Axios)

• Wealthy inheritors plan to fire their parents’ financial advisors (CNBC)

• KKR ranks as top asset manager in Fortune 500 (YF)

• Private equity to see another muted year for exits (BB)

• Silver jumps to highest level in 13 years, following gold’s rally (CNBC)

• U.S. worker productivity slumped in the first quarter (YF)

• Private equity bosses turn bullish on Europe (CNBC)

• Yale nears deal to sell $2.5B worth of private equity stakes (BB)

• Central bankers still buying gold after record bull run (BB)

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Whether you’re tracking opportunities, managing risk, or drafting IC memos, Hebbia helps finance, real estate, and legal teams get more done in less time, without sacrificing quality.

CAPITAL PULSE

Markets Rundown

Market Update

• Stocks closed lower, led by a 15% drop in Tesla (TSLA) after President Trump threatened to cancel government contracts and subsidies tied to clean energy.

• Earlier gains faded despite reports of a constructive U.S.–China trade call, where both leaders signaled progress on negotiations.

• Bond yields rose, with the 10-year Treasury yield ending at 4.42%, reflecting market uncertainty ahead of upcoming economic data.

• International markets finished mixed; Europe ticked higher while Asia ended mostly lower. Oil prices slipped ahead of the next OPEC+ production review.

Economic Data Highlights

• U.S. Trade Deficit (Apr): Narrowed sharply as imports plunged, potentially boosting Q2 GDP growth.

• Initial Jobless Claims: Rose to 244,000 vs. 230,000 expected – a third straight weekly increase.

• Challenger Job Cuts (May): Remained elevated, with more industries announcing layoffs.

• 10-year Treasury yield: Closed at 4.42%, up 2 basis points on the day.

Reported Earnings

• Broadcom (AVGO): Beat expectations, driven by strong AI chip demand and improved enterprise networking growth.

• Lululemon (LULU): Posted mixed results; revenue slightly missed while international sales showed strong momentum.

• DocuSign (DOCU): Delivered in-line results; investors focused on cautious guidance and stabilization in enterprise adoption.

Earnings Today

• No significant earnings releases scheduled.

Movers & Shakers

• (+) MongoDB ($MDB) +13% after the document storage provider announced strong earnings.

• (+) Five Below ($FIVE) +6% because the retailer issued upbeat guidance.

• (–) Tesla ($TSLA) -14% after Elon Musk’s well-documented falling out with President Trump.

Private Dealmaking

• Defense tech firm Anduril nets $2.5 billion in latest funding round

• Neuralink, Elon Musk’s brain-implant startup, raised $650 million

• Impulse Space, a defense tech startup, raised $300 million

• Vivrelle, a luxury accessories membership service, raised $62 million

• Granola, an AI notetaking app, raised $43 million

• Nomupay, an Irish payments startup, raised $40 million

• Mind, a data loss prevention startup, raised $30 million

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

BOOK OF THE DAY

Capitalism and Its Critics

At a time when artificial intelligence, climate change, inequality, trade wars, and a right-wing populist backlash to globalization are raising fundamental questions about the economic system, Capitalism and Its Critics provides a kaleidoscopic history of global capitalism, from the East India Company and Industrial Revolution to the digital revolution.

But here John Cassidy, a staff writer at The New Yorker and a Pulitzer Prize finalist, adopts a bold new approach: he tells the story through the eyes of the system’s critics.

From the English Luddites who rebelled against early factory automation to communists in Germany and Russia in the early twentieth century, to the Latin American dependistas, the international Wages for Housework campaign of the 1970s, and the modern degrowth movement, the absorbing narrative traverses the globe. 

Blending rich biography, panoramic history, and lively exploration of economic theories, Capitalism and Its Critics is true big history that illuminates the deep roots of many of the most urgent issues of our time.

“A sweeping, dramatic history of capitalism as seen through the eyes of its fiercest critics.”

DAILY VISUAL

Want more? Visualize the markets with Carbon Finance

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Perplexity’s CEO recently dropped this prompt: “Browse Kalshi and find me the 3 most attractive bets. I want to be able to bet $5k on each, so ignore the super tiny markets.” Here’s what came back:

• Indiana vs Oklahoma City Winner

• May 2025 Inflation Rate (CPI YoY Above 2.4%)

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Find the markets that match your expertise, interests, and liquidity—and start trading today.

DAILY ACUMEN

Coach Mode

The biggest promotion trap isn’t title inflation—it’s identity inflation.

When you move from being a high performer to leading performers, the instinct is to keep doing what got you here: solving problems, being the expert, jumping in.

But leadership demands a pivot—from star player to master coach.

You’re no longer paid to have the answers. You’re paid to build a team that finds them without you.

This transition is riddled with subtle traps. Guilt, when colleagues expect your old self.

Habit, when you keep saying yes because it’s faster. Comfort, when leaders keep giving you the same tasks.

And free time—the scariest of all—when your calendar clears and you’re forced to ask, “What now?”

What now is strategy. Development. Culture. The work beneath the work.

True leadership is invisible until it isn’t—when the people you empowered rise to meet the moment, and no one thinks to call you first.

ENLIGHTENMENT

Short Squeez Picks

• Upgrade your morning investing insights with Opening Bell Daily

• 10 books to read this summer to be smarter, happier and more resilient

• The key to authentic, engaging public speaking

• The difference between a growth and a reset mindset

• The 22 best pizza places in NYC right now

• One simple way to get better at reading data

MEME-A-PALOOZA

Memes of the Day

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