Good morning! Hong Kong overtook Switzerland to become the world's largest cross-border wealth hub, driven by mainland Chinese capital and a resurgent local equity market. Shares of a little-known European chipmaker soared more than 70% after being touted by a popular X account.

A Google engineer was charged with using inside information to make $1.2 million on Polymarket. Robinhood will let users have AI make stock trades and credit card purchases on their behalf. And Wells Fargo's CEO sees mid-teens growth in investment banking and trading.

Plus: Switzerland's 10 million population cap is worrying executives, the disappearing premium to own stocks, and the basics of building wealth.

You don't need to work at Blackstone to think like they do. Learn exactly how their analysts are trained with Wharton Online’s 8-week PE Certificate Program.

SQUEEZ OF THE DAY

JPMorgan’s $4.25M Food Platter

JPMorgan fired a veteran Beverly Hills broker over a $642.50 deli platter for a 2024 Super Bowl gathering. A FINRA arbitration panel just ordered the bank to pay him $4.25 million.

The broker, Brent Bodner, who managed $1 billion in client assets, said the food was for a pre-approved business meeting at his home with a prospective client. JPMorgan said it was a Super Bowl party charged to the company card.

Bodner's lawyer pointed out the expense was pre-approved, the receipt showed home delivery, the amount was under the firm's $900 cap, and the only real issue was that his assistant coded the platter as eaten at the deli rather than delivered.

JPMorgan's position was blunt: inaccurate expense reports are grounds for termination. Technically true. But most miscoded expense reports don't end in eight-figure arbitration losses. The modern Wall Street expense account has gone from "take the client to Peter Luger" to "please attach photographic evidence that the turkey wrap created shareholder value."

Bodner's lawyer argued the firing was pre-orchestrated, that JPMorgan had already decided to terminate him and timed it so colleagues could carve up his client book before he could say goodbye. His phrase: employees moved "like vultures on a carcass."

FINRA didn't just award damages. It ordered the termination expunged from his record and the reason changed to "voluntary," a strong signal the panel saw the deli-platter rationale as pretext. Bodner is now at Wells Fargo.

Takeaway: Under FINRA rules the award is essentially final, with only limited judicial review available, and JPMorgan is also on the hook for most of the case fees. The bank says it "vehemently disagrees" and hasn't said whether it'll appeal. The broader takeaway for advisors, at least per Bodner's side of the case, is that the bigger your book, the more your interests and your employer's can diverge, and the more a minor infraction can be weaponized when the relationship ends.

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HEADLINES

Top Reads

• Hong Kong overtakes Switzerland as top offshore wealth hub (BB)

• Jamie Dimon says JPMorgan Chase could spend $20 billion on an acquisition (CNBC)

• San Francisco rents spike 22% in a year, outpacing other US cities (BB)

• Google engineer charged in $1.2M Polymarket case (Axios)

• Robinhood launches AI stock trading and credit card (Axios)

• Wells Fargo CEO sees mid-teens growth in investment banking, trading (YF)

• Switzerland's 10 million population cap is worrying executives (BB)

• The disappearing premium to own stocks (Axios)

• Lululemon's founder promises not to trash the brand for 18 months (CNN)

• Popular X account sparks massive rally in little-known chipmaker (BB)

• More dads are scaling back at the office for kids and housework (WSJ)

• New Anthropic models for Claude and Mythos are making customers uneasy (BB)

• SpaceX IPO gets another greenlight toward faster index inclusion (BB)

• Snowflake soars on earnings beat (YF)

• Marvell boosts annual forecast, citing AI-fueled demand (YF)

• Meta to start testing AI subscription services, with cheapest plan at $7.99 a month (CNBC)

• Dimon sees investor exuberance but says it gives him little comfort (YF)

CAPITAL PULSE

Markets Rundown

Market Update

• U.S. equities finished modestly higher, with the Dow Jones Industrial Average outperforming the S&P 500 and Nasdaq

• The S&P 500 closed at another all-time high and is now up roughly 10% year-to-date

• Lower oil prices and optimism around easing Middle East tensions supported sentiment

• WTI crude oil fell about 4.5%, helping reduce near-term inflation concerns

• Treasury yields moved lower, with the 10-year Treasury yield slipping back below 4.5%

• The VIX volatility index fell below 17, returning near its lowest levels of the year

Fed Likely Remains on Hold

• Recent inflation data and comments from Fed officials have increased discussion around whether additional tightening may be needed

• Unlike 2022, monetary policy today is already restrictive, with policy rates closer to current inflation levels

• The labor market also appears less overheated, with hiring slowing and wage growth stabilizing

Consumer Confidence Softens but Spending Holds Up

• The Conference Board Consumer Confidence Index declined to 93.1 in May, slightly better than expectations for 91.9

• Concerns remain centered around inflation, gasoline prices, and broader geopolitical uncertainty

• The decline contrasts with the weaker University of Michigan Consumer Sentiment Index, which recently reached record lows

• Despite weaker survey data, consumer spending continues to hold up, supported by a healthy labor market and stable household finances

• Overall economic and earnings trends remain supportive

Movers & Shakers

• (+) Dycom Industries ($DY) +26% after crushing fiscal Q1 2027 estimates, as AI data center buildout drives a boom in telecom infrastructure contracting.

• (+) Manchester United ($MANU) +13% because Q3 results beat revenue expectations and the club raised its full-year revenue outlook.

• (–) Zscaler ($ZS) -32% after fiscal Q3 results beat estimates but full-year billings guidance came in below consensus.

Prediction Markets

• Core PCE comes out this morning around 8:30am EDT.

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

Private Dealmaking

• Socket, a cybersecurity startup focused on software supply chain attacks, raised $60 million

• WeRoad, an adventure travel startup, raised $58 million

• Liquid Instruments, a provider of software-defined test solutions, raised $50 million

• Eyeo, a Dutch nanophotonic imaging startup, raised around $43 million​​​​​​​​​​​​​​​​

• Synera, a German agentic platform for industrial engineering, raised $40 million

• Ulysses, a maker of autonomous submarines, raised $38 million

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

BOOK OF THE DAY

Drownproof

Description:
A resilience-focused guide from Andy Stumpf on navigating adversity, uncertainty, and high-pressure situations without losing perspective. Drawing from military experience and personal lessons, the book outlines practical principles for staying calm under stress, adapting to setbacks, and continuing to move forward when circumstances feel overwhelming. It emphasizes mental toughness not as relentless intensity, but as the ability to endure, recover, and keep progressing.

Book Length: 256 pages
Release Date: April 14, 2026

Ideal For:
Anyone facing difficult transitions, high-pressure environments, or looking to build resilience and mental toughness in everyday life

Strength is not avoiding hard moments it is learning how to keep moving through them.

DAILY VISUAL

Power Sauces

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DAILY ACUMEN

The Real Job

Every job has a stated description and a real one, and the gap between them is where careers are quietly made or lost. The stated job is what is written on the offer letter. The real job is what your boss is actually being judged on, what keeps your firm winning business, and what makes the people above you look good in front of the people above them.

The promotions go to people who figured out the real job and made themselves indispensable to it. The plateaus belong to people who optimized for the stated one and could not understand why doing exactly what was asked of them was not enough. Nobody will ever tell you the difference explicitly. You are expected to figure it out, and the speed at which you do is one of the strongest predictors of how high you will go.

The question is not whether you are good at your job. It is whether you are good at the right job.

ENLIGHTENMENT

Short Squeez Picks

• The Coverd Card launches soon*

• Can adults learn to be playful again?

• The habit you don’t realize is hurting your productivity

• The basics of building wealth

• How individual consciousness works and makes us unique

• Are Disney adults the happy debtors on earth?

MEME-A-PALOOZA

Memes of the Day

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