Good morning! Elon Musk’s xAI raised $10 billion in equal parts debt and equity to stay on OpenAI’s tail. All Citadel funds are in the green for 2025, and Figma filed for an IPO under the ticker “FIG” on the NYSE.

Tesla shares slid after Trump threatened to look into deporting Elon, making their feud a real risk for the company. Amazon is on the cusp of using more robots than humans in its warehouses. And Grammarly is acquiring an AI email app.

Plus: Powell says the Fed would have cut rates by now if not for tariffs, and what the new tax-and-spending bill means for your wallet.

Want a summer with fewer midnight and weekend “pls fix” emails? See how Macabacus can make that a reality.

SQUEEZ OF THE DAY

Lululemon Lawyers Up

Lululemon, the unofficial uniform of Equinox gym bros and SoHo pilates girlies, is suing Costco for selling knockoff athleisure that looks a little too close to the real thing. Costco has been selling the near-identical Scuba hoodies, which retail for $118, for $8. (probably what it costs Lulu to make them)

Lululemon’s lawsuit alleges that Costco is tricking consumers into believing these Kirkland-branded fits are legit. And with Lulu positioning itself as a high-end brand, when Costco rolls out dupe hoodies for 93% less, the social currency takes a hit.

Meanwhile, Lululemon stock is down 37% this year. With store traffic is falling off, the brand’s pricing power is under fire from cheaper rivals like Alo and Vuori, there’s a perception that Lulu is losing its edge. 

And if the Upper West Side analyst crowd starts thinking your product is indistinguishable from wholesale joggers… good luck justifying that PE ratio.

Takeaway: This isn’t just a trademark fight. It’s a reminder that brands built on exclusivity can crumble when the line between real and fake blurs. If you paid $118 for a Scuba hoodie, only to find your coworker’s $8 Kirkland looks the same in the elevator mirror, it might be time to start rethinking your wardrobe.

HEADLINES

Top Reads

• Elon Musk's xAI raises $10 billion in debt and equity (CNBC)

• Billionaire Ken Griffin’s hedge funds at Citadel are all in the green for 2025 (CNBC)

• Figma files for an IPO (Axios)

• Biggest U.S. banks boost payouts after lighter Fed stress test (BB)

• Trump says DOGE 'might have to go back and eat' Elon Musk (NBC)

• Trump says he'll 'have to take a look' at deporting Elon Musk (ABC)

• Trump's tariffs kept Fed from cutting rates, Jerome Powell says (NBC)

• Amazon now uses over 1M robots (WSJ)

• What the tax-and-spending bill means for your money (CNBC)

• May job openings hit six-month peak (BB)

• Grammarly acquires Superhuman in AI push (Reuters)

• Jeff Bezos sold Amazon shares worth about $737 million in June (YF)

PRESENTED BY MACABACUS

Turn New Hires into Financial Modeling Machines

Deal flow doesn’t slow down so you can babysit slides. Macabacus turns new hires into model-and-deck machines, right inside Microsoft Office. 

• Excel ↔ PowerPoint Linking: tweak the model once, every linked chart & table in the deck updates. 

• Formula & Precedent Tracer: catch #REF chaos before your model ships; analysts and interns learn best practices as they click. 

• Shared Libraries: centralized access to firm-approved slides, models, and snippets to keep branding FTC-level tight. 

• Doc Builder: CIMs, working group lists, engagement letters, and NDAs, built via a quick questionnaire; headers, footers, and styles auto-populate. 

• Deal-Ready Tombstones: filter by sector or size, insert, flex; access millions of logos with Logo Library—no more Google-Image scavenger hunts.  

• AI Writing Assistant: Create copy at warp speed while keeping your documents on-brand with your company’s voice and language standards. 

Result: Day-1 analysts, VP-grade output, and a summer with fewer midnight and weekend “fix my deck” fire drills. 

Equip the rookie squad with Macabacus today! Get Started for Free.

CAPITAL PULSE

Markets Rundown

Market Update

• U.S. stocks pulled back from record highs, with the S&P 500 closing lower after strong gains on Monday.

• Materials and health care led, while communication services and tech stocks lagged.

• Bond yields rose, with the 10-year Treasury yield climbing to 4.25%.

• China’s manufacturing PMI rose to 50.4, indicating expansion, while eurozone CPI ticked up to 2.0% as expected.

• WTI oil traded higher ahead of the OPEC+ meeting on July 6.

Economic Data Highlights

• S&P U.S. Manufacturing PMI rose to 52.9, beating expectations and signaling six straight months of expansion.

• ISM Manufacturing PMI edged up to 49.0, just shy of forecasts, with strength in supplier deliveries and production offset by weaker employment and new orders.

• Job openings rose to 7.8 million in May, well above estimates, while quits held steady at 3.3 million, suggesting ongoing worker confidence.

• Labor market remains healthy, with openings still exceeding unemployment at 7.2 million.

Reported Earnings

• Constellation Brands (STZ) – Beat expectations on strong beer segment growth and margin resilience amid shifting consumer demand.

Earnings Today

• No significant earnings.

Movers & Shakers

• (+) Wynn Resorts ($WYNN) +9% after gambling is picking up in Macau.

• (+) Hyatt ($H) +4% because Truist reiterated coverage with a buy.

• (–) Tesla ($TSLA) -5% after Trump-Elon feud escalated.

Private Dealmaking

• TransDigm bought Simmonds Precision Products for $765 million

• Klar, a financial services platform, raised $170 million

• Genesis AI, a foundational models for robots developer, raised $105 million

• Levelpath, a procurement platform, raised $55 million

• Campfire, an ERP software provider, raised $35 million

• Ambrook, an accounting software provider, raised $26.1 million

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

BOOK OF THE DAY

The Genius Myth

Description: An incisive reevaluation of society’s obsession with “genius.” Helen Lewis argues that genius is not an innate trait but a cultural construct—often used to justify privilege, eccentricity, and moral blind spots. Through engaging case studies—from Shakespeare to Elon Musk—she dismantles the myth and introduces the idea of “scenius”: collective creativity forged in context, not mythic individuals.

Rating: 3.6 / 5 Amazon, 4.1 / 5 Goodreads

Book Length: 320 pages
Audible Length: 9 hours 7 minutes

Ideal For: Readers interested in psychology, sociology, history of ideas, or creativity—anyone curious about how society shapes who we crown as “the greats.”

“By degrees unsettling, amusing, and prescient; a much‑needed audit of a consuming idea.” — Kirkus Reviews

DAILY VISUAL

Want more? Visualize the markets with Carbon Finance

PRESENTED BY DELETEME

You Lock Your Car–Why Not Lock Down Your Private Data?

Phishing attacks, spam calls, identity fraud... your personal data fuels them all. And thanks to data brokers, it’s out there. 

But you don’t have to be a victim–DeleteMe is the #1 personal data removal service that actively monitors and scrubs your info (address, phone number, DOB) from hundreds of data broker sites.

Just input a few details and DeleteMe’s experts do the rest, working 24/7 to keep your private data private. 

The best part? It takes just 5 minutes to get started. 

Sign up for DeleteMe today to protect your tomorrow. Get 20% off a consumer plan with code “SQUEEZ”.

DAILY ACUMEN

Gifted Minds

Gifted minds often shine in classrooms or careers—but stumble in connection.

Intelligence can quietly inflate ego, breeding entitlement, inflexibility, and the belief that “being right” is the same as being important.

But relationships aren’t IQ tests—they’re collaborations.

Being brilliant doesn’t exempt you from listening, explaining, or compromising.

In fact, the smarter you are, the more responsibility you have to stay curious and open.

True relational success requires a shift: from superiority to humility, from winning to understanding.

Because in love and partnership, being right isn’t nearly as valuable as being kind.

ENLIGHTENMENT

Short Squeez Picks

• Why soft skills are the strategic advantage for today’s execs

• When help isn’t helpful

• How to create mental space to be a wiser leader

• 5 ways to kick the habit of micromanaging

• 6 morning habits to feel more motivated

MEME-A-PALOOZA

Memes of the Day

📣 Partner With Us: Get in front of an audience of over 1 million finance professionals, business leaders, and policy influencers. Submit a partnership inquiry.

📈 Grow With Us: Work directly with the Overheard on Wall Street team to scale your finance brand. Schedule your free consult.

🔒 Short Squeez Premium – Insiders: Access exclusive content, including investment analysis, wellness features, career tools, and our full recruiting resource library. Upgrade to Premium. 

🧢 Wall Street Shop: Explore our collection of finance-themed apparel and merchandise. Visit the shop.

📬 Deals Newsletter – Buysiders: A curated roundup of major M&A, private equity, and VC activity. Plus access to private deal flow. Subscribe here.

🏠 Real Estate Newsletter – City Squeez: Latest news and exclusive listings for those looking to buy, rent, or invest in real estate around the world. Sign up here.

📚 Courses: Level up with our excel, modeling, and private equity courses. View offerings.