Good Morning and Happy Friday! Elon Musk sued OpenAI and CEO Sam Altman, accusing them of deviating from the company's foundational goal of advancing AI for the benefit of humanity rather than profit. Microsoft launched an AI chatbot, geared at helping finance workers with Excel and Outlook. NYC rents are surging, even as the rest of the country sees relief. Citi will lay off almost 300 employees in NYC, and the Fed’s favorite inflation gauge rose at its fastest pace in almost a year. Plus the types of business books you should be reading, and 5 rare leadership behaviors that will separate you from the pack.

Streamlining the hospitality sector with AI: Jurny is targeting over $1 trillion of inefficiencies in the hospitality sector, and readers can invest now for a limited time.

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M&A Is So Back

Wall Street's been waiting for M&A activity to jump out of its slump for a few years now. And it looks like 2024 might just be the year they've been holding their breath for. 

So far, the M&A dealmaking scene is posting a 130% increase in deals, racking up $288 billion so far this quarter. Globally, we're seeing a 56% jump to $453 billion, signaling a potential return of those lucrative fees for the big banks.

Some of the largest deals so far? Capital One bought Discover Financial for $35 billion, Truist Financial sold its $15.5 billion stake in an insurance arm, and Walmart got into the smart TV biz with a $2.3 billion purchase of Vizio. 

These mega-deals could spell huge fees for the likes of Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup, offering a much-needed lifeline as their traditional lending game faces a squeeze.

The past couple of years have been a rollercoaster, with 2023 marking a decade-low for dealmaking—much to Wall Street's dismay. Investment banking revenue took a 9% hit last year, with M&A advisory fees plummeting by 21%. But looks like the future is bright in 2024.

Takeaway: The rebound in M&A activity is exciting for Wall Street banks, potentially marking the end of a challenging era and the start of a lucrative one. However, with the Fed's future rate moves and the Biden administration's watchful eye on industry consolidations, the road ahead is still uncertain. But for now, Wall Street can enjoy in the resurgence of dealmaking, and hopefully it offers some much-needed momentum for the investment banking industry.

Today we’ll also be sending our monthly Buysiders newsletter, which will feature the top three deals of the month, including one with a staggering 99% reduction in value. Make sure you are subscribed.

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Beyond Nvidia: Explore AI’s Hidden Jewels

With Google Bard, ChatGPT and the like sculpting the future of nearly every industry, VCs are betting big, pumping billions into AI startups with huge potential growth. 

But profiting from the AI wave isn’t just for major players–savvy investors can take advantage, too. 

Jurny and its AI-powered platform is streamlining hotel and short-term rental operations, targeting over $1 trillion in inefficiencies.

With customers already reporting improvements upwards of 80%, are we surprised Jurny has the backing of leading investors Mucker Capital, Okapi Venture, and others?

Over $12 million in capital has already poured in, but there’s still time to jump aboard. 

Secure your investment by March 7th to qualify for up to 20% bonus shares.

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Top Reads

• Elon Musk sues OpenAI and CEO Sam Altman for abandoning mission (Reuters)

• Microsoft announced AI chatbot for finance workers in Excel and Outlook (CNBC)

• Citi will lay off 286 employees in NYC (YF)

• Fed’s preferred inflation gauge rises at fastest pace in nearly a year (CNBC)

• SEC is investigating Sam Altman’s OpenAI communications (Axios)

• NYC rents are surging even as rest of the country sees relief (BB)

• FTC Chair Lina Khan takes victory lap on blocking Nvidia-Arm merger (CNBC)

• Why US housing inflation relief may be short-lived (Reuters)

• JPMorgan warns investors should brace for 1970s style stagflation (Fox)

• How Baylor’s endowment outperformed the Ivy League (CNBC)

• JPMorgan expects trading revenue decline during Q1 (Reuters)

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Markets Rundown

Nasdaq closed at a record high as the stock market caps best February in nearly a decade.

Movers & Shakers

• (+) Duolingo ($DUOL) +22% because the language tutor is undergoing an AI transformation.

• (+) Celsius Holdings ($CELH) +20% after the energy drink company announced a 95% growth rate.

• (–) Snowflake ($SNOW) -18% after the software company’s CEO retired.

Private Dealmaking

• Figure, a humanoid robots maker, raised $675 million

• Fervo Energy, a geothermal energy developer, raised $244 million 

• Keanu Therapeutics, a Parkinson’s disease treatment developer, raised $82 million

• Passes, a creator platform, raised $40 million

• Lapse, a photo-sharing app, raised $37 million

• Oula, a maternity care clinic, raised $28 million

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

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The Fasting Bible

Have you heard about all the benefits that fasting can have on your body and want to discover if its healing properties will work for you?

In The Fasting Bible, you will find all the information and tools you need to successfully fast without struggling or harming your body

You will discover the many benefits of fasting and get practical tips to help you get started and stick with fasting.

Plus, you will learn how to adjust your fasting to your lifestyle, so you can stay healthy and active without being hungry all the time.

“Feel better and grow younger in just 30 days.”

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Is the Cold Plunge Legit?

Cold plunges are the talk of the town. From your Northwestern Mutual uncle to health podcasting gurus like Huberman, it seems everyone's diving into the conversation.

Even finance bro heaven, Equinox Hudson Yards, has set up a cold plunge to cater to the growing demand.

We’ve seen everyone from Joe Rogan to Liver King espouse the benefits of the cold plunge. Sure, you certainly get an endorphin rush after you get out, but the amount of content around the topic is enough to make anyone roll their eyes. 

How Legit is the Cold Plunge?

In the inaugural edition of our Insiders Wellness Newsletter, we thoroughly investigate all the scientific research on the topic to determine whether taking the plunge into icy waters is beneficial for you:

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Illusion Of Transparency

The illusion of transparency is a psychological phenomenon that convinces us our emotions and thoughts are easily perceptible to others when, in reality, most people are far less observant of our internal states than we assume.

This discrepancy between what we feel and what others perceive is rooted in our innate egocentrism—our subjective experience feels so vivid to us that we overestimate its visibility to the outside world.

For instance, if you're feeling particularly anxious or exhausted, you might believe this is clearly reflected in your demeanor and actions, but others likely don't notice the extent of your internal turmoil.

This illusion can significantly impact various aspects of life, from our performance in public speaking, where we might overestimate how nervous we appear, to our personal relationships, where we might assume our feelings are more apparent than they truly are.

Understanding the illusion of transparency can be liberating, allowing us to navigate social situations with less concern about how we're being perceived and more focus on our genuine interactions and objectives.

It also underscores the importance of clear communication, as others cannot read our minds as easily as we might think. In challenging situations, realizing that others are not as focused on our flaws or nervousness as we might fear can reduce anxiety and improve our performance and interactions.

Furthermore, this realization can encourage us to be more direct in expressing our needs and feelings, fostering better understanding and connections with those around us.

Overall, recognizing and accounting for the illusion of transparency in our daily lives can lead to more authentic and fulfilling interactions, both personally and professionally.

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Short Squeez Picks

• Why low-experience, high-potential employees are the best

• The types of business books you should be reading

• 5 rare behaviors that separate leaders from the pack

• Cathedral vs. bazaar people management

• Use the 5S-technique to create a more productive workspace 

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Memes of the Day