Good Morning! Kevin Warsh officially became Fed Chair on Friday. AI deepfake videos are making the messy JPMorgan lawsuit even worse. And Trump's more than 3,700 trades in the first quarter, including Nvidia, Oracle, and Microsoft, astonished Wall Street insiders.

SpaceX is aiming to go public on June 12 in what would be the biggest IPO in history. Solo dining is more popular than ever, much to the distaste of some restaurants. And BlackRock's private credit fund valuations are being probed by the DOJ.

Plus: Nvidia's trillion-dollar run is putting pressure on the bulls, and to stand out at work, stop trying to be a star.

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SQUEEZ OF THE DAY

MBAs on Fire Sale

One of America’s most expensive career resets is going on at a discount. Business schools are cutting tuition on MBA and specialized business master’s programs by as much as 50%, as applications soften and schools try to convince anxious young professionals that a business degree is still worth it in the AI era. The pitch is pretty clear: the job market is weird, AI is coming for white-collar work, and maybe the safest move is to buy more credentials while they’re on sale.

The discounts are not tiny either. Purdue’s Mitch Daniels School of Business is knocking 40% off tuition for its online MBA, bringing the out-of-state price down to $36,000 from $60,000. UC Irvine’s Merage School is cutting tuition by as much as 38%, or $30,000 to $48,000, on its Flex and Executive MBA programs. Johns Hopkins Carey is offering a 50% scholarship to Maryland college grads entering specialized master’s programs. Washington University’s Olin Business School is offering a $10,000 scholarship for workers whose careers have been disrupted by AI.

The reason is simple: the traditional two-year MBA is having a demand problem. In a normal weak job market, people often go back to school to hide out, reset, and re-enter with a shinier résumé. But this cycle is different. AI has made people nervous, hiring is softer, and instead of job hopping, a lot of professionals are job hugging. Taking two years off, paying six figures, and hoping the market is better on the other side suddenly feels less like a bold career move and more like a leveraged bet with student housing.

So schools are changing the product. The new hot thing is shorter, cheaper, specialized programs built around AI, finance, healthcare management, and executive flexibility. Basically: don’t quit your job, don’t disappear for two years, and please let us teach you enough AI vocabulary to survive your next performance review. For students, that can be a real opportunity. A discounted online or part-time degree is a much better deal than paying full freight for the classic “find yourself in a case study room” experience.

Takeaway: The MBA is not dead, but the pricing power is definitely getting stress-tested. Business schools are trying to repackage themselves for the AI era with shorter programs, bigger discounts, and more “future of work” branding. For students, that could be a rare chance to get a useful credential without torching their balance sheet. For schools, it is a tougher story: when one of the most expensive degrees in America starts going on sale, it usually means the customer is asking harder questions.

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HEADLINES

Top Reads

• Sen. Elizabeth Warren sends letter to incoming Fed Chair Kevin Warsh to press him on asset divestment (YF)

• The JPMorgan lawsuit was already messy, AI is making it worse (WSJ)

• Trump’s more than 3,700 trades astonish Wall Street insiders (YF) 

• SpaceX is aiming to go public on June 12 in what stands to be the biggest IPO ever (WSJ)

• Solo dining is more popular than ever, much to the distaste of some restaurants (CNN)

• BlackRock private credit fund's valuations being probed by DOJ (BB)

• Nvidia's trillion-dollar run puts pressure on the bulls (CNBC)

• Death to the $20 cocktail has bars bringing back cheaper drinks  (BB)

• Anthropic post rattles private company investors (WSJ)

• Dow, S&P 500, Nasdaq sink as yields jump amid inflation jitters (YF)

• Nuveen backs startup with $500 million of funds for clean energy (BB)

• HSBC drags feet on $4 billion private credit investment effort (BB)

• Twitter backers' patience repaid with $100 billion SpaceX stake (BB)

• Bain Capital hunts for new investors to hang onto aerospace firm (BB)

• Pershing Square has taken new stake in Microsoft, Ackman says (BB)

• PE firm Lightrock raises $500 million for new clean energy fund (BB)

CAPITAL PULSE

Markets Rundown

Market Update

• Major U.S. indexes closed lower as rising bond yields and profit-taking in technology pressured equities

• The recent AI-driven tech rally cooled, with energy the only S&P 500 sector finishing higher

• Materials was the weakest-performing sector on the day

• The 2-year Treasury yield rose to 4.08%, while the 30-year Treasury yield reached its highest level since 2007

• WTI crude oil and the U.S. dollar both moved higher

• Developments from the Trump-Xi summit pointed toward an extension of the current trade truce, though no major breakthroughs were announced

Bond Markets React to Inflation Concerns

• Global bond yields continued climbing amid concerns around:

  • Persistent inflation

  • Higher oil prices

  • Potential fiscal stimulus measures

• Markets are now pricing roughly a two-thirds probability of a Fed rate hike in December

• Investors remain concerned that energy-related inflation could become more persistent if governments pursue aggressive stimulus measures

• Despite rising yields, markets still generally expect the Fed to avoid overreacting to what may ultimately prove to be a temporary energy shock

Movers & Shakers

• (+) SolarEdge Technologies ($SEDG) +23% after Q1 revenue of $310M beat estimates, marking six straight quarters of gross-margin expansion.

• (+) Figma ($FIG) +13%  because the company disclosed that its March rollout of AI credit limits is generating a measurable revenue lift.

• (–) Intel ($INTC) -6% after semiconductor equipment companies sold off because Applied Materials reported softer-than-expected foundry equipment demand.

Prediction Markets

• The Trump-Xi Summit happened last week. At least we are likely to get more soy.

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

Private Dealmaking

• Elliptic, a blockchain analytics firm, raised $120 million

• Multiverse, a tech apprenticeship platform, raised around $70 million

• Gridcare, a provider of underused energy detection software, raised $64 million

• Fasset, a stablecoin neobank, raised $51 million​​​​​​​​​​​​​​​​

• Frame Security, an Israeli cybersecurity startup, raised $50 million

• Degron Therapeutics, a molecular glue-based targeted protein degradation platform, raised $40 million

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

BOOK OF THE DAY

A Little More Social

Description:
A research-driven look from Nicholas Epley at how small social interactions can meaningfully improve happiness, health, and overall well-being. Drawing from psychology and behavioral science, the book challenges the tendency to withdraw or stay isolated, showing instead how even brief moments of connection can have outsized positive effects. It offers practical insights into why human connection matters more than most people realize and how simple social choices compound over time.

Book Length: 288 pages
Release Date: May 19, 2026

Ideal For:
Anyone looking to improve relationships, happiness, and emotional well-being through small but intentional social habits

The smallest moments of connection often create the biggest changes in how we feel.

DAILY VISUAL

America's Data Center Count Is About to Nearly Double

PRESENTED BY VICTORY METALS

The Art of the Deal

Last week, Trump and Xi sat down to negotiate trade. Tariffs, tech, and goods were all on the docket. China's stranglehold on heavy rare earth processing, however, likely wasn’t. China controls roughly 90% of global supply and placed all seven key elements under export restrictions last year.

The US has been searching for Western-aligned alternatives. One Australian company, Victory Metals, sits on a 321-million-tonne JORC-compliant resource producing all seven restricted elements, with a scoping study showing a 52% IRR and a US EXIM Bank letter of interest for up to $190M in financing.

If there’s someone who can get a China deal done, it’s Trump. If not, there’s Victory Metals.

Explore VTM and their mine here.*

DAILY ACUMEN

Cold Exposure

Two to three minutes of genuinely cold water at the end of a shower will do more for your energy, mood, and stress tolerance than almost any supplement on the market. The mechanism is brutal and elegant. Cold triggers a massive release of norepinephrine, the same neurotransmitter that drives focus and alertness, and the effect lasts for hours after you step out. The studies show baseline increases of two to three hundred percent.

The real benefit is not the chemistry. It is what happens psychologically when you voluntarily do something hard first thing in the morning. You spend the rest of the day knowing the most uncomfortable thing on your schedule is already behind you, which quietly recalibrates your tolerance for everything else. The meeting you were dreading. The conversation you were avoiding. None of it feels quite as heavy when your nervous system already got punched in the face at 6am.

Discomfort, taken on deliberately and in small doses, is one of the most underrated forms of insurance against the larger discomforts life will eventually deliver on its own schedule.

ENLIGHTENMENT

Short Squeez Picks

• “It’s not personal, it’s business’ is one of leadership’s biggest lies

• To stand out at work, stop trying to be a star

• How to use habit stacking to reach your goals

• The optimal amount of sleep to lower dementia risk

• Is exercise as effective as treatments for depression and anxiety?

• Build 3 statement models, DCFs and LBOs in 10 minutes**

MEME-A-PALOOZA

Memes of the Day

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