Good Morning! Nvidia reclaimed the title of the world’s most valuable company. Wells Fargo’s asset cap was lifted by the Fed after ‘substantial progress’ following the fake accounts scandal. And private equity’s backlog is nearing 30,000 unsold companies.

Meta struck a deal with an Illinois nuclear plant to power its AI operations, and EY is entering the marketing business.

Plus: Metal tariffs are set to rise to 50%, Temu lost 58% of its daily users, and how to deal with competitive coworkers.

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SQUEEZ OF THE DAY

Musk vs. Mega Bill

Just days after departing his role as head of the DOGE, Elon Musk has publicly denounced President Trump's new $2.3 trillion "One Big Beautiful Bill Act," labeling it a "disgusting abomination."

The bill is already causing angst on Wall Street, and Musk thinks the new domestic spending package could add too much debt to the federal balance sheet and destabilize markets. The bill has already passed the House and now sits with the Senate. If it passes the Republican-controlled Senate, Trump can sign it into law. 

The bill combines tax cuts with defense, border, and energy spending. But investors are spooked by the deficit math. The CBO estimates that the legislation could add between $2.3 trillion and $5 trillion to the national debt over the next decade.

And with the Fed already publicly pleading that their hands are tied on inflation, Wall Street thinks the move could lead to rate hikes and market turbulence. Musk is stepping away from politics and instead torching the bill on X points to how frustrated the broader business world is. 

The Senate is under pressure to get the bill to Trump’s desk by July 4, but it is already facing some internal turmoil. If the bill stalls, defense and energy stocks could lose steam. If it passes, bond markets could crater, leading to the disaster Jamie Dimon warned about.

Takeaway: Musk’s not just venting. He’s trying to influence politics. And with most of Wall Street opposing this bill, we could be in for yet another high-leverage trade that Trump seemingly craves. And, if we had to bet, another TACO trade could be down the road.

HEADLINES

Top Reads

• Nvidia reclaims most valuable crown (YF)

• Wells Fargo's asset cap lifted by Fed, paving way for growth (CNBC)

• Private equity confronts swollen investment backlogs with dealmaking stuck (WSJ)

• KKR pulls out of Thames Water rescue deal (WSJ)

• Some unicorns have finally accepted reality (Axios)

• Trump’s USD1 stablecoin is off to a rocky start, data shows (CNBC)

• Constellation Energy stock soars on 20-year nuclear energy deal with Meta (YF)

• KKR builds record $42B private real estate loan pipeline (BB)

• Job openings rise more than expected in April despite tariff escalation (YF)

• CrowdStrike shares drop on weak revenue guidance (CNBC)

• JPMorgan banker warns of Silicon Valley trap for clean tech (YF)

• EY joins consultants’ race for marketing dollars with new unit (WSJ)

• Temu loses 58% of US daily users due to Tariffs (PYMNTS)

• Forbes list honors self-made women (Forbes)

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CAPITAL PULSE

Markets Rundown

Market Update

• The Nasdaq led stocks higher Tuesday, boosted by gains in technology and energy sectors. Markets responded to trade developments, including President Trump’s executive order doubling tariffs on steel and aluminum to 50%.

• The administration reportedly requested final offers from trade partners, aiming to accelerate negotiations ahead of the July 9 tariff deadline.

• Bond yields climbed, with the 10-year Treasury yield rising to 4.45%, reflecting persistent policy uncertainty and inflation concerns.

• Oil prices rose again, as geopolitical tensions flared with drone attacks in Russia and Iran's rejection of a U.S. nuclear proposal.

Economic Data Highlights

• Job Openings (Apr): Rose to 7.4M vs. 7.1M expected; quits fell slightly to 3.2M, layoffs rose to 1.8M – still indicative of a healthy labor market.

• Factory Orders (Apr): Fell 3.7%, missing estimates for -3.0%; inventories and shipments both declined.

• Eurozone CPI (May, preliminary): Slowed to 1.9% YoY, likely clearing the way for a rate cut from the ECB on Thursday.

• 10-year Treasury yield: Closed at 4.45%, up 1 basis point.

Reported Earnings

• Credo Technology (CRDO): Posted solid results, led by strong AI infrastructure demand and resilient growth in high-speed connectivity.

Earnings Today

• Dollar Tree (DLTR) – Reporting June 5 (Before Market Open): Investors are watching discount store traffic and gross margin recovery.

• MongoDB (MDB) – Reporting June 5 (After Market Close): Focus on Atlas platform growth and enterprise customer expansion.

• Five Below (FIVE) – Reporting June 5 (After Market Close): Key focus on comp-store sales trends and merchandising strategy for back-to-school.

Movers & Shakers

• (+) Dollar General ($DG) +16% after the retailer revised guidance, assuming tariffs at the same levels until August.

• (+) Signet Jewelers ($SIG) +12% because the diamond jewellery retailer raised its guidance.

• (–) Bumble ($BMBL) -6% after the dating app parent company was downgraded by JPMorgan.

Private Dealmaking

• Viper Energy acquired Sitio Royalties for $4.1 billion

• Infleqtion, a quantum computing startup, raised $100 million

• Prepared, an emergency response tools provider, raised $80 million

• Aerones, a robotic inspection startup, raised $62 million

• Vima Therapeutics, a movement disorder biotech, raised $60 million

• Chalk, an AI/ML data platform, raised $50 million

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

BOOK OF THE DAY

The Gut-Brain Paradox

In his previous bestselling books, Steven R. Gundry taught readers how to reverse disease and improve health and well-being by preventing and repairing leaky gut.

In The Gut-Brain Paradox, he delves even more deeply into the mysterious and long misunderstood world of the human microbiome.

Here Dr. Gundry uncovers the complex and multifaceted ways in which our microbes are controlling the health and functioning of our brains, and how the gut-brain connection is made long before we are even born.

The Gut-Brain Paradox shines a fascinating light on how the one-two punch of leaky gut and gut dysbiosis, together driven by western diets, overuse of antibiotics and other medications, and environmental toxins allow pathogenic bacteria to take over.

These “bad bugs” cause inflammation and hijack the intricate messaging systems that run from the gut to the brain, setting the stage for neurological changes, brain fog, neurodegeneration, mental health issues, personality alterations, and even addiction.

However, these changes are reversible. Featuring the latest science, easy-to-follow recipes, and supplement guides, The Gut-Brain Paradox shows us how to eat to restore not only our inner balance, but our mental energy and well-being, too.

“Dr. Steven R. Gundry shares compelling evidence that our gut microbiome is driving our thoughts, feelings, behaviors, and our mental, emotional, and neuronal health—and shows us how to heal our microbiomes to take back control of our minds.”

DAILY VISUAL

For more investing visuals and insights, subscribe to Carbon Finance.

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DAILY ACUMEN

Deep Connections

In a world that often feels fractured, true meaning springs from connection—whether through family and friends, a community that shares your values, work that gives you purpose, or a sense of something greater.

When any of these pillars falters, life can feel hollow, yet meaning is surprisingly transferable: strengthening just one area—reaching out to an old friend, volunteering for a cause that ignites your passion, or pausing to marvel at nature—sends ripples through every other domain.

A quick inventory of your connections reveals where you’re most adrift, while brief “existential espresso shots”—writing about a core personal value, recalling a cherished memory, or immersing yourself in an awe-inspiring moment—revive your sense of purpose when you need it most.

Embrace these simple but powerful practices, and watch how a single reconnection can transform mere survival into vibrant flourishing, making life feel profound again even amid chaos.

ENLIGHTENMENT

Short Squeez Picks

• 7 signs it’s time to change your gym or workout class

• Ivy League psychologist on the best success and happiness advice

• 7 of the best books about management in 2025

• How to deal with a competitive peer at work

• Don’t let a messy house stop you from hosting

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