Good Morning! Wall Street is panicking over a socialist mayor running NYC, while Trump called Powell an “average mentally person” and hinted at replacements.

Nvidia jumped 4.3% to a new record, cementing its place as the world’s most valuable company. Ford is moving to 4-day office weeks, Bumble slashed 30% of its staff, and Goldman’s new AI tool has bankers fearing for their jobs.

Plus: Shell is eyeing a mega $80B takeover of BP, seed investors are cashing out early, and ESPN is buying a minority stake in the Premier Lacrosse League.

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SQUEEZ OF THE DAY

Oops, I Funded a Coup

One of Wall Street’s most secretive figures has found himself entangled in an international coup plot… and claims he had no idea.

Robert Granieri, co-founder of trading powerhouse Jane Street, allegedly provided $7 million in funding to Peter Ajak, a former child soldier turned Harvard Fellow and human rights activist.

Ajak and associate Abraham Keech were charged last year with conspiring to illegally export weapons, including AK-47s, Stinger missiles, and grenades, in a bid to overthrow South Sudan’s government.

Granieri, through his attorney, maintains he was defrauded. He believed he was supporting a legitimate civil rights initiative. But prosecutors say the funds were "vital to the plan," citing encrypted messages and meetings in Midtown Manhattan, including one shortly before Ajak inspected a weapons cache in Phoenix. Both Ajak and Keech have pleaded not guilty.

Also named in filings, but not accused of wrongdoing, is chess grandmaster Garry Kasparov, who reportedly introduced the two men through their shared work in the human rights space.

Jane Street, which generated $20.5 billion in net trading revenue last year, has long kept a low public profile. Granieri, the last remaining founder at the firm, is virtually invisible on the company’s website, but his influence spans philanthropy, politics, and now, apparently, geopolitical drama.

Takeaway: Wall Street capital has long powered everything from casino deals to presidential bids, but this case underscores how even well-intentioned funding can veer into dangerous territory when due diligence falls short. Then again, with AK-47s, encrypted messages, and chess champions in the mix... how long before the Netflix special drops?

HEADLINES

Top Reads

• Wall Street panics over prospect of socialist running NYC (WSJ)

• Nvidia shares hit record, becomes world’s most valuable company (CNBC)

• Nvidia CEO says robotics is chipmaker’s biggest opportunity after AI (CNBC)

• Trump calls Fed Chair Powell an ‘average mentally person’ and says he’s working on replacements (CNN)

• Shell in early talks to buy rival BP (YF)

• Goldman launches AI tool, fueling fears it could hit jobs (NYP)

• ESPN to take minority stake in Premier Lacrosse League (Axios)

• Why seed investors are selling their wins earlier (YF)

• White House economists project falling deficits from Trump agenda (Axios)

• Trump administration to count crypto as a federal mortgage asset (CNBC)

• Bumble will lay off 30% of its staff (CNBC)

• Ford moving to 4 days in the office (Reuters)

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CAPITAL PULSE

Markets Rundown

Market Update

• U.S. equities finished near flat Wednesday, taking a breather after gains earlier in the week fueled by easing geopolitical strains.

• Technology and communication sectors led, while most other sectors traded flat-to-lower.

• May new home sales disappointed, reinforcing signs of cooling in the housing market.

• Bond yields were stable, with the 10‑year around 4.29%–4.30% and the 2‑year near 3.77%.

Economic Data Highlights

• PCE inflation (due Friday): projected +0.1% MoM; headline +2.3% YoY, core +2.6% YoY.

• Earlier CPI data showed minimal tariff impact—core CPI rose just 0.1% MoM and core goods inflation was flat.

• Outlook: tariffs may cause a short-term price bump, but long-term inflation expectations remain anchored.

Reported Earnings

• Paychex (PAYX) – Focused on payroll growth and client retention amid signs of a cooling labor market.

• Micron Technology (MU) – Highlighted robust AI-related memory demand and improving pricing trends.

• Jefferies Financial (JEF) – Delivered mixed results: investment banking lagged, but wealth and asset management remained strong.

Earnings Today

• Walgreens Boots Alliance (WBA) – Reporting Before Market Open: Investors watching pharmacy trends and cost-cutting progress.

• Nike (NKE) – Reporting After Market Close: Key focus on North America sales and digital channel performance.

Movers & Shakers

• (+) Bumble ($BMBL) +25% after the dating app company will lay off 30% of its staff.

• (+) BlackBerry ($BB) +12% after raising guidance.

• (–) Paycheck ($PAYX) -9% after the payroll services company’s quarterly reports disappointed investors.

Private Dealmaking

• Kalshi raises $185 million at $2 billion valuation

• Xero acquired Melio for $2.5 billion

• Krafton bought ADK for $516 million

• First Financial Bancorp bought Westfield Bank for $325 million

• Decagon, an AI startup for customer service, raised $131 million

• ForSight Robotics, a robotic surgery developer, raised $125 million

• Halter, a smart cow collar maker, raised $100 million

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

BOOK OF THE DAY

More Everything Forever

Description: A compelling critique of Silicon Valley's futuristic obsessions—from rogue AI and digital immortality to Martian colonies and space empires. Becker unpacks how these visions often mask a hunger for power, cloaked in scientific-sounding hype, that distracts us from real-world crises.

Rating:
• Amazon: 4.4 / 5
• Goodreads: 4.2 / 5

Book Length: 384 pages (hardcover)
Audible Length: 10 hr  57 min

Ideal For: Thoughtful skeptics, tech critics, nonfiction readers, and anyone tracking the intersection of AI, venture capital, and society—who want to cut through the hype and understand what Silicon Valley’s big dreams mean for humanity.

“Smart and wonderfully readable… Amid [Becker’s] sharp criticisms of the tech figures he writes about is a resolute call for compassion.” — The Atlantic

DAILY VISUAL

Tech Leads Stocks to Records after Tariff Scare

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DAILY ACUMEN

Reframe

We treat sleep like the day’s closing act—an afterthought once everything else is done.

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Sleep isn’t the end of your day—it’s the beginning.

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Sleep sets the tone for your next 16 waking hours: your focus, your mood, your metabolism, even your resilience.

So tonight, don’t crash—launch. Start tomorrow by sleeping like it matters. Because it does.

ENLIGHTENMENT

Short Squeez Picks

• Why our brains cling to bad memories

• Habits that are aging your gut

• Our favorite tips on sleep, exercise, and play

• What great storytelling looks like in real life

• The time management math that actually works

MEME-A-PALOOZA

Memes of the Day

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