Good Morning! Hedge fund billionaire Ken Griffin is meeting with Governor Hochul to discuss NYC's future direction after his public spat with Mamdani. Jamie Dimon is warning of "some kind of bond crisis" ahead as global debt risks build. And Meta, Google, and OpenAI are watching top staff walk out the door to launch AI startups.

Mamdani is holding the city's $127 billion budget hostage as he pressures the state to limit a tax credit used by hedge funds and private equity firms. JPMorgan joined the IOC's Worldwide Olympic Partner program as the first global banking partner in Olympic history. And the first Vegas-style casino just opened in New York City.

Plus: US gas prices jumped to a four-year high amid the Iran impasse, and etiquette experts weigh in on what to say when someone asks your salary.

AI may be hot, but oil is still king. And, Greenland Energy potentially has a lot of it. Read more about them here.

SQUEEZ OF THE DAY

OpenAI Misses Targets

OpenAI’s growth story just got messier. The company reportedly missed internal targets for both new users and revenue, including a goal to hit one billion weekly ChatGPT users by the end of last year. The company also missed its yearly revenue target after Google’s Gemini gained share in late 2025, then missed several monthly targets this year as Anthropic took ground in coding and enterprise.

Sam Altman released a statement yesterday calling any suggestion of a divide “ridiculous” and saying the business is “firing on all cylinders.”

But behind the scenes, CFO Sarah Friar has reportedly told company leaders she is worried OpenAI may not be able to cover future compute contracts if revenue does not grow fast enough. 

The issue is simple, and OpenAI has become too important for this to stay an OpenAI story. Altman has spent years betting that compute is destiny, signing up for roughly $600 billion in future spending commitments on chips, data centers, and cloud capacity. 

OpenAI also just raised $122 billion in the largest funding round in Silicon Valley history, but that money could reportedly be burned through in about three years if the company hits its own plan. The math works if revenue keeps ripping, but It gets more awkward if ChatGPT growth slows, Gemini keeps gaining share, and Anthropic keeps taking enterprise and coding customers.

Oracle fell around 4% on concerns about its massive cloud exposure to OpenAI, while CoreWeave dropped as investors questioned AI compute demand.

Arm fell more than 6%, Nvidia, AMD, and Broadcom also slid, and SoftBank, one of OpenAI’s biggest backers, dropped nearly 10% in Tokyo. The Nasdaq fell more than 1% on the report. So while it is still private, it now sits at the center of a public-market web that includes chips, cloud, power, data centers, private credit, and venture capital.

Takeaway: OpenAI raised $122B at an $840B valuation on the idea that it's the defining company of the AI era, and it still might be. But the story now has a harder edge: missed user targets, missed revenue targets, a CFO worried about compute bills, and a public-market ecosystem that sells off when the model looks stretched. Altman's been right about the big picture before, but this time he needs the P&L to catch up before the compute invoices do.

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HEADLINES

Top Reads

• Citadel's Griffin to meet with NY governor after Mamdani spat (BB)

• Jamie Dimon warns of 'some kind of bond crisis' ahead as global debt risks build (CNBC)

• Meta, Google, OpenAI among big tech firms seeing top staff leaving to launch AI startups (CNBC)

• Mamdani pushes to shrink NY hedge fund, private equity tax break (BB)

• JPMorgan becomes global partner of 2028 LA Olympics (NBC)

• First Vegas-style casino opens in New York City (CNBC)

• US gas prices jump to a 4-year high amid Iran impasse (AOL)

• Blue Apron's lone meal maker files bankruptcy after food recalls (BB)

• Amazon set to sell OpenAI tech after Microsoft cedes exclusivity (BB)

• Saba Capital finds little appetite for tender offer of shares in Blue Owl, Starwood private credit funds (CNBC)

• Office demand rebounds to highest level since Covid pandemic began (CNBC)

• United Arab Emirates to leave OPEC May 1, energy chief says still committed to oil price stability (CNBC)

• China venture capital boosting parallel funds for US investors (BB)

• Wall Street braces for Fed's next move on interest rates (YF)

CAPITAL PULSE

Markets Rundown

Market Update

• Stocks slipped modestly, with the Nasdaq lagging on tech weakness

• Pressure came from AI-related names, dragging broader growth sentiment

• Energy and defensive sectors outperformed, signaling a slight risk-off shift

• Oil prices moved higher, approaching key levels again

• Despite the pullback, markets remain near highs after a strong recent rally

AI Trade Faces Its First Real Test

• Weak news tied to OpenAI raised concerns about AI demand expectations

• This triggered selling in data-center and AI infrastructure stocks

• Markets are beginning to question how fast growth can realistically scale

• The shift is subtle, but important. It marks a move from unquestioned optimism → scrutiny

• Leadership may become more selective within tech, rather than broad-based

Earnings Week Becomes Critical

• A major wave of mega-cap tech earnings is about to hit

• So far, results have been strong with consistent upside surprises

• Technology remains the primary driver of earnings growth

• However, expectations are extremely high, raising the risk of volatile reactions

• This week will determine whether the rally has more fuel or needs to reset

Fed in Wait-and-See Mode

• The Fed is expected to hold rates steady, with focus on messaging

• Rising oil prices complicate the outlook by pushing inflation expectations higher

• Policymakers are likely to remain patient and data-dependent

• The key question is whether inflation is temporary or more persistent

• Markets are adjusting to a reality of slower, later rate cuts

Movers & Shakers

• (+) Sanmina ($SANM) +15% after crushing Q2 estimates as its ZT Systems acquisition funneled AI server demand.

• (–) Oracle ($ORCL) -4% because reports emerged that OpenAI missed its internal revenue and user growth targets ahead of its IPO.

• (–) Spotify ($SPOT) -12% after Q2 guidance disappointed and premium subscriber growth outlook of 299M fell short of the 302M expected.

Prediction Markets

• The Fed press conference is today at 1pm EDT.

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

Private Dealmaking

• Ineffable Intelligence, a reinforcement learning startup, raised $1.1 billion

• Vinted, a Lithuanian second-hand fashion marketplace, sold around $950 million in secondary shares

• True Anomaly, a developer of autonomous spacecraft and software for U.S. national security, raised $650 million

• Coultreon Biopharma, a Belgian immunology biotech, raised $125 million

• Wiliot, a developer of sensors and software for supply chains, raised $75 million

• Nervonik, a maker of peripheral nerve stimulation devices, raised $52.5 million

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

HEARD ON THE STREET

What Does Wall Street Actually Pay?

Everyone has a rough sense of what the market pays. Very few people know exactly what their role, at their level, in their city, at their firm type actually pays.

Wall Street 360 has live compensation data across 1,000+ firms, filterable by industry, position, firm, and location. 

Investment banking to private equity to hedge funds to venture capital, every major corner of Wall Street, broken down so you can get to exactly the slice you need.

Not a salary guide published once a year that's outdated the moment it goes live. A live dataset, updated in real time as new submissions come in.

Whether you're negotiating an offer, evaluating a lateral move, or just benchmarking where you stand, we have the data:

BOOK OF THE DAY

Moral Economics

Description:
A provocative and intellectually rigorous exploration from Alvin E. Roth on how markets function in morally complex spaces. The book examines controversial transactions like organ sales and prostitution to reveal deeper truths about incentives, matching markets, and the boundaries between economics and ethics. It challenges readers to rethink how markets are designed and where society draws the line on what should or should not be for sale.

Book Length: 288 pages
Release Date: May 12, 2026

Ideal For:
Readers interested in economics, market design, and the ethical boundaries of capitalism, especially those who want to understand how incentives shape real-world outcomes.

Markets do not just allocate resources they reflect the values of the society that creates them.

DAILY VISUAL

Some Feet

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DAILY ACUMEN

Performed Effort

Somewhere along the way, looking busy quietly replaced being useful as the thing that gets rewarded at most jobs. The person who arrives first and makes sure everyone notices. The Slack message sent at 11pm not because the work needed doing then, but because the timestamp was the point. The calendar so packed with meetings there is no time left to actually produce anything.

Performing effort and doing real work look nearly identical from a distance, especially to managers too busy to look closely. So plenty of people figure out, consciously or not, that the performance is easier and the rewards are roughly the same.

The catch is that real output compounds in a way theater never does. The quiet person doing the actual work eventually builds something the performer cannot fake their way around. It just takes longer than people expect, which is why so many give up on the real thing right before it would have paid off.

ENLIGHTENMENT

Short Squeez Picks

• Small talk is good for us

• The 3 skills that define great teammates 

• Etiquette experts on what to say when someone asks your salary

• Why some athletes are using chatbots for their workouts

• How to become less ambitious

MEME-A-PALOOZA

Memes of the Day

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