🍋 Prime-Time Cellular

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Good Morning! It’s shaping up to be a wild summer for the jobs market. The U.S. economy shattered expectations by adding 339k jobs in May. And demand for AI talent is sending Wall Street into a frenzy, with banks trying to fill back office and even investment analysis with ChatGPT-like applications.

But Americans aren’t staying at jobs as long as they used to, and nearly 4,000 Americans lost their jobs due to AI last month. And in the music streaming world, Spotify’s growth is at risk, and Wall Street is as bearish on the S&P 500 as it has been since 2007.

1. Story of the Day: Prime Time Cellular

Amazon is charting its latest plan to ingrain itself in our day-to-day lives. The company is recognizing a slowdown in the growth of its Prime membership and is scheming up a way to burn even more billions of dollars to entice consumers: free or highly affordable mobile phone service exclusively for Prime members.

To turn this vision into reality, Amazon is currently engaged in discussions with industry powerhouses such as Verizon, T-Mobile, and Dish Network. The goal is to negotiate favorable prices that would be available solely to Prime members. Amazon remains determined to expand its Prime membership base, and the company has already demonstrated its willingness to absorb billions of dollars in shipping and movie production costs in its drive to expand Prime.

Verizon, AT&T, and T-Mobile’s stocks all sank last Friday on the news. Amazon is willing to undercut these carriers, or even gradually put them out of business. As a result, carriers find themselves in a challenging position, unable to outright refuse Amazon's proposition. Having invested billions of dollars into the development of 5G technology, they are now seeking new sales outlets.

But Dish Network stands to gain the most from a partnership with Amazon, and its stock popped over 16% on the news. As Dish aspires to become a cloud-based wireless carrier, a deal with Amazon could serve as a lifeline for the company.

Takeaway: Amazon’s not afraid to spend billions of dollars as it tries to grow. And investors are starting to grow bearish on major cellular carriers - a big tech company could practically give away service for free, pushing them out of business.

2. Markets Rundown

Stocks closed higher on debt ceiling optimism and a strong jobs report.

Movers & Shakers

• (+) MongoDB ($MDB) +28% after the database-software company announced big earnings beat.

• (+) Lululemon ($LULU) +11% after the company announced strong sales growth.

• (–) SentinelOne ($S) -35% after the cybersecurity company slashed annual guidance.

Private Dealmaking

• MiniMax, a Chinese generative AI startup, raised $250 million

• GetYourGuide, a travel discovery and booking site, raised $194 million

• Capillary Technologies, a customer engagement SaaS, raised $45 million

• NexWafe, a solar wafers manufacturer, raised $32 million

• Hyro, a conversational AI tools developer, raised $20 million

• Fortify, a materials science startup, raised $12.5 million

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Daloopa is giving Short Squeez readers access to ten financial models (any public company) when you sign up for a free account on their website.

3. Top Reads

• How private equity plans to capitalize on commercial real estate distress (CO)

• America’s economic holding pattern (Axios)

• What Ford, Tesla’s blindsiding deal means for the auto industry (YF)

• Boycotts hitting stocks hard (CNBC)

• Bearish bets against S&P 500 are surging, despite love for big tech (WSJ)

• JPMorgan’s Jamie Dimon’s succession dilemma (YF)

• The 7 most hated brands in America (CNBC)

• Apple to warp reality for real dollars (Axios)

• Why this is the strangest jobs report for some time (YF)

• Investment bank promoting Beverly Hills event shut down by regulators (BB)

• The surprising new source of lithium for batteries (WSJ)

4. Book of the Day: The Dealmaker

The Dealmaker is a frank and honest account of how a severely dyslexic child who struggled at school went on to graduate from Oxford and become a serial entrepreneur. It describes Guy Hand's career in private equity, first at Nomura and then as head of his own company, Terra Firma.

It looks in detail at the huge deals that Terra Firma has done over the years, involving everything from cinema chains and pubs to waste management, aircraft leasing and green energy.

And it offers a brutally honest appraisal of the deal that almost bankrupted him - the acquisition of multinational music recording and publishing company EMI in 2007, just as a global financial crash loomed on the horizon.

Above all, it takes the reader inside the previously very secretive world of private equity, explaining how this multi-billion-pound sector operates and what opportunities it offers.

Both insightful and page-turning, it will prove inspirational and essential reading for all those concerned with or interested in the world of investment.

“An inside account of the multi-billion-pound world of private equity and a masterclass on the art of deal-making.”

5. Short Squeez Picks

• 15 real pieces of advice for Wall Street summer interns

• Barack Obama on what the most successful people do differently in their careers

• An inside look at Theranos’ pitch deck

• What money can’t buy, according to Succession 

• Why so many luxury condos are built in cities facing an affordable housing crisis

• 4 books for entrepreneurs looking to break the mold

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6. Daily Visual: America's Economic Holding Pattern

Proportion of Americans who feel good about…

_{Source: Axios}

7. Daily Acumen

Small acts of kindness hold immeasurable power.

Extend a helping hand, offer a listening ear, or show compassion to those around you.

Even the smallest gestures can brighten someone's day, create connections, and foster a sense of community.

Remember, your kindness has a ripple effect, impacting not only others but also shaping your own character, cultivating empathy, and promoting a more compassionate and harmonious world.

8. Memes of the Day

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