Good Morning! Astronomer CEO Andy Byron has resigned after the viral kiss cam fiasco. Wells Fargo suspended China travel after a top banker was barred from leaving the country, while Citi is poaching dealmakers from JPMorgan.

Wall Street may have missed out on a massive fee event after Couche-Tard dropped its bid for Seven & i Holdings, one of the year’s biggest potential deals. Jack Dorsey’s Block soared on news it’s joining the S&P 500, and retail investors are favoring ETFs over single-stock dip buys.

Plus: Jamie Dimon opens up about getting fired from Citi on the Acquired podcast, and Jensen Huang shares what he’d study if he were in college today.

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SQUEEZ OF THE DAY

Private Companies, Public Attention

In a move that underscores how mainstream private markets have become, JPMorgan is expanding its research coverage to private companies, starting with none other than OpenAI.

Unlike traditional equity reports, these won’t include price targets or earnings estimates. Instead, they’ll offer structured insights and tracking on key private firms. The first report questions whether any chatbot company can maintain an edge in large language models and notes that OpenAI may not reach profitability until 2029.

JPMorgan’s Head of Global Research, Hussein Malik, said in an external note to clients.: “Private companies are increasingly pivotal in shaping the growth and outlook of industries.” 

With nearly 1,500 unicorns globally, and companies like SpaceX ($350B), ByteDance ($400B+) and xAI ($200B), now rivaling public-market giants, it’s no surprise Wall Street is adding private markets coverage.

Other firms are already ahead of the curve: UBS began profiling private companies back in 2022 and now covers over 1,300. But JPMorgan’s entry brings added scale and credibility to this evolving space.

Takeaway: As private markets soak up capital, companies are staying private longer than ever. Why go public and deal with volatility, regulatory headaches, and quarterly scrutiny if you don’t have to? With nearly 1 billion users, OpenAI is increasingly looking like it could become the world’s first trillion-dollar company to never IPO.

HEADLINES

Top Reads

• Astronomer CEO Andy Byron resigns after viral controversy (CNBC)

• Banks Wells Fargo suspends China travel after employee exit ban (CNBC)

• Wall Street banks miss out on millions in fees as Seven & i Deal collapses (BB)

• Block shares soar 10% on entry into S&P 500 (CNBC)

• The stock market bargain that’s right under your nose (WSJ)

• Trump tariffs become a convenient crutch for bankrupt U.S. companies (BB)

• Jamie Dimon interview: How JPMorgan became an $800B bank (YouTube)

• Inflation outlook tumbles to pre-tariff levels in latest Michigan survey (CNBC)

• Donald Trump set to open US retirement market to crypto investments (FT)

• Nvidia CEO on the field he'd focus on in college (CNBC)

• Wall Street wants to make private markets more public (NYT)

• Citi’s new banking chief steps up poaching of JPMorgan dealmakers (FT)

• Nvidia and Tesla are hot, but retail investors are shifting to ETFs (Axios)

• SMBC sells over $1.5B investment-grade loans to Apollo (BB)

• IRS outlines tax deductions from Trump’s “big, beautiful bill” (Axios)

• Trump tariffs are creating market downturns that Wall Street is gaming (Axios)

• Why Delta and United are pulling away from the airline pack (CNBC)

• Down in one: how private equity swallowed the BrewDog Unicorn (FT)

• Demand has soured for Lululemon (BB)

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CAPITAL PULSE

Markets Rundown

Market Update

• U.S. equities were mixed Monday, with the S&P 500 and Nasdaq flat, while the Dow dipped modestly.

• The 10-year Treasury yield edged lower to 4.44%.

• Communication and health care stocks led gains; industrials and materials underperformed.

• WTI oil fell over 1% amid rising U.S. stockpiles and slower Chinese demand concerns.

• The U.S. dollar slipped slightly; Europe closed higher, while Asia was mostly lower overnight.

Economic Data Highlights

• No major U.S. data releases Monday; attention turns to flash PMIs and housing data later this week.

• Fed officials reiterated a data-dependent stance on rates.

• Markets continue to price in a September rate cut, with 1–2 cuts expected in 2025.

• Eurozone consumer confidence improved slightly in July.

Reported Earnings

• American Express (AXP) – Beat on EPS and revenue; strong card spending by affluent consumers drove results.

• Charles Schwab (SCHW) – Slight beat on net interest income; client asset flows remained resilient.

• 3M (MMM) – Topped estimates; noted improving industrial demand and raised full-year profit guidance.

• Schlumberger (SLB) – Delivered solid results; international oil services demand supported pricing power.

• Ally Financial (ALLY) – Missed on earnings as auto loan delinquencies rose more than expected.

• Truist Financial (TFC) – Met expectations; cost-cutting initiatives offset softer commercial loan growth.

Earnings Today (Before Open)

• Verizon (VZ) – Focus on postpaid subscriber growth and wireless service revenue.

• NXP Semiconductors (NXPI) – Analysts watching automotive and industrial chip demand.

• AGNC Investment (AGNC) – Mortgage REIT outlook in focus amid shifting rate expectations.

Movers & Shakers

• (+) Invesco ($IVZ) +15% after the investment management company will increase fee revenue.

• (+) Charles Schwab ($SCHW) +3% because the wealth management company increased new brokerage accounts.

• (–) Netflix ($NFLX) -5% after the streaming company lowered its guidance.

Private Dealmaking

• 38 Degrees North, a solar company, raised $230 million

• Lovable, a vibe coding startup, raised $200 million

• Perplexity AI, an AI search startup, raised $100 million

• Q.ANT, a photonic processing company, raised $72 million

• BrightAI, an industrial AI startup, raised $51 million

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

NEIGHBORHOOD WATCH

Real Estate Digest

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The average 30-year fixed mortgage rate rose for the second consecutive week. Despite ongoing uncertainty around long-term economic policy, the recent stability in rates over the past few months has offered a sense of confidence to many homebuyers.

Latest News

• What is the future of interest rates?

• US home prices are losing steam with most big markets below peak

• Can Wall Street help solve the US housing crisis?

• Foreign buyers sank $56 billion into US real estate last year

• Here is how many renters compete for one NYC apartment

New Listings

• 49 Birchwood Ln Bridgehampton, NY: 6 Bed / 7.5 Bath - $5.2M

• 64 Grand Street Apt: 5 New York, NY: 3 Bed / 2 Bath - $4.5M

• 444 N Lucerne Blvd. Los Angeles CA: 6 Bed / 6 Bath - $3.5M

• 1 Rue Buenos-Ayres, Paris France: 4 Bed / 3 Bath - $7.6M

• Beloura Villa Sintra, Lisboa Portugal: 5 Bed / 9 Bath - $5.5M

BOOK OF THE DAY

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Book Length: 256 pages

Ideal For: Entrepreneurs, CEOs, and growth-minded professionals tired of linear gains—who want a field-tested roadmap to 10‑100× scale in just a few years.

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DAILY VISUAL

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It’s easy to end up rich and busy, but much harder to be rich and spacious.

A small pocket of open time—on purpose—is like oxygen for your mind. That’s when you get your best ideas. That’s when you actually see the game you're playing.

Naval said it well: “The ability to do what you want, when you want, with who you want, for as long as you want, is true wealth.”

In that light, calendar design is not just a productivity hack—it’s a moral choice.
Are you compounding your freedom? Or sacrificing it for someone else’s agenda?

Build a portfolio of hours you actually want to live. That’s alpha.

ENLIGHTENMENT

Short Squeez Picks

• 5 simple ways to keep your brain healthy every day

• The question that cuts through the BS at job interviews

• The best ways to connect with colleagues outside of work

• Purpose isn’t a destination, it’s a climb

• How ChatGPT is breaking higher education

MEME-A-PALOOZA

Memes of the Day

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