Good Morning! Nvidia will invest up to $100 billion in OpenAI to build out large data centers. Oracle will oversee TikTok’s U.S. algorithm under a Trump-backed deal and named two new co-CEOs. Palantir relaunched a merch store with T-shirts and totes as it tries to position itself as a lifestyle brand.

Better Home & Finance jumped after hedge fund manager Eric Jackson called it the “Shopify of mortgages.” Hard drive makers and other once-boring tech names are suddenly some of the hottest stocks, while strong iPhone 17 demand is sending Apple higher.

Plus: Crypto’s rally is losing steam, marriage is turning into a luxury good, and four easy ways to clear brain fog.

Ready. Set. Filed. See how Carta can set you up for a seamless tax season, this year and every year.

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SQUEEZ OF THE DAY

Private Equity Goes Yachting

While private equity has already rolled up dentists, vets and HVAC contractors, its latest target is yacht marinas.

Historically, marinas have been fragmented, family-run operations. Now, PE firms are stitching them into national platforms, drawn by infrastructure-like qualities: long-term slip rentals, predictable contracts, and a wealthy, sticky customer base.

Premium marinas catering to superyachts are nearly full and enjoy meaningful pricing power. The growing popularity of superyachts among wealthy Americans has also allowed operators like Suntex and Southern to raise slip fees, boosting earnings.

Centerbridge, which manages $42 billion, first backed Suntex in 2021 and invested another $1.2 billion last year to fuel acquisitions.

KSL Capital Partners, with $23 billion AUM, bought Southern Marinas that same year alongside management.

Now, both firms are testing the waters for exits: Centerbridge has hired advisers to sell its minority stake in Suntex at a potential $4 billion valuation, while KSL is exploring a $1 billion sale of Palm Beach-based Southern. If pricing falls short, both firms could stay moored for longer.

Blackstone, meanwhile, went all-in earlier this year with a $5.6 billion deal to buy Safe Harbor Marinas, the nation’s largest operator, from Sun Communities (a REIT).

Takeaway: Marinas have outgrown their mom-and-pop past and are being formalized as an asset class. For private equity, they represent scalable, infrastructure-adjacent businesses offering stable cash flows and pricing power in a niche leisure sector. With superyacht demand still running hot, marinas have become trophy assets in their own right. Proof that sometimes the best returns really do come with a waterfront view.

HEADLINES

Top Reads

• Nvidia will invest up to $100B in OpenAI as part of data center buildout (CNBC)

• Palantir wants to be a lifestyle brand (Wired)

• Oracle to control TikTok algorithm in Trump-backed deal (YF)

• Oracle names Clay Magouyrk and Mike Sicilia as co-CEOs (CNBC)

• Eric Jackson, who led the Opendoor meme rip, touts new “Shopify of mortgages” pick (CNBC)

• Hard drives make an AI comeback (WSJ)

• Dan Ives raises Apple price target to highest on Wall Street, cites strong iPhone 17 demand (CNBC)

• Cryptos sink as $1.5B in bullish bets get wiped out (YF)

• Marriage becomes the ultimate luxury class marker for the wealthy (WSJ)

• Compass to acquire Anywhere Real Estate for $1.6B (WSJ)

• Tesla stock jumps to new 2025 closing high as bull run rolls on (YF)

• Wall Street edges out private credit on $20B of M&A debt (BB)

• How top hedge funds can pay traders $100M (FT)

• Black Swan fund manager warns of huge rally followed by 1929-style crash (WSJ)

• Trump urges pregnant women to avoid Tylenol over unproven autism link (BBC)

• Family offices ramp up direct investing in private equity, Citi survey finds (CNBC)

• Goldman Sachs raises S&P 500 year-end target (CNBC)

• Tenants seek to unionize one private equity firm’s entire portfolio across the U.S. (BB)

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CAPITAL PULSE

Markets Rundown

Market Update

• Markets rise on AI optimism – Equities rallied after NVIDIA pledged to invest up to $100B in OpenAI, lifting its shares 4% and pushing the Nasdaq to new record highs.

• Broad gains – The S&P 500, Dow, and Russell 2000 also finished higher.

• Gold surges – Prices hit a record above $3,700/oz as ETF inflows reached a three-year high.

• Bonds and dollar – Treasury yields drifted higher; the dollar weakened slightly against peers.

• Oil steady – WTI slipped but held within its $60–$65 range.

Economic Data Highlights

• Immigration crackdown continues – The Trump administration imposed a $100K fee on H1-B visas, up from $1K, adding to the administration’s push to tighten immigration. Tech firms, which rely heavily on H1-Bs, may face higher labor costs.

• Labor market impact – Job gains in immigration-reliant sectors have slowed to a standstill this year, raising risks of lower U.S. growth potential and inflation pressures in affected industries.

• Inflation in focus – August PCE is due this week, with forecasts for +0.3% headline and +0.2% core. Economists see tariff pass-through as a risk later in 2025.

• Fed stance – The Fed restarted its easing cycle last week but avoided promising further cuts. Markets currently expect back-to-back 25 bp cuts in October and November.

Reported Earnings

• No significant earnings

Earnings Today

• AutoZone (AZO) – Focus on same-store sales growth and margin trends.

• Micron Technology (MU) – Key watch: AI-driven memory demand and supply-chain dynamics.

Movers & Shakers

• (+) Better Home & Finance ($BETR) +47% after hedge fund manager Eric Jackson called the company the Shopify of mortgages.

• (+) Oracle ($ORCL) +6% because the company named two new co-CEOs.

• (–) Kenvue ($KVUE) -7% after the Trump admin plans to announce the Tylenol maker is tied to autism.

Private Dealmaking

• Pfizer bought Metsera for $4.9 billion

• Patient Square Capital bought Premier for $2.6 billion

• Allwyn bought a majority stake in PrizePicks for $1.6 billion

• Office Depot parent was taken private by Atlas for $1 billion

• Oura, a smart ring maker, raised $875 million

• Dualitas Therapeutics, an antibodies developer, raised $65 million

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

BOOK OF THE DAY

How To Make Money In Any Market

Description: A practical guide for investing no matter the economic conditions. Cramer shares strategies for navigating volatility, recognizing opportunities in both rising and falling markets, and using tools like diversification, asset allocation, and timing to build wealth even when things look shaky.

Book Length: 320 pages
Release Date: September 30, 2025

Ideal For: Investors and traders, both beginners and experienced, who want to be resilient through bear markets, inflation, or unexpected economic shifts.

“You don’t wait for perfect conditions. You make the most of whatever market you’re in.”

DAILY VISUAL

Momentum Stocks Having a September to Remember

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Ramp, a Vanta customer, recently secured $500 million in funding at a $22.5 billion valuation. Vanta itself closed a Series D at a $4.15 billion valuation, proof that the platform delivers results for fast-growing teams.

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DAILY ACUMEN

Information Edge

In the old market, edge meant inside information.

In the modern market, edge means interpretation.

Everyone has access to the same data, but few can separate signal from noise.

The same applies to life. We drown in podcasts, newsletters, tweets.

The value isn’t in hoarding more, but in refining filters.

An information edge comes from curating inputs, slowing down, and thinking from first principles.

The person who reads less but synthesizes more will always outpace the person who consumes endlessly but never digests.

The future belongs not to the informed, but to the discerning.

ENLIGHTENMENT

Short Squeez Picks

• Four easy ways to fix brain fog

• 13 pressure tactics and how to respond

• 3 exercises that are better than stretching for strong hips

• What NYC can learn from European buses 

• 4 prompts you can use to replace consultants with AI

MEME-A-PALOOZA

Memes of the Day

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