Good Morning! Alibaba shares surged 8% after unveiling a new AI model. Lithium Americas jumped 95% on reports of a potential government stake. And Intel (now partially owned by the U.S. government) approached Apple about an investment to help shore up its struggling chip business.

AI can now pass the toughest level of the CFA exam in minutes. New home sales spiked 20% in August to a three-year high. And day trading is about to get easier for smaller retail investors.

Plus: Stripe’s valuation climbed past its 2021 peak to $106.7 billion, Waymo is moving into corporate travel, and how to become consistent at anything.

Learn how BILL can help you eliminate manual and time-consuming tasks from your accounts payable process.

SQUEEZ OF THE DAY

Red-Hot Job Market for MDs

Wall Street dealmaking is starting to come back to life, and banks are moving quickly to capitalize. After a sluggish 2022 and 2023, pipelines are picking up across M&A and capital markets.

At the same time, hiring is returning, especially at the senior levels.

JPMorgan has reportedly added more than 100 managing directors to its global banking division over the past year, marking the largest expansion in that unit’s history.

Meanwhile, Morgan Stanley is actively recruiting bankers for its healthcare, technology, and industrials coverage groups, and Citigroup has bolstered its deal teams through high-profile lateral hires.

The comeback is thanks to a 40% year-over-year surge in global M&A and ECM volumes this summer, with the IPO window showing signs of sustained reopening.

The Fed’s recent rate cuts are easing borrowing conditions and bringing corporate boards back to the table.

Goldman Sachs, which had been bracing for further cuts in the spring, reversed course and began hiring aggressively in the middle-market segment.

This isn’t a replay of the 2021 hiring spree. It’s more focused, more targeted, and far more selective. Banks are doubling down on senior operators who can originate and execute, not just pitching experts.

The traditional Q4 cull of underperformers has largely been shelved as firms look to avoid being short-staffed in a market that appears to be entering a breakout phase.

Relationships are again commanding a premium and teams are being rebuilt around proven dealmakers. That said, the longer-term picture for employment remains uncertain.

Automation and AI deployment continue to cast a shadow over junior and mid-level roles. While the current upcycle favors seasoned rainmakers, institutions remain cautious about layering too much fixed cost.

Much will depend on the trajectory of macro conditions, the durability of the IPO cycle, and whether political volatility derails momentum heading into 2026.

Takeaway: For senior investment bankers, the market is active and competitive. Lateral moves are being rewarded with stronger platforms and more favorable economics, but the window may be short. The firms that hesitated in Q3 could be locked out by Q1 2026. Whether this cycle sticks or stalls, one thing is clear the build is already underway, and seats are filling fast.

PRESENTED BY BILL

Cut AP Time by 50%

Accounts payable shouldn’t eat up half your week, but for most finance teams, it still does.

BILL streamlines approvals, automates invoice capture, and centralizes everything in one place, helping companies reduce their accounts payable time by up to 50%, according to a survey of 2,000+ customers.*

See exactly how it works in Brew with BILL, a quick, live demo built for finance leaders who want faster, smarter payables.

HEADLINES

Top Reads

• CVC strikes $1.5B deal for GoDaddy rival Namecheap (WSJ)

• Alibaba stock jumps 8% on AI spend, Nvidia pact (YF)

• AI can now pass hardest CFA test (CNBC)

• Lithium Americas soars 95% on possible government stake (YF)

• Tether reportedly seeks $500B valuation in new capital raise (CNBC)

• Intel seeks Apple investment to aid turnaround (YF)

• August new home sales surge 20% to new 3-year high (CNBC)

• Day trading set to get easier for smaller retail investors (CNBC)

• Death rates rose in hospital ERs after private equity firms took over (NBC)

• Private credit gobbles more of CLO market as sales soar (BB)

• Waymo pilots autonomous corporate travel program (Axios)

• NFL approves $8.9B sale of Chicago Bears stake (CNBC)

• Penn District emerges as NYC’s hot new restaurant hub (BB)

• Mamdani draws NYC investors to advise if he wins mayor’s race (BB)

• JPMorgan–Plaid data deal cements giants’ position (BB)

• Stripe’s valuation rises above its 2021 peak to $106.7 billion (BB)

• Fed unity already fraying after rate pivot (YF)

CAPITAL PULSE

Markets Rundown

Market Update

• Equities stumble – U.S. stocks fell for a second session but remain close to record highs, with tech, industrials, pharma, and telecom lagging, while energy and consumer staples outperformed.

• Global tone – Asian equities posted strong gains overnight, while European benchmarks were mixed.

• Bonds and dollar – Yields moved higher after last week’s Fed cut; the dollar rallied 0.5% against peers.

• Oil climbs – WTI rose 2.5% today, 4% this week, on optimism Ukraine could recover lost territory in the conflict with Russia.

Economic Data Highlights

• Earnings outlook solid – Analysts expect S&P 500 earnings +7.7% y/y in Q3, with gains broad-based across 8 of 11 sectors.

• Tech standout – Sector earnings forecast +20%, with semiconductors up +45%, underscoring AI-driven demand.

• Tariff resilience – Corporates continue absorbing costs with limited pass-through to consumers, though slower growth in H2 remains a risk.

• 2026 reacceleration – Analysts expect modest growth this year, with stronger activity next year supported by tax cuts, deregulation, and easing.

Reported Earnings

• Cintas (CTAS) – Solid demand trends across uniform rental and facility services.

• Uranium Energy Corp. (UEC) – Provided production updates and commentary on uranium demand.

Earnings Today

• Accenture (ACN) – Focus on consulting demand, digital transformation, and AI adoption.

• Jabil (JBL) – Watch for trends in electronics manufacturing and supply-chain management.

• Costco (COST) – Key indicators: membership growth, same-store sales, and tariff-related impacts on consumer pricing.

Movers & Shakers

• (+) Alibaba ($BABA) +8% after the online marketplace announced strong AI spending.

• (+) Thor ($THO) +6% because the RV maker announced strong earnings.

• (–) Micron Technologies ($MU) -3% after analysts were disappointed with free cash flow.

Private Dealmaking

• Morningstar agreed to acquire CRSP for $375 million

• AppZen, an enterprise finance compliance tool, raised $180 million

• Distyl AI, a workflow AI integration startup, raised $175 million

• Empower Semiconductor, a processor maker, raised $140 million

• Fnality, a wholesale payment systems provider, raised $136 million

• Auterion, a military drone software developer, raised $130 million

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

BOOK OF THE DAY

The Art of Talking to People

Description: A concise and approachable guide designed for those who find social situations daunting. Through actionable strategies, this book helps you manage social anxiety, build conversational confidence, and form meaningful connections. It offers frameworks to reduce overthinking, navigate awkward pauses, and engage more authentically.

Book Length: 168 pages

Ideal For: Introverts, people with social anxiety, networking avoiders, and anyone wanting a gentle roadmap toward more natural conversation.

“Talking isn’t about impressing. It’s about connecting—one honest sentence at a time.”

DAILY VISUAL

“Kidulting” Economy Booming

PRESENTED BY KINGSCROWD

Investment Crowdfunding Week

For the first time, everyday investors have a multi-day conference built just for them, not the usual insiders. Kingscrowd’s ICW (Sept 29–Oct 2) is a four-day virtual summit where founders meet capital and investors meet opportunity.

Here’s why you need to be there:

• 40+ live startup pitches – discover private deals & watch founders pitch investment opportunities in real time.

• Panels & workshops on new paths to the public markets – get insights on Reg A+ “mini-IPOs,” tokenized equity, and other emerging ways everyday investors are accessing private markets.

• Insider strategies from experts – learn how to raise and allocate capital effectively, straight from crowdfunding veterans and industry leaders.

• Connect with your community – network virtually with like-minded retail investors and ambitious founders, leveling the playing field together.

No cost to attend, but spots are limited. Secure your spot now.

DAILY ACUMEN

Asymmetry

Great investors don’t chase high probability—they chase high payoff.

A bet that pays 10-to-1 even if it only has a 20% chance of working is better than a “safe” 2% yield.

Life works the same way.

Asking a hero for coffee might fail 9 times out of 10, but the 1 “yes” can change your career.

Writing online may flop for months, then one piece goes viral and redefines your trajectory.

Asymmetry is the art of risking little to gain a lot.

Most people avoid these bets because they fear looking foolish.

But compounding asymmetry means you don’t need to be right often—you just need to be right big.

ENLIGHTENMENT

Short Squeez Picks

• The event reshaping private market investing

• How to share your achievements without bragging 

• 7 rare traits of people who can read a room instantly 

• How to stop feeling like you haven’t done enough

• 5 tips to become truly efficient at work

• How to become consistent at anything

MEME-A-PALOOZA

Memes of the Day

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