Good Morning! Hope everyone had a great Memorial Day. Trump decided to delay the 50% tariffs on the European Union until July 9. Meanwhile, the U.S. Steel–Nippon deal looks like it’s back from the dead after being written off earlier this year.

Booz Allen Hamilton will cut 2,500 jobs thanks to DOGE’s federal spending crackdown. Palantir CEO Alex Karp just offloaded over $50 million in stock, and crypto is burning the haters.

Plus: RedBird Capital is buying The Telegraph, Jamie Dimon says remote workers won’t be telling JPMorgan how to operate, and more economists are betting on falling home prices this year.

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SQUEEZ OF THE DAY

Take-Private Market Heats Up

The take-private market is heating up, and Blackstone is leading the charge.

The firm just announced an $11.5 billion deal to acquire TXNM Energy (NYSE: TXNM), a utility serving over 800,000 customers across Texas and New Mexico.

Blackstone Infrastructure will take the company private for $61.25 per share in an all-cash transaction, a 16% premium to the unaffected share price.

Just a couple of weeks earlier, Blackstone also announced a $2 billion deal to take TaskUs (NASDAQ: TASK) private, teaming up with the company’s co-founders to acquire all remaining shares at $16.50 in cash (a 15% premium).

TaskUs specializes in outsourced AI services, supporting clients in sectors like social media, ecommerce, and food delivery.

These two deals highlight a broader resurgence in take-private activity, with Q1 2025 seeing a 24.6% quarter-over-quarter increase in total deal value, according to PitchBook.

Takeaway: With the take-privates of TXNM and TaskUs, Blackstone is capitalizing on market dislocation and rising demand in both infrastructure and AI. As public markets remain volatile, private equity firms are stepping in, targeting assets they believe are better managed away from the quarterly earnings spotlight.

HEADLINES

Top Reads

• Trump delays 50% EU tariffs until July 9 (CNN)

• Trump backs Nippon Steel "partnership" with U.S. Steel (Axios)

• Trump says a 25% tariff ‘must be paid by Apple’ on iPhones not made in U.S. (CNBC)

• Stocks suffer weekly losses as Trump tariff threats roar back (YF)

• How America’s obsession with staying hydrated became a $1.5B business (CNN)

• Booz Allen to cut 2.5K jobs amid federal spending crackdown (Hill)

• Venture debt fundraising slides despite private credit boom (WSJ)

• Palantir CEO Alex Karp sells more than $50 million in stock (CNBC)

• Jamie Dimon says remote workers will not tell JPMorgan what to do (Fortune)

• Bad week for Wall Street's old guard as crypto burns the haters (YF)

• Private equity firm buys The Telegraph, ending two-year sale saga (CNN)

• Booz Allen axes 2,500 jobs as Trump’s spending cuts hit earnings (YF)

• Why Apple won't make iPhones in US, even with a 25% tariff (Axios)

• More Americans are buying now and paying never (YF)

• More economists think home prices will fall this year (YF)

• Enhanced Games announce host city and dates, breaks swimming world record (NW)

• Brookfield expects to grow its India business to $100B in five years (BB)

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CAPITAL PULSE

Markets Rundown

Market Update

• Stocks closed lower Friday as new tariff threats from President Trump reignited trade tension concerns.

• Comments targeting the European Union and Apple iPhones weighed on sentiment, reinforcing that tariff risks persist even as broader trade tensions had recently eased.

• Bond yields fell, with the 10-year Treasury yield at 4.51%, continuing a two-day retreat amid growing concerns over long-term budget deficits.

• Asian markets rose as China announced new easing measures, including rate cuts and liquidity support, while Europe declined following the proposed 50% tariff on EU imports.

• The U.S. dollar fell, and WTI crude traded lower on expectations of increased OPEC+ supply in July.

Economic Data Highlights

• 10-year Treasury yield: Fell to 4.51% – bond market pricing in long-term fiscal strain

• China policy support: Deposit rate cuts and liquidity injections announced

• Oil prices: Down on expected OPEC+ supply hikes; WTI remains above $60

Reported Earnings

• Intuit (INTU) – Delivered strong tax season results; small business segment growth remained a key highlight.

• Workday (WDAY) – Beat expectations; enterprise demand steady and operating margins improved.

• Autodesk (ADSK) – Reported solid results; strong subscription growth and momentum in large enterprise accounts.

Earnings Today

• AutoZone (AZO) – Reporting May 27 (Before Market Open): Focus on same-store sales and margins in DIY vs. commercial segments.

• Okta (OKTA) – Reporting May 27 (After Market Close): Key watch areas include identity security demand and customer retention metrics.

• HEICO (HEI) – Reporting May 27 (After Market Close): Investors focused on aerospace aftermarket strength and defense segment backlog.

Movers & Shakers

• (+) Oklo ($OKLO) +23% after Trump signed executive orders for the nuclear industry.

• (+) United States Steel ($X) +21% because Trump approved the Nippon merger.

• (–) Booz Allen Hamilton ($BAH) -17% after the management consultant slashed its outlook.

Private Dealmaking

• RedBird Capital Partners bought Telegraph Media Group for $677 million

• Monarch, a personal finance app, raised $75 million

• The Nuclear Co., a nuclear energy developer, raised $51 million

• Samaya AI, a financial services AI platform, raised $43.5 million

• Nortian, a collagen production startup, raised $41 million

• Therini Bio, a vascular injury biotech, raised $39 million

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

NEIGHBORHOOD WATCH

Real Estate Digest

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Mortgage rates inched up this week but continue to be lower YoY. Purchase application activity continues to hold up as more inventory comes onto the market providing buyers with more options that are being priced correctly.

Latest News

• Is the market reaction to tariff uncertainty coming to an end?

• Mortgage bonds largely unscathed after Moody’s downgrade of US

• The ultra wealthy are riding out the market chaos in luxury real estate

• US housing starts ticked up in April

• NYC’s wealthiest are clamoring to live downtown

New Listings

• 75 1st Ave. Apt: PHA New York, NY: 3 Bed / 3 Bath - $5.2M

• 148 Middle Line Hwy Southampton, NY: 8 Bed / 9 Bath - $8.0M

• 204 Rivers Edge Ln Toms River, NJ: 4 Bed / 3 Bath - $925k

• 397 Chem. de Bel air Mougins, Alpes-Maritimes, France: 6 Bed / 6 Bath - $3.9M

• GH1 Naucalpan de Juárez, Mexico: 3 Bed / 3 Bath - $825.5k

BOOK OF THE DAY

Apple in China

After struggling to build its products on three continents, Apple was lured by China’s seemingly inexhaustible supply of cheap labor. 

Soon it was sending thousands of engineers across the Pacific, training millions of workers, and spending hundreds of billions of dollars to create the world’s most sophisticated supply chain. 

These capabilities enabled Apple to build the 21st century’s most iconic products—in staggering volume and for enormous profit.

Without explicitly intending to, Apple built an advanced electronics industry within China, only to discover that its massive investments in technology upgrades had inadvertently given Beijing a power that could be weaponized. 

In Apple in China, journalist Patrick McGee draws on more than two hundred interviews with former executives and engineers, supplementing their stories with unreported meetings held by Steve Jobs, emails between top executives, and internal memos regarding threats from Chinese competition.

The book highlights the unknown characters who were instrumental in Apple’s ascent and who tried to forge a different path, including the Mormon missionary who established the Apple Store in China.

The “Gang of Eight” executives tasked with placating Beijing.

And an idealistic veteran whose hopes of improving the lives of factory workers were crushed by both Cupertino’s operational demands and Xi Jinping’s war on civil society.

“A riveting look at how Apple helped build China’s dominance in electronics assembly and manufacturing only to find itself trapped in a relationship with an authoritarian state making ever-increasing demands.”

DAILY VISUAL

Declining Foreign Participation

Declining Foreign Participation in US Treasury 30-Year Auctions

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DAILY ACUMEN

Legends Series: Bill Miller

Bill Miller didn’t just beat the market—he beat it 15 years in a row.

As the manager of the Legg Mason Value Trust, Miller’s streak from 1991 to 2005 defied convention.

His secret? A value framework with a growth twist.

He looked for mispriced stocks—often hated or misunderstood—but wasn’t afraid to hold names like Amazon when it was down 90% post-dot-com crash.

He didn’t care what the consensus thought. He cared what the price should be.

Miller believed in deep research, behavioral edge, and the willingness to look wrong before being proven right.

In today’s environment, with investors rotating out of defensive names and into high-beta growth again, Miller’s mindset feels timely.

He’d ask: what’s undervalued not because of fundamentals, but because of fear?

His lesson: Be early. Be uncomfortable. That’s where the real alpha lives.

ENLIGHTENMENT

Short Squeez Picks

• 3 science-backed ways to find a good boss

• When extra effort makes you worse at your job

• Are running clubs a good alternative to dating apps?

• How Gen-Z can improve their focus

• Why you should never forfeit your annual leave

MEME-A-PALOOZA

Memes of the Day

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