Good Morning! Meta popped after reports it will slash major parts of its metaverse unit, Trump granted early release to PE exec David Gentile after just 12 days served, and Wall Street is racing to grab a piece of the new “Trump Accounts” for newborns.

Bankers are pushing PE firms to keep the IPO revival running into 2026. Jane Street booked a trading windfall tied to a massive Anthropic bet. And Goldman and Carlyle will offer private-fund access on Willow for as little as $10K.

Plus: Jensen Huang says Nvidia is the world’s only true tech company, Phoenix is scrambling to fill a tech-worker shortage, and Bayern Munich held talks about selling a stake to private equity

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SQUEEZ OF THE DAY

The $64K Japan Trip IPO

It feels like every 20s and 30s finance guy has Japan at the top of their bucket list right now. From wellness retreats in Kyoto, Michelin pilgrimages in Tokyo, or a “find yourself” ryokan weekend in Hakone, Japan has become one of the top luxury wellness destinations. 

And now one travel agency built for the ultra-wealthy is trying to IPO off that hype. Xperisus is a boutique Japanese travel operator that sells ¥10 million ($64,000) per trip itineraries to CEOs, VCs, and other wealthy travelers.

Demand is so intense that Xperisus expects sales to double this fiscal year, and its founder, a former Morgan Stanley intern, is planning an IPO by 2029.

Travel agencies, once considered a relic of the pre-Internet era, have quietly become some of the most profitable service businesses in luxury. While it seems like ChatGPT could just spit out a Japan itinerary in 30 seconds, it turns out luxury travel is no longer about booking flights; it’s about booking access. 

Hotels are packed, and ultra-high-net-worth travelers increasingly want curated, insider-only experiences they cannot DIY on ChatGPT or Google.

Xperisus has carved out a niche selling exclusivity as a service, and its most loyal clients spend like private-equity partners. One American tech founder even asked to “live like a Japanese salaryman,” and Xperisus curated a bespoke tasting of tuna-mayo rice balls.

The macro tailwinds are huge. The global luxury travel market is $1.5 trillion and on pace to hit $2.4 trillion by 2030, with Asia-Pacific growing nearly 10% annually.

Japan’s shift toward affluent tourism is pushing local hospitality players to chase high-spending international guests. And a company like Xperisus is exactly the kind of asset that benefits from that strategic pivot.

Takeaway: Japan has gone from off-the-beaten-path to one of the world’s biggest luxury playgrounds, and travel agencies are turning into a serious business again. Xperisus shows how a well-run, white-glove travel agency can monetize the global obsession with Japan and scale a service model into an IPO. In a world of infinite online travel tools, the scarcest product is still access.

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HEADLINES

Top Reads

• Meta plans deep cuts to metaverse division under Zuckerberg’s new strategy (YF)

• Trump grants early prison release to private equity executive (Axios)

• Wall Street eyes access to Trump’s “accounts for babies” program (WSJ)

• Bankers urge private equity to keep IPO revival going in 2026 (BB)

• Jane Street’s trading haul boosted by massive Anthropic wager (BB)

• Goldman and Carlyle to offer $10,000 private fund access on Willow (BB)

• Jensen Huang says Nvidia is the world’s only tech company (Axios)

• Main Street bust threatens broader U.S. economic stability (Axios)

• Layoff announcements top 1.1 million this year, highest since 2020 (CNBC)

• Private-market titans move to prove their resilience amid volatility (BB)

• A growing U.S. tech hub needs workers and colleges are struggling to keep up (NYT)

• Babies are basically getting 401(k)s now (Axios)

• Wealthy New Yorkers show interest in Miami’s Billionaire Beach (Guardian)

• As beef prices soar, so does NYC’s burger scene (BB)

• Bayern Munich held talks about selling a stake to private equity (FT)

CAPITAL PULSE

Markets Rundown

Market Update

• Stocks closed higher Thursday, led by industrial and technology gains.

• The 10-year Treasury yield rose to 4.10%, reflecting stronger sentiment and upcoming data anticipation.

• European markets advanced, supported by eurozone retail sales rising 1.5% YoY, above the 1.0% forecast.

• The U.S. dollar strengthened against major currencies, while oil prices rose after U.S.-Russia peace talks ended without progress.

Economic Data Highlights

• Jobless claims fell to 191,000, well below the 221,000 forecast, signaling continued labor-market resilience.

• Continuing claims were little changed at 1.94 million, below expectations of 1.95 million.

• Layoffs dropped sharply to 71,000 in November, down from 153,000 in October, according to Challenger data.

• While job openings have slipped to 7.2 million, below unemployment of 7.6 million, the labor market appears to be cooling gradually rather than collapsing.

• Wage growth continues to outpace inflation, which should support real income gains and consumer spending into 2026.

Sector Trends

• Industrials and tech led gains, benefiting from lower jobless claims and easing inflation expectations.

• Energy stocks rose alongside oil, while defensives lagged slightly amid improving growth sentiment.

• We continue to recommend a balanced positioning, with overweights in industrials, health care, and consumer discretionary, offset by underweights in utilities and staples.

Movers & Shakers

• (+) UiPath, Inc. ($PATH) +24% after the software company announced strong growth.

• (+) Dollar General ($DG) +14% because the value-chain retailer posted an earnings beat.

• (–) Snowflake ($SNOW) -11% after the cloud-based data storage company announced slower product revenue growth.

Prediction Markets

• Given the current price of $ETH, this is bullish.

• Trade on real-world events with Kalshi. Use code OWS to get a $10 bonus when you trade $10.

Private Dealmaking

• Brevo, a CRM company, raised $583 million 

• Harvey, a legal AI startup, raised $160 million

• Curative, a health insurance startup, raised $150 million

• Angle Health, a health insurance startup, raised $134 million

• 7AI, a developer of enterprise security agents, raised $130 million

• Axiado, a chipmaker, raised $100 million

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

BOOK OF THE DAY

Lose Your Mind

Description: A radical self-help guide that argues our inner critic isn’t the enemy — our attachment to certainty and control is. Pais blends acting-room insight and life wisdom to show that overthinking, fear and anxiety aren’t roadblocks: they’re fuel. Through presence, spontaneity and embracing all emotion, he lays out a system to unlock your natural creative flow — whether you’re an artist, entrepreneur or just tired of living small. 

Book Length: 304 pages 
Release Date: September 30, 2025

Ideal For: Creatives, performers, entrepreneurs, over-thinkers, and anyone who wants to turn self-doubt into momentum — especially if you feel stuck in your head instead of moving in your life.

“True freedom and creativity aren’t about silencing the mind — it’s about listening harder.”

DAILY VISUAL

Quantum Boom

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DAILY ACUMEN

Morning Routine

Benjamin Franklin asked himself every morning, "What good shall I do this day?"

Tim Cook starts his day at 3:45 AM.

Your morning sets the tone for everything that follows.

Those first few hours are your competitive advantage - use them intentionally.

Create a morning routine that energizes you.

Whether it's exercise, meditation, or planning, own your morning.

Remember, win the morning, win the day.

ENLIGHTENMENT

Short Squeez Picks

• The best business books of 2025

• The science behind optimism 

• Why posture during movement matters

• The difference between superstar and glue employees

• How to deliver bad news well

MEME-A-PALOOZA

Memes of the Day

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