Good Morning! Oracle jumped 7% after joining an investor group set to run TikTok’s U.S. business. North Korea just logged its biggest year ever for crypto theft. And Citadel posted its worst return since 2018 after natural-gas bets backfired.

Nine major drugmakers struck deals with Trump to lower drug prices. Elon Musk had his $139 billion 2018 pay package reinstated, pushing his net worth to $749 billion. And the DOJ released the Epstein files.

Plus: Google is rehiring former employees to bolster its AI push, Invesco unlocked a $180 million windfall after a key QQQ vote passed, and Trump suspended the U.S. green card lottery following the Brown and MIT attacks.

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SQUEEZ OF THE DAY

Consultants at the Gate

Traditional consulting demand has been cooling since the pandemic peak. With AI compressing billable labor and client budgets tightening, firms like McKinsey are under pressure to find new growth levers.

After several rough years marked by layoffs across Accenture, the Big Four, and others, management consultancies are responding by becoming dealmakers.

Instead of just advising on strategy, they are increasingly buying capabilities outright, leaning into acquisitions and in-house venture arms.

There’s an irony here. Consultants spent decades charging CEOs to explain why most mergers destroy value, with plenty of slides to prove it. Now, they’re betting they can integrate better themselves.

As headcount shrinks, firms are quietly transforming through targeted acquisitions. Rather than broad, transformational M&A, most deals are small and focused, buying entry into specialized areas like life sciences, AI, enterprise software, and data platforms.

Capgemini, IBM Consulting, Accenture, and others are snapping up software tools and industry-specific platforms that can be embedded directly into client workflows.

These assets generate recurring revenue and deepen client lock-in. It’s less private equity and more acqui-hire logic: buy talent and IP that would take years to build internally.

Clients no longer just want decks. They want tools, platforms, and measurable outcomes. Building those capabilities organically takes years, while buying them is faster and allows consultancies to own execution rather than just recommend it.

Takeaway: The consulting model is shifting. Firms that once sold advice are becoming operators, software owners, and data providers. The line between consulting, tech, and investing is blurring fast, and in 2025, consultants are being forced to test their own long-held advice on themselves.

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HEADLINES

Top Reads

• Oracle stock jumped 7% as cloud provider joins investor group to run TikTok's U.S. business (CNBC)

• North Korea just had its biggest year ever stealing cryptocurrency (YF)

• Citadel posts worst return since 2018 as natural gas bets falter (BB) 

• Nine of the largest pharma companies ink deals with Trump to lower drug prices (CNBC)

• Google Cloud lands deal with Palo Alto Networks 'approaching $10 billion’ (YF)

• Elon Musk's 2018 Tesla pay package must be restored, Delaware Supreme Court rules (CNBC)

• Elon Musk’s net worth jumps to $749 billion (GB)

• Epstein files released by DOJ (CNBC)

• Google hires former employees in AI talent push (CNBC)

• Invesco unlocks $180 million windfall after QQQ vote passes (BB)

• Trump suspends US green card lottery after Brown, MIT attacks (BB) 

• Medtronic's diabetes management business MiniMed files for IPO (YF)

• Consumer sentiment shows 'substantial decline' from last year amid higher prices, tough job market (YF)

• TikTok owner ByteDance on track for $50 billion profit in 2025 (BB)

• Point72 makes largest-ever bet on its star trader’s launch (BB)

• At Goldman and Citadel Securities, the Santa rally has believers (BB)

CAPITAL PULSE

Markets Rundown

Market Update

• U.S. equities closed higher across the board, extending Thursday’s gains ahead of the holiday period

• Nasdaq outperformed, with S&P 500 and Dow also finishing solidly higher

• Russell 2000 surged, signaling renewed strength in small caps

• Treasury yields edged higher; the 10Y hovered around ~4.15%, within the year’s 4.0%–4.5% range

Sector Trends

• Technology, Industrials, Healthcare led market gains

• Consumer Staples and Utilities lagged as risk appetite improved

• Full-year backdrop remains constructive: S&P 500 +~16% YTD, U.S. Aggregate Bond Index +~4.1% YTD

Economic & Macro Themes

• Markets look toward 2026 with earnings growth expected to drive returns as valuation expansion becomes harder

• All 11 S&P 500 sectors are projected to post positive earnings growth next year, with some global markets targeting double-digit EPS growth

• AI investment remains a powerful but uneven force, with rising capex and debt levels likely creating clearer winners and losers

Global Markets

• International equities had a strong 2025, with Germany, France, the U.K., and Japan hitting new highs

• Momentum may continue in 2026, supported by eurozone growth, improving Japanese corporate profitability, and more attractive valuations versus U.S. mega-caps

• Diversification remains key as U.S. market concentration stays elevated

Movers & Shakers

• (+) CoreWeave ($CRWV) +23% after the cloud infrastructure technology company will work with the Department of Energy.

• (+) Oracle ($ORCL) +7% because the cloud provider joined a group of investors to run TikTok's U.S. business.

• (–) Nike ($NKE) -11% after the retailer posted a drop in China sales.

Prediction Markets

• Which one of y’all will cash in on those fees?

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

Private Dealmaking

• Exein, a provider of cybersecurity solutions for connected devices, raised $118 million

• 2RedotPay, a stablecoin-based payments company, raised $107 million

• Neural Concept, an engineering platform for product development, raised $100 million

• Fuse Energy, an electricity startup, raised $70 million

• Vatn Systems, a developer of autonomous underwater vehicles for naval warfare, raised $60 million

• Sokin, a cross-border payments startup, raised $50 million

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

BOOK OF THE DAY

The AI Con

Description: A sharp, timely critique of the way “AI” is marketed and mythologized by powerful tech companies. Bender and Hanna cut through the hype, showing how exaggerated promises cloak data grabs, surveillance capitalism, and the erosion of human creativity — and they arm you with tools to spot, deconstruct, and resist those narratives in your work, media, and civic life. It’s part awakening, part playbook for reclaiming agency in a world awash with buzzwords. 

Book Length: 288 pages 
Release Date: May 13, 2025 

Ideal For: Tech skeptics, policymakers, creators, journalists, and anyone who wants a clear-eyed perspective on what AI actually is — and what it isn’t.

“If you can’t see the con, you’re the con.”

DAILY VISUAL

Prediction Market Boom

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DAILY ACUMEN

Asking for Help

In 2008, Airbnb was failing. The founders were broke, living on credit card debt, and their bookings had flatlined. In desperation, they reached out to Paul Graham at Y Combinator. Graham's advice and funding didn't just save the company, it launched a revolution.

Today, Airbnb is worth over $75 billion. But here's the thing: if Brian Chesky had been too proud to ask for help, if he'd seen asking as weakness rather than wisdom, none of it would have happened. The most successful people aren't self-made, they're help-made.

We live in a culture that glorifies independence and self-reliance, yet every major achievement in human history has been collaborative. Steve Jobs had Steve Wozniak. Bill Gates had Paul Allen. Oprah had Maya Angelou.

The myth of the lone genius is just that, a myth. Asking for help isn't admitting defeat; it's demonstrating intelligence. It shows you know your limits and value others' expertise.

Who could help you move forward today? What problem are you struggling with alone that someone else has already solved? Reach out. Ask questions. Seek mentorship.

Remember, the strongest people aren't those who do everything alone, they're those who know when to ask for help and have the courage to do it.

ENLIGHTENMENT

Short Squeez Picks

• How to get your holiday shopping 100% covered*

• How to know if you’re an A, B, or C player

• The North Carolina village where America's wealthiest go to fly under the radar

• Why do I keep failing my goals?

• How to establish trust before you negotiate

• How does gratitude make you a better leader

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Memes of the Day

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