Read Sunday ☕️

Last Week’s Headlines

Economy & World News

• Family Offices Shift Strategy – 70% of family offices continue to make direct investments, but they’re moving away from early-stage startups in favor of secondary deals and leveraged buyouts, according to Citi Private Bank. Despite global market turmoil, nearly half increased private company exposure over the past year.

• South Korea Warns of Crisis – President Lee Jae Myung cautioned that a proposed $350B U.S.–Korea investment deal could risk a 1997-style financial crisis without safeguards. Talks remain stalled over tariffs and currency stability.

• Argentina Gets U.S. Lifeline – The U.S. is preparing a $20B swap line and bond purchase program to support President Javier Milei as he works to restore investor confidence and stabilize the peso.

• H-1B Visa Fees Adjusted – Doctors may get exemptions from Trump’s new $100,000 H-1B fee, after warnings that rural America’s healthcare shortage could worsen.

• Inflation Data – US core PCE inflation held steady at 2.9% in August, slightly above the Fed’s 2% target, reinforcing expectations of modest rate cuts by year-end.

Public Markets

• Finance Jobs at Risk – Vista Equity’s Robert F. Smith warned at SuperReturn 2025 that 60% of finance professionals could be seeking new jobs next year as AI transforms the industry.

• TikTok’s U.S. Algorithm Secured by Oracle – Under a Trump-backed deal, Oracle and U.S. investors will oversee TikTok’s recommendation engine, addressing national security concerns.

• Nvidia Backs OpenAI – Nvidia plans to invest up to $100B in OpenAI for data center expansion. CEO Jensen Huang said the 10-gigawatt project equals 4–5M GPUs, about double last year’s shipments.

• Starbucks Restructuring – Starbucks is launching a $1B restructuring, closing stores and cutting 900 jobs under new CEO Brian Niccol.

• Hedge Fund Stunt – Toronto manager Eric Jackson spent weeks outside Drake’s mansion holding signs to promote a struggling tech stock.

• Justin Sun’s Comeback – Despite SEC fraud allegations, the crypto billionaire reemerged as a financier tied to Trump’s circle, thanks to $90M in Trump coins.

• Poker Upset – A 24-year-old novice, Sasha Cohen, shocked Wall Street elites by beating Einhorn & Weinstein at a charity poker night.

Real Estate & Private Equity

• Compass Consolidates – Compass agreed to acquire Anywhere Real Estate (Century 21, Sotheby’s, Coldwell Banker) for $1.6B in stock, creating a real estate giant with a $10B enterprise value.

• Casino Bid Fails in Manhattan – A proposed $11.2B casino project near the UN was rejected by NY officials, eliminating Manhattan from the high-stakes casino race.

• PE Firms Under Pressure – Fundraising is faltering as investors face longer waits for returns. Some firms are cutting target sizes, selling secondaries, or diversifying.

• Platinum Equity Buys PlayPower – Platinum signed a definitive agreement to acquire PlayPower, a global designer of recreational and outdoor living systems, expanding its industrials portfolio.

• Newcastle FC Eyes £1B Financing – The Premier League club is in talks with lenders to finance either a redevelopment of St James’ Park or a potential new stadium.

• Blue Owl & Qatar – Blue Owl Capital and Qatar Investment Authority launched a $3B data center venture, betting big on AI infrastructure.

• U.S. Housing Surprise – New-home sales jumped 20.5% in August to an 800,000 annualized rate, the fastest since early 2022. Builders leaned on price cuts and incentives to drive demand.

• Electronic Arts – EA is nearing a $50B leveraged buyout backed by Silver Lake and Saudi Arabia’s PIF, potentially the largest gaming deal ever.

M&A, IPO’s, Bankruptcies

• Goldman Sachs on AI in Finance – CEO David Solomon said AI can now draft 95% of an IPO prospectus in minutes, underscoring Wall Street’s rapid adoption of automation.

•  Pfizer Expands in Weight-Loss Drugs – Pfizer will acquire Metsera for up to $7.3B, doubling down on the booming obesity drug market. The move signals intensifying competition with Eli Lilly and Novo Nordisk.

• Thoma Bravo Deal-Making – The PE firm struck another take-private deal, acquiring PROS Holdings for $1.4B cash, continuing its streak of tech-focused buyouts.