Read Sunday ☕️

Last Week’s Headlines

Economy & World News

• Modi Strengthens China & Russia Ties – India’s PM Narendra Modi met with Xi Jinping and Vladimir Putin in Tianjin, seeking to reset relations with China and bolster ties with Russia as U.S. tensions rise under Trump.

• Eurozone Inflation Ticks Higher – Inflation in the eurozone hit 2.1% in August, slightly above expectations and the ECB’s 2% target, driven by stubbornly high food and energy prices.

• Matcha Prices Surge – Global demand and Japanese heatwaves have driven matcha tea prices to record highs. Tea giant Ito En plans 50–100% price hikes due to soaring costs.

• Eurozone Inflation Pressure – At 2.1%, eurozone inflation is hotter than expected, reinforcing challenges for the ECB’s rate policies.

• Treasury Yields Spike – U.S. bond yields jumped as a court ruling raised the prospect of the government refunding Trump-era tariffs. The 30-year yield hit 4.98%, signaling renewed fiscal stress.

• Russia & China Gas Pact – Gazprom signed a binding deal to build the Power of Siberia 2 pipeline to China via Mongolia, expanding Russian gas exports and marking a geopolitical win for Moscow.

• Trump: Military Strikes Narco Boat – President Trump said the U.S. Navy sank a Venezuelan drug vessel, killing 11 “terrorists,” as part of his administration’s anti-narcotics push in the Caribbean.

• Florida Moves to End Vaccine Mandates – Gov. Ron DeSantis proposed eliminating all vaccine requirements for schoolchildren, which would make Florida the first state to repeal such mandates.

• OPEC+ to Boost Output in October – The oil alliance agreed in principle to increase production by 137,000 barrels/day, doubling down on market share over price defense.

Public Markets

• Kraft Heinz Splits in Two – Facing weak demand and a sluggish share price, Kraft Heinz will separate its business, with Heinz ketchup and sauces forming one company and other packaged foods another.

• Tesla Stalls in India – Tesla’s long-awaited launch has disappointed, with just 600 orders since July, raising concerns about the company’s global growth ambitions.

• Google Surges in Antitrust Win – Shares jumped 8% after a federal judge allowed Google to keep its Chrome browser but barred exclusive contracts, averting harsher penalties.

• Apple Talent Drain to Meta – Apple’s lead AI robotics researcher Jian Zhang defected to Meta, part of a broader exodus of AI talent from Cupertino.

• Paramount & Activision Film Deal – The two giants will adapt Call of Duty into a live-action movie, extending the billion-dollar game franchise into Hollywood.

• Apple Prepares AI-Powered Search – Apple is developing a Siri-integrated AI search engine to compete with OpenAI and Perplexity, expected to launch next year.

• Starbucks Bets on Protein Drinks – Starting Sept. 29, Starbucks will launch protein lattes and cold foam with up to 36g of protein, targeting health-conscious customers.

• T. Rowe Price Soars on Goldman Deal – Shares jumped nearly 6% after Goldman Sachs announced a $1B investment in the asset manager.

• Broadcom Pops on $10B AI Deal – Shares jumped 4.6% after news of a mystery AI customer ordering $10B in custom chips, reinforcing Broadcom’s role at the center of the AI boom.

• AppLovin & Robinhood Join S&P 500 – Both stocks surged in extended trading after S&P Global announced they will enter the index on Sept. 22, replacing MarketAxess and Caesars.

• Kenvue Tanks on Tylenol Autism Report – Shares fell after reports suggested U.S. health officials may link Tylenol to autism in an upcoming announcement from RFK Jr.

• Tesla Floats $1T Pay Package for Musk – Tesla proposed an unprecedented compensation plan for CEO Elon Musk, designed to tie long-term leadership to performance.

Real Estate & Private Equity

•  Elliott Pushes PepsiCo Overhaul – Activist investor Elliott Management built a $4B stake in PepsiCo and is pressuring the company to refranchise bottling and boost efficiency, predicting shares could rise 50%+.

• OpenAI Plans India Data Center – As part of its Stargate expansion, OpenAI is scouting partners in India to build a massive AI data center, strengthening its infrastructure in Asia.

• Salesforce Cuts 4,000 Jobs with AI Agents – Salesforce is reducing its support staff by 44%, shifting half of customer interactions to AI-powered agents.

• Orsted Sues Trump Admin Over Wind Farm – Danish energy giant Orsted is suing to block the administration’s move to halt its offshore wind project off New England.

• Dallas Dynasty Merger – Washburne and Hunt-Hill families combined 81 properties across 10 states under Gillon Property Group, signaling a new force in luxury offices, hospitality, and redevelopment.

• NY Giants Minority Stake to Koch Family – The Kochs agreed to buy into the NFL franchise, with final approval expected from league owners in October.

• Citi Hands BlackRock $80B – Citigroup will outsource wealth management assets to BlackRock, closing its last in-house asset manager and deepening the giant’s hold on U.S. wealth.

M&A, IPO’s, Bankruptcies

• Revolut Secondary Sale at $75B Valuation – Employees can sell shares at $1,381 each in a secondary sale, boosting Revolut’s valuation from $45B last year to $75B, cementing its fintech dominance.

• Klarna Files for U.S. IPO – Swedish fintech Klarna will raise up to $1.27B on the NYSE, pricing 34.3M shares between $35–$37 under the ticker KLAR.

• Anthropic Raises $13B – The AI startup tripled its valuation to $183B after a blockbuster funding round, with annualized revenue jumping from $1B to $5B this year.

  • Anthropic Attracts Qatar Wealth Fund – Qatar’s $524B sovereign fund invested in Anthropic, strengthening Middle Eastern involvement in AI as the firm hit a $183B valuation.

• OpenAI Buys Statsig – OpenAI will acquire product testing startup Statsig for $1.1B in stock, marking one of its largest acquisitions to date.

• Figma Shares Slide Post-IPO – Despite beating Q2 revenue estimates, Figma stock dropped 10% after its first earnings report as investors fixated on lock-up expirations and profitability risks.

• OpenAI Secondary Sale Swells to $10.3B – Employees will sell stock at a $500B valuation, extending OpenAI’s trend of large-scale liquidity events.