Read Sunday ☕️

Last Week’s Headlines

Economy & World News

• Retail sales fall 0.9% in May, worse than expected
  U.S. retail sales dropped 0.9% in May, steeper than the 0.6% decline forecasted. The pullback came despite rising consumer sentiment.

• Homebuilder confidence dips to near pandemic lows
  The NAHB Housing Index fell to 32 in June, its lowest since 2020. Builder optimism remains weak amid economic uncertainty and lingering trade tensions.

• Fed holds rates steady, still expects two cuts this year
  The Fed maintained its benchmark rate at 4.25%-4.5% while signaling two potential cuts in 2025. Policymakers cited high inflation and slowing growth.

• UK inflation holds at 3.4%, supports rate pause
  Inflation in the U.K. remained steady at 3.4% in May, matching forecasts. Analysts believe this strengthens the Bank of England’s case to keep rates on hold.

• Trump demands Iran’s ‘unconditional surrender’
  Former President Trump issued a warning to Iran’s Ayatollah, calling him an “easy target.” He demanded surrender in the ongoing Israel-Iran conflict.

• Iran Nuclear Strike Challenge
  “B-2 stealth bombers and 30,000-pound bunker busters...”
  Destroying Iran’s nuclear infrastructure is difficult due to heavily fortified sites like Fordo. The U.S. is uniquely equipped with bunker buster bombs and stealth bombers capable of delivering them.

• Florida Panthers win second straight Stanley Cup
  The Panthers celebrated back-to-back Stanley Cup wins as captain Aleksander Barkov lifted the trophy. Players emphasized team-first unity in their celebration.

• Bank of England Signals Possible Cuts
  The BOE held rates at 4.25%, but market bets on future cuts rose due to weak jobs data. The narrow vote suggests growing internal concern about economic softness.

• FDA approves long-acting HIV drug Yeztugo
  Lenacapavir, branded as Yeztugo, was approved by the FDA for HIV treatment and prevention. The long-acting drug requires only two doses a year.

Public Markets

•  Millennium valued at $14B in minority stake sale talks
  Izzy Englander’s hedge fund is in discussions with Petershill Partners to sell a minority stake. It marks the first time Millennium is opening to outside investors.

• Amex to overhaul Platinum Card in 2025
  American Express will roll out its biggest refresh to the Platinum Card in late 2025. Updates will enhance perks across travel, dining, and appearance.

• JPMorgan raises Sapphire Reserve fee to $795
  JPMorgan is hiking the Sapphire Reserve card fee from $550 to $795 and launching a business version. The change is part of a major premium card strategy.

• OpenAI wins $200M Pentagon contract
  The U.S. Department of Defense awarded OpenAI a $200 million deal to provide AI models for defense use. Most work will be done near Washington, D.C.

• JetBlue sees break-even 2025 as ‘unlikely’
  JetBlue plans further flight cuts and cost-saving measures due to weak travel demand. The airline also announced a new partnership with United.

• xAI burns $1B/month, eyes profitability by 2027
  xAI is losing $1B monthly and expects $13B in losses this year. The company projects $2B in revenue for 2026 but lags rivals like OpenAI in monetization.

• Microsoft Plans Sales Layoffs
  Microsoft is preparing thousands of job cuts, mainly in sales, as it reallocates resources amid heavy AI investment. The announcement is expected after its fiscal year closes.

• SoftBank pitches $1T AI city in Arizona
  Masayoshi Son is in talks to build a $1 trillion AI and robotics complex in Arizona, modeled after China’s Shenzhen. The deal could involve TSMC and reshape U.S. tech infrastructure.

• Apple explored buying Perplexity AI
  Apple reportedly considered acquiring Perplexity AI as it ramps up internal efforts in search and generative AI. Talks didn’t result in a deal but show Apple’s growing AI urgency.

Real Estate & Private Equity

• Peridot eyes $50M to access top secondary deals
  THE Fund LP is raising $50 million to secure rare secondary stakes in SpaceX, OpenAI, Stripe, and more.

• HRG Capital exits Midwest tent rentals to WillScot
  Taft advised HRG Capital on its exit of Wahl Tents, Bos Structures, and Tecumseh Tent Rental. The buyer, WillScot Mobile, is a major U.S. modular space provider.

M&A, IPO’s, Bankruptcies

•  Abu Dhabi’s Adnoc bids $19B for Australia’s Santos
  Adnoc has submitted an $18.7 billion takeover offer for energy company Santos. The move would boost its presence in Asia-Pacific’s natural gas market.

• Fireflies.ai hits $1B valuation
  AI meeting assistant Fireflies reached unicorn status while staying profitable since 2021. It just launched “Talk to Fireflies,” powered by Perplexity’s tech.

• Cluely raises $5.3M to grow stealthy AI assistant
  Cluely, a browser-based AI tool for interviews and sales calls, raised $5.3M from Abstract and Susa Ventures. It already serves 70,000 users and is scaling fast.

• Nippon Steel finalizes $14.1B US Steel deal
  Japan’s Nippon Steel completed its $14.1B acquisition of U.S. Steel after 18 months of political pushback. The move creates the world’s #2 steelmaker.

• Musk’s xAI raising $4.3B as spending surges
  Elon Musk’s AI firm xAI is seeking $4.3B in new equity, on top of $5B in recent debt talks. Most prior funds have already been spent building its AI tools.

• Lakers sell controlling stake at $10B valuation
  Mark Walter, owner of the Dodgers, is acquiring majority control of the Los Angeles Lakers in a record-breaking deal. The transaction values the team at $10 billion, the highest ever for a U.S. sports franchise.