Read Sunday ☕️

Last Week’s Headlines

Economy & World News

• Fed Cuts Rates – The Federal Reserve approved a quarter-point rate cut to 4.0–4.25%, with two more cuts signaled this year as labor market concerns grow.

• Bank of England Holds – The BoE kept rates steady, leaving the door open for a possible cut later in 2025.

• U.S.–Venezuela Tensions – President Trump announced a third military strike on a Venezuelan vessel, escalating Caribbean operations.

• RFK Jr. Vaccine Panel – A Kennedy Jr.-backed committee recommended against the MMRV combo vaccine for children under 4, stirring public health debate.

• Mangione Case: A New York judge dismissed first-degree murder charges against Luigi Mangione, citing insufficient evidence of terrorism, though lesser murder charges will proceed.

• Cannabis Painkiller: Munich-based Vertanical is developing Ver-01, a cannabis-derived painkiller designed to replace opioids without psychoactive highs. The drug aims for EU approval first, then the U.S., positioning cannabis into mainstream pharma.

• Airline Fumes Scandal: Toxic fume events on aircraft surged to 108 per million departures in 2024, with Airbus A320s showing 7x higher incidents than Boeing 737s. JetBlue and Spirit saw incidents spike 660% since 2016, raising major safety and regulatory questions.

Public Markets

• Nvidia Talent Grab – Nvidia spent $900M to hire Enfabrica’s CEO and team while licensing the AI startup’s technology, expanding its edge in custom chip and data center innovation.

• Oracle + Meta Cloud Talks – Oracle is negotiating a $20B multiyear cloud deal with Meta to provide computing power for AI training and deployment, underscoring Oracle’s growing role in AI infrastructure.

• Meta’s New Smart Glasses – Mark Zuckerberg unveiled $799 Meta Ray-Ban Display glasses with gesture-controlled displays, alongside new $499 and $379 models.

• Disney Pulls Kimmel – Disney suspended Jimmy Kimmel Live indefinitely after remarks about activist Charlie Kirk sparked backlash and government pressure.

• Bristol Myers Exit in China – Bristol Myers will sell a 60% stake in its China JV, as global drugmakers reassess exposure.

• Intel Surges on Nvidia Deal – Intel shares jumped 30% after Nvidia agreed to invest $5B and co-develop PC and data center chips.

• Lyft + Waymo Partnership – Lyft stock soared 20% as Waymo announced a robotaxi launch in Nashville, marking its first commercial U.S. deal.

• Ticketmaster Under Fire – The FTC and seven states sued Live Nation/Ticketmaster for failing to curb ticket bots and mass resales.

Real Estate & Private Equity

• Zombie PE Funds: A record number of PE funds raised between 2015–2020 are expected to become “zombie funds” as fundraising slows, deal flow weakens, and capital dries up. Over 18,000 funds now compete for fewer commitments, creating a survival squeeze.

• Microsoft & UK AI Push – Microsoft will invest $30B in UK AI infrastructure from 2025–2028, with $15B earmarked for capex, alongside a new AI partnership with the UK government.

• Saudi Arabia’s AI Push – New AI firm Humain is in talks with Blackstone and BlackRock for a multibillion-dollar data center and infrastructure investment.

• Platinum Equity Moves – Platinum Equity announced its acquisition of Anuvu, a mobility-entertainment provider for airlines and cruise ships.

• Barclays NYC Revamp: Barclays will spend at least $1B to renovate its Times Square HQ trading floors, joining peers upgrading office space.

M&A, IPO’s, Bankruptcies

• Blackstone Buys Hill Top – Blackstone acquired a $1B Pennsylvania gas-fired power plant from Ardian to support data center growth.

• Oracle to Acquire TikTok U.S. – Oracle, Silver Lake, and a16z agreed to take an 80% stake in TikTok’s U.S. operations, while ByteDance retains 20% to meet U.S. legislative demands.

• Pattern IPO – Top Amazon reseller Pattern debuted on Nasdaq, raising $300M and opening at $13.50. The Utah-based firm is a major seller in Amazon’s marketplace.

• Elon Musk’s xAI Fundraise – Musk’s AI venture xAI is raising $10B at a $200B valuation, just weeks after securing $10B at $150B.

• StubHub IPO: StubHub’s $851M IPO is reportedly 20x oversubscribed, implying up to a $9.2B valuation. Strong institutional demand underscores investor appetite for high-profile consumer platforms despite a tough IPO market.

• Netskope IPO – Cybersecurity firm Netskope debuted on Nasdaq, pricing shares at $19 but opening at $23 after an offering 20x oversubscribed.