OpenAI unveiled a search engine to rival Google, WhatsApp hit 100M active US users, Bill Ackman's newest fund may raise ~90% less than he planned, and David Rubenstein's daughter resigned a top job after cronyism claims
China is ensuring AI models are socialist, Colin Kaepernick launched an AI startup, Chinese quant funds are struggling, CrowdStrike may cost Fortune 500 firms over $5B, and US stocks continued to get wrecked.
LPs are wary of PE continuation funds, FTC is probing 'dynamic pricing' practices, US home prices hit a record-high, insurers are set to lose billions from CrowdStrike's glitch, and early Big Tech earnings came in mixed.
'Twas a pretty calm day in markets, with stocks regaining ground after last weeks selloff and businesses continuing to reel from CrowdStrike's glitch. Meanwhile, a slew of failed M&A deals are making bankers rethink fee structures.
A CrowdStrike glitch nearly crippled the global economy, Taleb's protege thinks the greatest bubble is at its peak, secondaries had a record H1, and Biden dropped out of the presidential race.
Blackstone increased its pace of investments, foreign holdings of US debt hit a record high, OpenAI is exploring making its own AI chips, and Amanda Staveley is going football club shopping.
Dimon thinks the Fed should wait on rate cuts, Trump u-turned on TikTok, Wall St reported its best IB results in two years, and chip stocks got absolutely whooped.
Trump will consider Jamie Dimon for Treasury, major tech VCs are backing Trump, Bill Ackman thinks his 'notoriety' will boost his new fund, Microsoft laid off its DEI team, and small cap stocks are on fire.
Goldman is raising its first Asia-focused PE fund, investors are skeptical of BlackRock's private market ETF ambitions, hedge funds are dumping software stocks at record pace, and Trump's VP pick has an impressive VC background.
Wall Street banks reported a jump in dealmaking, Indian equity issuances hit a record high, investors are looking to UK markets as a safe haven, and markets are betting on a Trump re-election after he survived a shocking assassination attempt.
US markets had a historic day as CPI showed deflation for the first time since Covid. Tech, mega caps, yields and the dollar all tumbled as investors re-positioned for an end to high rates…
a16z is hoarding Nvidia chips to win AI VC deals, Costco will raise membership fees for the first time since 2017, Bill Hwang was convicted of fraud, and NYC paid $4M to McKinsey for a study on trash cans.