Read Sunday ☕️

Last Week’s Headlines

Economy & World News

• U.S. Senate Moves Toward Ending Government Shutdown

  The Senate advanced a bipartisan measure 60–40 to end the shutdown, with moderate Democrats breaking from leadership to support the deal. The agreement would fund most federal agencies through January and repay furloughed workers, though House passage remains uncertain. The shutdown may end by week’s end, but political tensions over long-term funding persist.

• Supreme Court Rejects Bid to Overturn Same-Sex Marriage Ruling

  The Supreme Court declined to revisit the 2015 Obergefell decision that granted same-sex couples the constitutional right to marry. The appeal came from Kim Davis, a former county clerk who refused to issue marriage licenses, and now faces a $100,000 judgment. The ruling reaffirms that marriage equality remains protected as a fundamental liberty under due process and equal protection.

• Visa & Mastercard Settlement Could Change Credit-Card Acceptance Rules

  A major settlement allows merchants to reject high-fee credit cards, breaking long-standing rules requiring them to accept all cards from a network. With interchange fees hitting $83B in 2024, small businesses may now steer consumers away from premium rewards cards. The real impact remains unclear, but it marks a significant win for merchants after a 20-year legal battle.

• Russia Allows Citigroup to Exit Its Russian Operations
  Putin signed an order allowing Citigroup to sell its Russian bank to Renaissance Capital. Western firms have faced strict exit rules and steep asset write-downs since the Ukraine invasion, making this a rare approval.

• British Bond Yields Spike on Tax Policy Shift
  UK gilt yields jumped after reports that Finance Minister Rachel Reeves will abandon a planned income-tax hike. Markets expect a patchwork of smaller tax increases instead, adding pressure to government financing. UK equities fell, led by banks.

• U.S. Mints Its Final Pennies
  After 232 years, the U.S. Mint struck its last batch of one-cent coins as the government officially ends penny production. Rising metal costs drove the decision, marking the end of an iconic but outdated currency unit.

Public Markets

• SoftBank Rides AI Surge as OpenAI Boosts Vision Fund by $19B

  SoftBank’s renewed AI push has produced large gains as OpenAI-related valuations lift the Vision Fund. The firm is investing heavily in robotics and artificial super-intelligence while planning a 4-for-1 stock split to broaden investor access. Despite this momentum, SoftBank shares recently slipped amid global concerns around an AI-driven market bubble.

• CoreWeave & Core Scientific Shares Fall Amid Data Center Delay Questions

  CoreWeave’s CEO addressed delays at a third-party developer but avoided confirming whether Core Scientific was responsible. Reports of setbacks at Texas, Oklahoma, and North Carolina sites pressured both stocks. The uncertainty sparked sell-offs as investors questioned the stability of AI-infrastructure buildouts.

• SoftBank Sells Its Entire Nvidia Stake for $5.83B

  SoftBank fully exited its Nvidia position by selling 32.1M shares, while also monetizing part of its T-Mobile stake. Though it has cashed out multiple times over the years, SoftBank still maintains indirect exposure to Nvidia through other AI ventures. The sale reflects SoftBank’s strategy of locking in gains amid elevated semiconductor valuations.

• Point72’s Turion Fund Gains 30% in AI Boom

  Steven Cohen’s AI-focused stock-picking fund has surged 30% this year, including a 9% gain in October, driven by the global rally in semiconductor and AI hardware names. Now at ~$3B in AUM, the fund hunts for winners and losers across the rapidly evolving AI ecosystem. Investors have poured capital into AI strategies despite concerns around frothy pricing.

• Verizon Announces 15,000 Job Cuts

  Verizon plans the largest workforce reduction in its history, cutting roughly 15,000 jobs as competition intensifies in wireless and home internet. The company will shift about 200 stores to franchised operations, removing employees from its payroll. New CEO Daniel Schulman aims to cut costs and reverse subscriber losses across postpaid phone plans.

• Anthropic to Spend $50 Billion on U.S. AI Data Centers

  Anthropic committed $50B to build next-generation AI data centers across Texas, New York, and other states. The initiative, set to come online in 2026, will add 800 permanent jobs and 2,400 construction roles. The investment aligns with federal priorities to maintain U.S. AI leadership and expand domestic tech infrastructure.

• Michael Burry Deregisters Scion Asset Management With the SEC

  Michael Burry terminated Scion Asset Management’s SEC registration, prompting speculation he may be closing the fund or shifting to a family-office structure. Burry hinted on social media that he’s “on to much better things” later in November. Registered investment advisers with over $100M AUM typically must remain SEC-registered, suggesting a strategic shift.

• Tencent and Apple Reach Payments Deal for WeChat Mini-Apps

  Tencent struck a rare agreement allowing Apple to process payments for WeChat mini-apps at a reduced 15% fee, far below Apple’s standard 30% commission. The deal ends a long stand-off and helps Apple strengthen its presence in China amid growing competition. Developers will need to meet specific Apple software criteria to participate.

• Cisco Shares Break Dot-Com High, Spark Bubble Fears
  Cisco surged to $77.38 — surpassing its 2000 peak — on strong AI-infrastructure demand and $14.9B in quarterly revenue. Analysts warn it could signal a late-cycle “Cisco moment” reminiscent of the dot-com bubble, though major banks remain optimistic.

Real Estate & Private Equity

• Hedge Funds Move Aggressively Into Private Credit

  Point72, Millennium, Jain Global and others are expanding into private credit and non-transparent financing markets. These multistrategy giants believe their risk-pricing models, talent depth, and disciplined culture can outperform incumbents like Blackstone and Ares. But experts caution that private credit operates differently from public markets and carries structural risks for newcomers.

• Marriott Cuts Ties With Sonder After Collapse
  Marriott ended its 9,000-room licensing deal with Sonder after the startup announced liquidation and canceled guest reservations. Guests who booked through Marriott are left without refunds, sparking criticism that Marriott isn’t doing enough to help.

• Texas Becomes AI Infrastructure Capital as Google Invests $40B
  Google will build three major Texas data centers, co-located with solar and battery storage facilities to reduce grid strain. The investment creates thousands of jobs and cements Texas as a top destination for AI-infrastructure spending, alongside projects from OpenAI and Anthropic.

M&A, IPO’s, Bankruptcies

• First Brands Group Files for Bankruptcy With $10B+ Debt

  Auto-parts supplier First Brands collapsed under the weight of questionable accounting practices and aggressive borrowing. Federal investigators are examining allegations that the former CEO misappropriated hundreds of millions. The failure has hit several major lenders, including Jefferies, and echoes the recent bankruptcy of used-car seller Tricolor, raising fears of broader credit contamination.

• Whoop Explores IPO as It Expands Into Glucose & Biomarker Tracking

  Whoop is preparing for a potential IPO within two years as it broadens its health platform to include glucose monitoring and blood biomarker tests. The company has expanded into proprietary hardware, analytics, and apparel, positioning itself as an end-to-end personal health ecosystem. CEO Will Ahmed says the next two years will determine timing for going public.

• Grayscale Files for IPO Amid Crypto Market Recovery

  Grayscale filed publicly for an IPO as digital-asset markets stabilize under a more crypto-friendly administration. The firm reported $203M in net income on $318M in revenue through September and now oversees $35B across 40+ investment products. Digital Currency Group will retain majority voting power post-listing.

• Cursor Raises $2.3B at $29.3B Valuation
  AI coding startup Cursor tripled its valuation, with Accel, Coatue, Nvidia, Google, Thrive, and DST Global participating. Funding will scale development of its Composer AI model, positioning Cursor as one of the fastest-growing developer-tools platforms.

• Warner Bros. Discovery Draws Interest From Paramount, Comcast & Netflix
  Media giants are preparing first-round bids for Warner Bros. Discovery, due November 20. Paramount wants the whole company, while Comcast and Netflix are eyeing select assets including HBO Max and the movie/TV studios.