Good Morning and Happy Nvidia Earnings Day! Tesla dropped 8%, sinking below a $1T market cap and wiping out most of its post-Trump election gains.

Consumer confidence saw its biggest drop in nearly four years as inflation fears spiked on Trump’s latest tariff threats. Crypto took a hit too—Bitcoin fell below $90K for the first time since November.

Apparently, only half of government employees responded to Musk’s 'What did you do last week?' email. Meanwhile, Apple investors backed DEI, BofA scrapped diversity hiring targets, and Jamie Dimon isn’t totally against WFH.

If you want to maximize your tax refund, this AI tax platform is the solution savvy investors are using.

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$5M for a Gold Card Visa

Forget lottery visas… America is now officially selling green cards, and the price tag is $5 million.

Trump just unveiled the Gold Card Visa, a new immigration fast track for the ultra-rich. Unlike the old EB-5 visa, which required applicants to invest at least $800k in a business and create 10 U.S. jobs, this program is much simpler: just cut the U.S. government a $5 million check, and you're in. No job creation, no risk, just straight up cash.

The goal? Raise money for America. Trump, ever the businessman, did some quick math at the announcement: “If you add up the numbers they’re pretty good. If you sell 10 million of the cards, that’s a total of $50 trillion. Well, we have $35 trillion in debt, that’ll be nice.” 

The visa could be a magnet for global billionaires, including Russian oligarchs, Chinese elites, and Middle Eastern tycoons. When asked if this would open the doors to controversial figures, Trump brushed it off: "I know some Russian oligarchs that are very nice people."

It’s not just billionaires who will be interested—tech giants might be forced to pay up too. Trump suggested that companies could use the visa to retain top talent: "Apple and all these companies will be able to buy a card for the people, who are Number 1 in their class at top schools and whom they want to employ."

The program is expected to launch in two weeks, marking a major shift in U.S. immigration policy.

Takeaway: America is officially open for business, if you can afford it. While the plan could bring in massive cash flow, it also raises questions: Is U.S. citizenship now a luxury good? Will this price out talented immigrants who don’t have millions? Whether it’s an economic masterstroke or an auction for American residency, one thing is clear: cash is king in most of Trump’s policies.

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Time to Wake Your CPA—It’s Tax Season

If your accountant is just now reaching out, you’ve got a problem. A good CPA isn’t a once-a-year guest appearance—they’re working year-round to optimize your tax strategy before April rolls around.

Gelt helps high earners stay ahead of tax season with proactive, year-round planning—not last-minute scrambling.

• Maximize Deductions: Keep more of what you earn with a tailored strategy.

• Tax Planning, Not Panic: A platform that puts you in control year-round.

• Personal & Business Compliance: No surprises when it’s time to file.

• Proactive CPA Support: Experts who keep your tax strategy optimized—before it’s too late.

If your CPA only shows up when there’s a deadline, it’s time for an upgrade. Sign up by March 15th and get 10% off your first year.

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Top Reads

• Watch what to expect from Nvidia earnings (CNBC)

• Tesla’s market cap sinks below $1 trillion as stock falls 8% (CNBC)

• Consumer confidence plunges most in nearly 4 years (YF)

• About half of federal workforce answered Musk email, WH says (Axios)

• Bitcoin falls below $90,000 for first time since November (CNBC)

• Lucid CEO steps down; EV maker plans to more than double production in 2025 (YF)

• Starbucks will remove more than a dozen drinks from its menu (Fox)

• PayPal strategy for Venmo to reach $2 billion in revenue in 2027 (CNBC)

• Apple investors stand by DEI (BB)

• How companies spin US job plans to curry favor with Trump (WSJ)

• BofA scraps diversity goals for hiring and interviewing candidates (YF)

• Lilly to offer cheaper Zepbound (CNBC)

• How PE played a role in Red Lobster and TGI Friday’s bankruptcies (CNBC)

• Celeb brands aren't a safe bet now (TI)

• JPMorgan official defends bank’s DEI programs (Fox)

• Jamie Dimon says he’s not totally against work-from-home (MSN)

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Markets Rundown

Stocks Fall as Consumer Confidence Declines, Markets Eye NVIDIA Earnings

Stocks closed lower on Tuesday as consumer confidence declined for the third consecutive month, fueled by concerns over the labor market and inflation.

Investors are now shifting their focus to NVIDIA’s fourth-quarter earnings and January housing data, which could provide clues about future market trends.

Internationally, Asian markets weakened following President Trump’s announcement that tariffs on Canada and Mexico will resume next week, raising global trade concerns.

Bond yields slipped, with the 10-year Treasury falling to 4.29%, while the U.S. dollar and crude oil prices also softened.

Despite forecasts, home prices rose in December, highlighting persistent supply shortages in the housing market.

Meanwhile, consumer spending intentions sent mixed signals, with plans for home-buying slightly up but interest in big-ticket purchases down, pointing to ongoing economic uncertainty.

Movers & Shakers

• (+) Li Auto ($LI) +13% after the Chinese EV maker unveiled an SUV.

• (–) Tesla ($TSLA) -8% because European sales fell for the EV company.

• (–) Chegg ($CHGG) -31% after the online education company posted a net loss.

Private Dealmaking

• Thermo Fisher Scientific acquired Solventum’s filtration business for $4.1 billion

• Baidu acquired YY Live for $2.1 billion

• Quantum Machines, a quantum control solutions developer, raised $170 million

• Ethena, a stablecoin issuer, raised $100 million

• OpenEvidence, an AI search platform for doctors, raised $75 million

• Flow48, a financing solutions provider, raised $69 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

_{BOOK OF THE DAY}

Mood Machine

Drawing on over one hundred interviews with industry insiders, former Spotify employees, and musicians, Mood Machine takes us to the inner workings of today’s highly consolidated record business, showing what has changed as music has become increasingly playlisted, personalized, and autoplayed. 

Building on her years of wide-ranging reporting on streaming, music journalist Liz Pelly details the consequences of the Spotify model by examining both sides of what the company calls its two-sided marketplace: the listeners who pay with their dollars and data, and the musicians who provide the material powering it all.

The music business is notoriously opaque, but here Pelly lifts the veil on major stories like streaming services filling popular playlists with low-cost stock music and the rise of new payola-like practices.

For all of the inequities exacerbated by streaming, Pelly also finds hope in chronicling the artist-led fight for better models, pointing toward what must be done collectively to revalue music and create sustainable systems. A timely exploration of a company that has become synonymous with music, Mood Machine will change the way you think about and listen to music.

“An unsparing investigation into Spotify’s origins and influence on music, weaving unprecedented reporting with incisive cultural criticism, illuminating how streaming is reshaping music for listeners and artists alike.”

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Concentration Keeps Growing in Equity Markets

Global equity investors are not only highly concentrated in tech stocks, they are also highly concentrated in US stocks

_{PRESENTED BY DEEL}

Warning: May Cause Excessive Knowledge of Global Labor Laws

Managing an international team sounds exciting—until it’s time to deal with cross-border payroll, local tax laws, and compliance regulations.

Deel’s International Hiring Guide takes the guesswork out of global team management, helping you stay compliant and avoid costly mistakes.

Here’s what’s inside:

• Country-Specific Compliance: Avoid fines with tailored insights on local labor laws.

• Tax & Employment Laws Simplified: Make sense of the legal maze with ease.

• Payroll Best Practices: Ensure your team gets paid on time, every time.

Stay focused on growth—let Deel handle the complexity of international payroll.

_{DAILY ACUMEN}

Power of Humility

Humility is a transformative strength that drives leadership, relationships, and personal growth, not by diminishing oneself but by embracing limitations and valuing others’ input.

In leadership, it fosters trust and collaboration—humble leaders admit errors, seek feedback, and create teams where diverse ideas spark innovation.

In relationships, it builds empathy and connection, turning listening into a bridge rather than a battle.

For personal growth, it keeps us open to learning from mistakes and experiences, fueling resilience and progress.

Far from weakness, humility is the confident choice to prioritize “we” over “me,” making it essential for better decisions, stronger bonds, and a life of continuous improvement.

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Short Squeez Picks

• How to get better at small talk

• One CEO’s top 3 productivity strategies

• The art of calling out room dynamics

• Anxiety as a learned behavior and how to unlearn it

• Behavior leverage points to improve your life 

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Memes of the Day