Good Morning! JPMorgan rebranded its diversity program to DOI. Yahoo sold TechCrunch to media PE firm Regent, and ticket reseller StubHub filed for an IPO.

Elon Musk reassured Tesla workers in an all-hands meeting, admitted it "feels like Armageddon," and urged them to hold onto their stock despite a 50% plunge. Meanwhile, Nvidia CEO Jensen Huang doesn’t think tariffs will impact the company’s business.

Plus: Chaos at London’s Heathrow could result in hundreds of millions in losses, some investors worry we’re in a dot-com bubble 2.0, and why you may want to increase your exposure to bonds.

Invest in the future of smartphones with today’s sponsor Mode Mobile.

_{SQUEEZ OF THE DAY}

Consulting is Cooked

For decades, consultants have feasted on corporate and federal budgets alike but now, some are starting to ask: do a few PowerPoint slides filled with words like “synergy,” “transformation,” and “operational excellence” really justify the millions of dollars?

The U.S. government spends roughly $65 billion on consulting contracts, and the Trump-Musk-led Department of Government Efficiency (DOGE) is coming for every last cent.

A new crackdown from the General Services Administration (GSA)—the agency that manages government procurement and contracts—is demanding federal agencies justify their reliance on consulting giants like Booz Allen, Accenture, and Deloitte.

Booz Allen Hamilton, the most exposed of the bunch, gets a staggering 98% of its $11 billion revenue from U.S. government contracts. Since Trump’s election, its stock is down over 40%. Accenture, which gets 8% of its global revenue from federal work, told investors that “ongoing uncertainty” is already hitting revenues. Its stock is down 16% over the past month.

The GSA has asked each firm to submit a “scorecard” by March 31, outlining how their work creates measurable value, identifying waste, and offering pricing concessions. And no more buzzwords: “a 15-year-old should be able to understand what service you provide and why it matters,” the GSA letter stated.

The impact is already being felt. The Department of Veterans Affairs has canceled nearly $2 billion in contracts, stating they’ll no longer pay consultants to “make PowerPoint slides and write meeting minutes.”

Meanwhile, DOGE revealed the IRS’s long-delayed modernization program is 30 years behind schedule and $15 billion over budget. Despite processing the same volume of data as a mid-sized bank, the IRS has 8,000 IT employees and spends $3.5 billion a year on operations, 80% of which goes to contractors.

Takeaway: DOGE’s not just cutting contracts, it’s got people questioning the industry as whole. Combine that with AI tools like OpenAI’s Deep Research that can spit out a full consulting-style report in 10 minutes, and a lot of folks are wondering what exactly they’re paying consultants for.

Consulting is cooked.

And if your job involves “empowering digital-first solutions via scalable frameworks,” you might want to start updating your LinkedIn profile.

_{PRESENTED BY MODE MOBILE}

Your Data Made Them Billions—Now It’s Your Turn to Profit

Apple just traded your privacy for $20 Billion, by keeping Google as the default search engine on iPhones.

And with smartphones collecting 1,000 datapoints on users daily, tech giants have had free access to their most valuable resource… until now.

Mode Mobile is flipping the data industry on its head, splitting profits with their users by turning smartphones into an income-generating asset. They’ve already:

• Paid over $325M to over $45M users.

• Generated 32,481% 3-year revenue growth.

• Ranked #1 fastest-growing software company by Deloitte in 2023.

Their EarnPhone could be considered the Uber of smartphones, and they’re gearing up for a potential IPO on the Nasdaq (ticker: $MODE).

And as companies desperately seek to extract more data, you can invest in Mode’s pre-IPO offering at just $0.26/share.

Invest in Mode and earn your stake in this $1T industry.

_HEADLINES

Top Reads

• DOI is the new DEI at JPMorgan (Fox)

• Yahoo sells TechCrunch to investment firm Regent (Axios)

• He just bought the Boston Celtics—and no one knows anything about him (WSJ)

• Heathrow air travel chaos may cost hundreds of millions in losses (CNN)

• Stumbling stock market raises specter of dot-com era reckoning (YF)

• Nvidia CEO Huang: Tariffs won't have 'significant' impact (YF)

• Why investors may want to increase exposure to bonds (CNBC)

• Musk tells Tesla employees hang on to stock after 50% plunge (YF)

• DOGE says IRS modernization is $15B over budget, 30 years overdue (Fox)

• Ticket reseller StubHub files for an IPO (Axios)

• X plans purchase of last $1.2 billion buyout debt held by banks (YF)

• The Boston Celtics sale raises lots of questions (Axios)

• Companies cut design departments (FC)

• 5 years after Covid, the return-to-office push is stronger than ever (CNBC)

• A possible $70,000 tariff bill has America’s largest limoncello maker on edge (CNN)

• Seniors won't complain if they miss a Social Security check, Lutnick says (Axios)

• Wall Street uncertain over when Fed's balance sheet unwind will end (YF)

_{CAPITAL PULSE}

Markets Rundown

Stocks Snap Skid with Late Rally Amid Mixed Signals

Stocks ended mixed Friday, halting a four-week slide despite early dips.

FedEx and Nike tanked—FedEx cut guidance on inflation and weak demand, Nike flagged profit hits from U.S. tariffs on China and Mexico—while Boeing soared on a fighter jet deal.

After a 10% correction from mid-February’s $6,318 peak, markets steadied, with tech reclaiming the lead.

Europe paused after Germany’s fiscal package cleared, boosting its outperformance.

Tariff uncertainty looms—April 2’s trade policy reveal could jolt volatility—but no news this week calmed nerves.

Jobless claims at 223,000 and rising profits signal resilience, not recession.

The Fed held at 4.25%-4.5%, slowing QT, eyeing two 0.25% cuts in 2025 despite trimming GDP to 1.7% and nudging core PCE to 2.8%.

Powell sees tariff inflation as a blip—rates may hit 3.5%-4% by year-end.

Diversification remains king in this sector-shuffling, tariff-shadowed market.

Movers & Shakers

• (+) Alnylam Pharmaceuticals ($ALNY) +12% after the FDA approved its injectable heart disease drug.

• (+) Super Micro Computer ($SMCI) +8% because of an upgrade from JPMorgan.

• (–) Micron Technology ($MU) -8% after the chipmakers’ investors  were expecting higher earnings per share.

Private Dealmaking

• Munich Re bought Next Insurance for $2.6 billion

• Apollo acquired a 25% stake in BP TANAP for $1 billion

• Bain Capital invested around $508 million into Manappuram Finance

• Paratek Pharmaceuticals bought Optinos for $330 million

• Inspiren, an AI tools provider, raised $35 million

• Buynomics, a pricing predicting firm, raised $30 million

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

_{NEIGHBHORHOOD WATCH}

Real Estate Digest

Mortgage rates remained relatively flat this week even amidst heightened uncertainty in the stock market and the impact of tariffs on the overall economy. For the ninth consecutive week, the 30-Year Fixed-Rate mortgage has stayed below the 7% mark creating stability for buyers in and inventory short marketplace.

Latest News

• What is the impact of the recent economic volatility on the overall outlook

• US existing-home sales top estimates, rebound from bad weather

• US homebuilder sentiment drops to seven-month low in March

• Developer acquires final lot for Fifth Avenue tower, plans to bring Ikea to Manhattan

New Listings

• 535 West End Ave Apt: 15 New York, NY:  7 Bed /  7.5 Bath - $14,900,000

• 165 Strongs Ln Water Mill, NY: 7 Bed /  8.5 Bath - $9,995,000

• 220 Stonewall Ln Fairfield, CT: 6 Bed / 3.5 Bath - $1,799,000

• Mouginsn La Roquette-sur-Siagne, Alpes-Maritimes, France: 5 Bed / 6 Bath - $7,523,829

• Mirabello Villas Apt: 636 Agios Nikolaos, Greece: 5 Bed / 5.5 Bath - $4,460,758

Fill out this form to get personalized support for buying, selling, renting, or investing in real estate.

_{BOOK OF THE DAY}

The Business of Tomorrow

At the turn of the last century, the Guggenheim family ran the most powerful mining conglomerate on earth. Decades later came the Guggenheim museum, which became the hub of the world’s most powerful art brand.

In between, the Guggenheim name was uttered in every field from aviation to politics, from journalism to rocketry.

But who was behind this epic sphere of influence? It took three generations of Guggenheims to build the wealth in its first era. Yet it was the singular force of Harry Guggenheim who would guide the family’s next generation of businesses into modernity.

Part angel investor, part entrepreneur, part technologist, Harry launched businesses whose impact on 20th century America went far beyond the Guggenheims’ mines or museum.

His visionary investments continue to profoundly influence our world and hold valuable business lessons for billionaire dynasty builders like Jeff Bezos and Elon Musk.

A flawed but brilliant man, Harry Guggenheim was the confidante to five American presidents and a key financial force behind commercial aviation and space exploration, two innovations that catapulted the nation into the future.

With unprecedented archival access, Dirk Smillie astutely examines Harry’s business acumen, intellectual curiosities, and the world he lived in.

Whether it was his paradoxical friendship with Charles Lindbergh or his dynamic and ambitions family members, Smillie puts Harry’s life and work in rich context. Epic and intimate, The Business of Tomorrow reveals the fascinating life of an American icon.

“A veteran Forbes journalist brings to life the brilliant and complex Harry Guggenheim in the first-ever biography on this groundbreaking American figure.”

_{DAILY VISUAL}

Americans' job anxiety at 10-year high

_{PRESENTED BY FINANCEBUZZ}

The Credit Hack Everyone Should Know

If there’s one thing Wall Street knows, it’s leverage. But while you're busy structuring LBOs, have you ever thought about leveraging your own debt?

Enter the 0% intro APR balance transfer card—a cheat code for anyone with a hefty Amex tab or a Chase Sapphire bill that’s looking a little too steep.

Here’s the play:

• 0% interest until nearly 2027 – Move your high-interest debt and pay it down on your own terms.

• 2% cash back on purchases – Finally, a card that pays you back for those client dinners.

• No annual fee – Because adding another card fee is rookie behavior.

Finance is all about strategy—why not use the same mindset on your personal balance sheet? Thankfully, FinanceBuzz did the research so you don’t have to. Here’s the card that helps you do it.

_{DAILY ACUMEN}

Leadership

Inspiring leadership hinges on one small, potent act: offering choice.

Handing people options—like picking between two deals or leading a meeting—flips the script from control to autonomy, sparking engagement over resentment.

Research shows it’s not just feel-good; it slashes suspicion, boosts trust, and turns tense moments cooperative.

Micromanaging kills drive, but delegating real stakes—like a seat at the table—lights a fire of ownership.

Choice and involvement don’t just manage—they transform, balancing freedom with just enough guardrails to keep the ship steady.

_{ENLIGHTENMENT}

Short Squeez Picks

• The best management tips on strategic thinking

• The best Omakase spots in NYC

• 4 leadership principles not taught in business school

• How to leverage conversational doorknobs to build trust

• 9 situations in life where the best thing to do is remain silent

_{MEME-A-PALOOZA}

Memes of the Day