Good Morning! Nvidia’s crash didn’t last long—it bounced back 9% after Monday’s sell-off. Meanwhile, the U.S. Navy banned DeepSeek over national security concerns, and HSBC is pulling the plug on its investment banking operations in the U.S. and Europe.

Finance bros, step aside—there’s a new hottest career people want to date. And on a more serious note, Wall Street’s brutal work culture is back in the spotlight after the tragic passing of a 28-year-old Jefferies tech banker.

Plus, US govt is getting its own ChatGPT, Goldman bankers are furious about paltry bonuses after their CEO made $39M, and the big 5 personality traits linked to lifelong singlehood.

Private companies that offer liquidity consistently score higher with employees. Discover why in Hiive’s latest report.

_{SQUEEZ OF THE DAY}

Elon’s Venmo Competitor

Elon Musk’s vision of turning X (formerly Twitter) into an “everything app” just took a major step forward. X announced a partnership with Visa to launch X Money Account, a digital wallet enabling peer-to-peer payments and bank transfers, rivaling Venmo, Zelle, and PayPal.

X users will soon be able to send money instantly, link debit cards, and transfer funds to bank accounts via Visa’s payment network. This marks Musk’s latest move to diversify X’s revenue beyond ads, which made up over 90% of its income at the time of his takeover.

Musk is no stranger to payments, he co-founded PayPal, the original disruptor in online transactions. Now, he’s looking to replicate that success on X, embedding financial services directly into the platform. His 2022 pitch deck projected X’s payments business would grow from $15 million in 2023 to $1.3 billion by 2028.

To make this happen, X has been actively securing money transmitter licenses—it’s now licensed in 41 states and registered with FinCEN.

One of the first use cases? Helping creators accept and store payments without third-party platforms. And Musk isn’t stopping there, he’s hinted at future banking services, including a high-yield money market account.

Takeaway: The X Money Account could be Musk’s biggest bet yet in reshaping the platform. Musk wants X to be the Western WeChat, where users chat, share, shop, and bank in one place. Whether he can pull it off remains to be seen, but history suggests betting against Musk is not the greatest idea in the world.

_{PRESENTED BY HIIVE}

Liquid Stock Lifts Career Satisfaction

For years, private companies have locked employees into “golden handcuffs,” preventing them from accessing the value of their equity before an exit event. But that’s changing.

According to Hiive’s recent survey of tech workers on Blind, employees at companies offering regular or periodic liquidity rated their employers higher across every metric—career satisfaction, retention, and overall engagement.

By contrast, workers without access to liquidity are far more likely to search for new opportunities.

The solution? Measured, ongoing liquidity programs that unlock equity value, improve retention, and increase the perceived value of compensation.

Read more in the report: Why Liquidity Matters: Motivating Tech Talent in a Constrained Economic Environment.

_HEADLINES

Top Reads

• Nvidia rises more than 8%, bouncing back from Monday's AI stock rout (YF)

• U.S. Navy bans use of DeepSeek due to security and ethical concerns (CNBC)

• HSBC to exit M&A and capital markets in UK, Europe and the U.S. (CNBC)

• Tesla had its worst sales year ever but stock is still rallying (CNN)

• Goodbye finance bros, the new hottest career people want to date (NYP)

• Jefferies tech banker dies age 28 (NYP)

• Louis Vuitton owner’s sales beat forecasts despite weak growth (WSJ)

• Trump, Musk join forces to bring stranded NASA astronauts back via SpaceX (Fox)

• Google employees petition for job security ahead of expected cuts (CNBC)

• Private equity buyers see signs of life for physician practice deals (WSJ)

• Goldman staffers gripe over bonuses after D-Sol’s eye-opening $39M payout (NYP)

• Chevron builds natural gas plants to power U.S. data centers (YF)

• Blackstone sees increase in M&A boosting CLO sales in 2025 (BB)

• Pay raises are shrinking in 2025 (Axios)

• OpenAI launches ChatGPT Gov for U.S. government agencies (CNBC)

• Microsoft’s underperformance has investors looking to cloud for growth (CNBC)

_{CAPITAL PULSE}

Markets Rundown

Nasdaq Leads Stocks Higher

U.S. equity markets finished higher on Tuesday, as technology stocks rebounded from Monday’s sell-off, which was triggered by news of Chinese AI startup DeepSeek’s low-cost AI model.

Reports suggest the company’s AI model rivals those of leading U.S. tech firms, despite requiring less computing power and significantly lower costs. However, further details remain unverified.

The U.S. dollar strengthened, while WTI oil and gold prices edged higher.

Markets Turn Attention to Fed’s FOMC Meeting

The FOMC will conclude its January meeting today, with markets widely expecting no changes to the federal funds rate. We anticipate that the Fed will slow the pace of rate cuts, beginning with a pause this month.

With the current fed funds rate around 4.35% and the core personal consumption expenditure (PCE) inflation rate at 2.8% (annualized), monetary policy remains restrictive.

Historically, a neutral rate sits about 1% above inflation, which suggests that the Fed could ease toward a 3.5%-4.0% range this year, assuming inflation continues to decline.

Bond markets are currently pricing in 0.5% in Fed rate cuts for 2025.

Lower rates should reduce borrowing costs for consumers and businesses, supporting economic growth and corporate earnings.

Key Technology Companies to Report Earnings This Week

Tech giants Microsoft and Meta are scheduled to report earnings today, with Apple and Amazon set to release their quarterly results on Thursday.

Investors will likely focus on management’s outlook regarding the potential impact of DeepSeek’s AI model on their AI businesses.

While the technology sector remains a key market driver, recent broad-based earnings growth has shifted market leadership.

Over the past six months, the consumer discretionary, communication, financials, and industrials sectors have each outperformed technology.

Movers & Shakers

• (+) Royal Caribbean ($RCL) +12% after the cruise line delivered an earnings beat; higher guidance.

• (+) Nvidia ($NVDA) +9% because the chipmaker rebounded from Monday’s sell-off.

• (–) JetBlue ($JBLU) -26% after the airline issued a disappointing outlook

Private Dealmaking

• Helion, a nuclear fusion startup, raised $425 million 

• 360 One Wam bought B&K Securities for $205 million

• TravelPerk, a business travel platform, raised $200 million

• Alice & Bob, a quantum computing startup, raised $104 million

• Helicore Biopharma, an obesity biotech, raised $65 million

• Quibium, an imaging biomarkers maker, raised $50 million

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

_{BOOK OF THE DAY}

The Let Them Theory

What if the key to happiness, success, and love was as simple as two words?

If you've ever felt stuck, overwhelmed, or frustrated with where you are, the problem isn't you. The problem is the power you give to other people. Two simple words—Let Them—will set you free.

Free from the opinions, drama, and judgments of others. Free from the exhausting cycle of trying to manage everything and everyone around you. The Let Them Theory puts the power to create a life you love back in your hands—and this book will show you exactly how to do it.

In her latest groundbreaking book, The Let Them Theory, Mel Robbins—New York Times bestselling author and one of the world's most respected experts on motivation, confidence, and mindset—teaches you how to stop wasting energy on what you can't control and start focusing on what truly matters: YOU. Your happiness. Your goals. Your life. 

Using the same no-nonsense, science-backed approach that's made The Mel Robbins Podcast a global sensation, Robbins explains why The Let Them Theory is already loved by millions and how you can apply it in eight key areas of your life to make the biggest impact.

Within a few pages, you'll realize how much energy and time you've been wasting trying to control the wrong things—at work, in relationships, and in pursuing your goals—and how this is keeping you from the happiness and success you deserve.

Written as an easy-to-understand guide, Robbins shares relatable stories from her own life, highlights key takeaways, relevant research and introduces you to world-renowned experts in psychology, neuroscience, relationships, happiness, and ancient wisdom who champion The Let Them Theory every step of the way.

“Take back your power with two simple words.”

_{DAILY VISUAL}

The Evolution of Asset Allocation

_{PRESENTED BY BOXABL}

America’s Top Homebuilder Invests In “Off-Market” Disruptor

You must be doing something right if the biggest names in your industry take an interest.

That’s the story with BOXABL. They’ve rethought housing by bringing assembly lines to new home construction. Not to mention, the company has gained the attention of investors like D.R. Horton.

Where traditional homes take over 7 months to build, BOXABL factories can mass produce their signature Casita home in nearly four hours, plumbing, electrical, HVAC, and all. No wonder 190,000+ potential buyers already reserved one. And they’re just getting started.

Now, everyday investors can join them too. When BOXABL last opened a Reg A investment opportunity, they maxed out the $75M regulatory limit. Become an investor for just $0.80/share.*

_{DAILY ACUMEN}

Uncertainty

Uncertainty is often viewed as a source of stress and anxiety.

However, research suggests that it can also have several benefits.

Uncertainty can heighten attention and facilitate learning, serving as a distraction from negative emotions and increasing enjoyment of entertainment.

It can also motivate effort and boost positive emotions.

By embracing uncertainty, we can leverage its benefits to increase happiness and well-being.

This can be achieved by engaging in new experiences and activities, practicing mindfulness and presence, and reframing uncertainty as an opportunity for growth.

So, the next time you're faced with uncertainty, try to view it as a chance to learn, grow, and thrive.

_{ENLIGHTENMENT}

Short Squeez Picks

• The best time management apps

• Traits every entrepreneur needs to succeed

• The big 5 personality traits linked to lifelong singlehood

• How your music taste affects your love life

• 5 things to never do when unwinding after work

_{MEME-A-PALOOZA}

Memes of the Day