Good Morning! Bitcoin miners are scrambling to find new jobs in AI with the halving poised to cut revenues. CVC set IPO pricing that could value the private equity firm at up to $16 billion. Meanwhile, Elon Musk’s robotaxi dreams are pushing Tesla stock to a fifteen-month low. Informatica says it’s not for sale following Salesforce’s interest in a $10B deal, and Nike will lay off 740 employees at Oregon headquarters as the company cuts costs. Plus, how to use mindfulness to get more done at work.

_{SQUEEZ OF THE DAY}

Goldman Giving Up Robo Investing 

Goldman is officially exiting the robo-advisory business, announcing it will sell its Marcus Invest business to Betterment. Instead, Goldman will be doubling down on its OG lines of investment banking, asset management, and trading. 

In 2021, Goldman launched Marcus Invest, an algorithm-driven investment advisory business. Marcus Invest is different than the traditional Marcus savings account - it is automated, robo-advisory investing, and you could join with a balance as low as $1,000. 

But Goldman is completing its consumer banking exit after competing in the space for a few years. They ended up figuring out that the space was harder to succeed in than they thought. They sold specialty lender GreenSky back in October, and are looking to exit their AppleCard partnership.

Goldman sold to Betterment, a robo-adviser, managing over $45 billion in assets. The deal should close around the end of June.

Goldman, however, will continue to expand its Marcus savings-account product, which has helped boost its deposits to over $110 billion, reducing reliance on costlier funding sources.

Takeaway: Sometimes on Wall Street, there’s value in sticking to what you know. Goldman is a household name because of its investment banking dominance - not necessarily because of its consumer business like JPMorgan Chase or Bank of America. The firm lost a lot of money in the consumer space and found out it was a lot more competitive to succeed than they thought. The good news for Goldman is that they still have an elite investment banking business to fall back on.

_{PRESENTED BY RAD AI}

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Most marketing strategies are little more than estimations and guesswork, resulting in billions of missed opportunities and wasted resources everyday. 

The solution? RAD AI. Dubbed “essential AI” for brands, RAD decodes trillions of internet interactions into highly-valuable, actionable insights. These findings then inform marketing strategies with hard data to deliver outsized ROI. 

The numbers speak for themselves: 

• $27M raised from 6,500+ investors–including VCs and execs at Google, Amazon and Meta–and is backed by the Adobe Fund for Design.

• ~3X revenue growth from 2022 to 2023, all while landing major clients like Hasbro, Skechers, MGM Resorts, Sweetgreen and more.

Don’t miss out–RAD AI’s investment round closes soon.

_HEADLINES

Top Reads

• Bitcoin miners getting into AI to survive halving (CNBC)

• Private equity firm CVC sets IPO pricing (Axios)

• Elon Musk’s robotaxi dreams plunge Tesla into chaos (YF)

• Informatica says it’s not for sale following Salesforce’s interest in $10B deal (CNBC)

• Nike to lay off 740 employees at Oregon headquarters (YF)

• Dimon meets with development bank leaders seeking private money (YF)

• The jobs drought in finance and tech is ending (BB)

• Express files for bankruptcy, plans to close nearly 100 stores (CNBC)

• Hedge fund borrowing hits five-year peak (Reuters)

• Where the world's top 0.001% are putting their money (CNBC)

• Swiss chocolatier invests in cocoa farming as supply crunch bites (BB) 

_{CAPITAL PULSE}

Markets Rundown

The S&P 500, Nasdaq snapped a 6-day losing run as tech resurges.

Movers & Shakers

• (+) Riot Platforms ($RIOT) +23% because of the Bitcoin halving event, which will make the the bitcoin miner more profitable.

• (–) Tesla ($TSLA) -3% after cutting its car prices around the world.

• (–) Informatica ($INFA) -11% after acquisition talks with Salesforce broke down.

Private Dealmaking

• Quanex Building Products bought Tyman, a windows and doors supplier, for $1.1 billion 

• Sapura Energy of Malaysia sold its 50% stake in SapuraOMV to TotalEnergies for $705 million

• LanzaJet, a sustainable aviation fuel developer, raised $100 million

• Midas, a retail investing platform, raised $45 million

• Rubedo Life Sciences, a cell therapies developer, raised $40 million

• AccessHope, a cancer care startup, raised $33 million

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

_{BOOK OF THE DAY}

Techlash

Hailed by Ken Burns as one of the foremost “explainers” of technology and its effect throughout history, Tom Wheeler now turns his gaze to the public impact of entrepreneurial innovation. In Techlash, he connects the experiences of the late 19th century’s industrial Gilded Age with its echoes in the 21st-century digital Gilded Age.

In both cases, technological innovation and the great wealth that it created ran up against the public interest and the rights of others. As with the Industrial Revolution and the Gilded Age that it created, new digital technology has changed commerce and culture, creating great wealth in the process, all while being essentially unsupervised.

Warning that today is not the “Fourth Industrial Revolution” some envision, Wheeler calls for a new era of public interest oversight that leaves behind industrial-era regulatory ideas to embrace a new process of agile, supervised, and enforced code setting that protects consumers and competition while encouraging continued innovation.

Wheeler combines insights from his experience at the highest echelons of business and government to create a compelling portrait of the need to balance entrepreneurial innovation with the public good.

“An accessible and visionary book that connects the experiences of the late 19th century’s industrial Gilded Age with its echoes in the 21st century digital Gilded Age...”

_{DAILY VISUAL}

Strong S&P 500 Earnings Expectations

Equity analysts continue to increase their earnings expectations for the S&P 500

_{WALL STREET’S HOTTEST NEW SHIRT}

NEW RELEASE: Wall Street 80s Banker Shirt

Just released: Our limited edition shirt is now available for purchase.

Freshly steamed out of Patrick Bateman's closet, and so exclusive Paul Allen can't even get this shirt.

In a world of flash & greed, this tasteful striped contrast collar oxford shirt is the perfect mix of both business & style.

Pair it with your sleds & 1980s champagne dial Rolex Datejust while you're 'Walking on Sunshine' with your Sony walkman.

Limited release, no restocks once sold out. Buy here.

_{DAILY ACUMEN}

Helping Others

In life, we often find ourselves deeply invested in helping others improve their circumstances, whether it's supporting a struggling marriage, encouraging a child's potential, or aiding someone in need.

However, it's crucial to recognize that our efforts can only go so far if the other person lacks the intrinsic motivation to change. As much as we may want to see positive outcomes in their lives, we cannot want it more than they do.

Continuously pouring time, money, and emotional energy into someone who isn't equally committed to their own growth and well-being can lead to frustration and disappointment.

While it's important to maintain love, hope, and support for others, we must also learn to step back when our efforts are not met with a reciprocal desire for change.

Ultimately, true transformation comes from within, and we can only effectively help those who are already taking steps in the right direction.

_{ENLIGHTENMENT}

Short Squeez Picks

• Why some of your best employees don’t bring their whole self to work

• Decluttering tips from professional organizers

• How to communicate better at work and accomplish more

• The science behind gut feelings

• How to use mindfulness to get more done

_{MEME-A-PALOOZA}

Memes of the Day