Good Morning and Happy Friday! Blackstone is expecting North American private equity exits to double next year. Marriott is going glamping and acquired 1,200 cabins. A court rejected Nasdaq’s diversity push, Google is hiking the price for YouTube TV again, and Bezos matched Zuck’s $1 million contribution to Trump’s inauguration fund.

BuzzFeed sold its show Hot Ones for $82 million to shore up some cash. Stanley will recall 2.6 million mugs after some lids burned customers. And Carlyle will pause luxury investments—even after making a killing on Golden Goose. 

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_{SQUEEZ OF THE DAY}

Hottest Tech Job Is at a... Bank

It seems like, just a few years ago, computer science majors and tech bros alike were all gunning for jobs at Google or Amazon. Big Tech drew top talent thanks to high pay and a more relaxed culture - oftentimes complete with beanbag chairs, snacks, and wellness retreats.

But today? The hottest tech gigs might just be at... big banks. JPMorgan Chase, Morgan Stanley, and their Wall Street buddies have been on a hiring spree and are snapping up tech talent.

The financial services sector is capitalizing on the cooling demand in Big Tech while offering competitive compensation, stability, and the chance to work on cutting-edge AI and machine learning projects.

Cornell University even reported that 22% of its 2023 computer science grads went into financial services, up from just 16% in 2022. Carnegie Mellon’s Heinz College saw financial services grab 19% of its info systems grads between 2020-2023, up from 16% before that. 

Banks are pulling out all the stops to attract tech talent. JPMorgan has built a premier tech research department led by renowned academics, while Bank of America and Capital One rank among the top companies globally for AI-related patents.

Even traditional players like Bank of New York Mellon are hosting hackathons, offering AI-focused training, and deploying cutting-edge AI supercomputers.

Takeaway: This isn’t just about compensation. For many, the allure lies in solving meaningful problems, working under industry-leading researchers, and being part of the ongoing "AI arms race" transforming the financial sector. Banks are proving that they’re no longer just about suits, ties, and spreadsheets—they’re a hotbed for AI innovation. Turns out, stability and a fat paycheck beat free snacks any day.

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_HEADLINES

Top Reads

• Accused Ivy League killer was not a UnitedHealthcare member (Fox)

• Blackstone sees North American private equity exits doubling in 2025 (YF)

• Trump rings bell at NYSE on Thursday (CNBC)

• Marriott buys Postcard Cabins as it plans outdoor hospitality brand (BB)

• Wall Street hopes rate cuts will force clients out of cash in 2025 (YF)

• US appeals court rejects Nasdaq’s diversity rules for company boards (AP)

• Google hikes YouTube TV's price to $83 a month (YF)

• BuzzFeed sold Hot Ones for $82 million (NBC)

• Stanley recalls 2.6 million mugs (NBC)

• Carlyle pauses luxury investments after making a killing on Golden Goose (BB)

• Adobe’s AI concerns worry investors (YF)

• Amazon to donate $1 million to Trump inauguration, matching Meta (TH)

• ServiceTitan breaks the IPO drought (Axios)

• Trump advisers considering raising SALT write-off limit to $20,000 (YF)

• Blackstone resolution deal shows funds wooing insurers still work (BB)

_{CAPITAL PULSE}

Markets Rundown

Stocks Decline Amid Inflation Concerns

Equity markets slipped Thursday as inflation fears weighed heavily on investor sentiment, with large-cap stocks underperforming mid-caps. Most sectors were down, though consumer staples eked out gains.

In global markets, European stocks fell despite the ECB cutting rates by 0.25%, as expected.

The U.S. dollar strengthened, while WTI oil declined on forecasts for abundant supply in 2025.

Bond yields edged up, with the 10-year Treasury yield closing at 4.33%.

Producer Inflation Beats Expectations

The producer price index rose 3.0% annually in November, exceeding expectations of 2.6%, while core PPI ticked up to 3.4%, above the 3.2% forecast.

These figures indicate inflation is moderating more slowly, suggesting a less aggressive rate-cutting path for the Fed.

However, they remain consistent with a 0.25% rate cut next week, as policymakers aim for a soft landing. Treasury yields climbed, reflecting market anticipation of a slower rate-cutting cycle in 2025.

Jobless Claims Point to Gradual Labor Market Cooling

Jobless claims rose to 242,000, surpassing the 220,000 forecast, while continuing claims dipped slightly to 1.89 million, below estimates.

Despite the uptick, the four-week jobless claims average aligns with yearly trends, signaling a resilient but normalizing labor market.

With unemployment steady at 4.2%, disposable income should support holiday spending. Cooling hiring trends and slower wage growth could help ease inflationary pressures in the coming months.

Movers & Shakers

• (+) Warner Bros Discovery ($WBD) +15% after the company announced it will split its cable business.

• (–) Adobe ($ADBE) -14% after the company lowered its revenue outlook.

• (–) Buzzfeed ($BZFD) -20% after announcing the sale of Hot Ones.

Private Dealmaking

• Crusoe, an AI data center provider, raised $600 million

• Rebel Foods, a dark kitchen network provider, raised $210 million

• Ayar Labs, an optical solutions provider, raised $155 million

• Capstan Medical, a heart disease treatment developer, raised $110 million

• Upvest, an investment API, raised $108 million

• Gigs, a mobile services startup, raised $73 million

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

_{NEIGHBORHOOD WATCH}

Real Estate Digest

Mortgage rates have fallen for the third consecutive week, fueling a rise in homebuyer demand alongside consumer income growth and a surging stock market. While the housing market outlook is showing signs of improvement, affordability challenges remain a hurdle for buyers and are expected to persist into the new year.

Latest News

• How’s the NYC Market?

• US Mortgage Rates Decrease for the Third Consecutive Week

• NYC Office Market is Roaring Back to Life

• Palm Beach Luxury Home Sales Soar Amid ‘Trump Bump’

• Top Housing Markets for 2025

New Listings

• 422 W 49th St Apt: 3A New York, NY: 3 Bed / 2 Bath - $2,500,000

• Rue de la Legettaz Val-d'Isère, Savoie France: 5.5 Bed / 5.5 Bath - $9,140,000

• Rte de Hayen 11 Sprimont, Liège 4140 Belgium: 6 Bed / 5 Bath - $6,826,235

• 144 1st St Apt: 12R Jersey City, NJ: 3 Bed / 3.5 Bath - $2,300,000

• 220 Stonewall Ln Fairfield, CT 06824: 6 Bed / 3 Bath - $1,799,000

Fill out this form if you're looking to buy, sell, rent or invest.

_{BOOK OF THE DAY}

Humble

Daryl Van Tongeren is a leading researcher on the science of humility. In Humble, he gives this unassuming trait a much-needed rebrand, explaining why the humble enjoy a more secure sense of self, handle challenges better, and, indeed, are often the people we like the most.

That’s not to say Van Tongeren has mastered humility. (When he asked his wife to rate him on a scale from 1 to 10, she gave him a 4.)

But in a world where narcissism is on the rise―where the shameless dominate social media and getting noticed is considered key to getting ahead―it’s not surprising that we all have a bit of work to do on our sometimes self-sabotaging egos.

In its true sense, humbleness is the happy medium between self-denial and self-obsession: It grants the holder an accurate view of reality. By seeing where we have room to improve, we can grow.

By admitting our doubts, we can learn. And by acknowledging our own worldview as one among many, we can truly connect with others despite our differences.

A thought-provoking call to reexamine our values, Humble signals a paradigm shift―from the “self-esteem movement” run amok to a better world in which we lift up one another.

_{DAILY VISUAL}

YouTubeTV Price Keeps Mooning

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_{DAILY ACUMEN}

Inherited Anxiety

Ever wonder why you're terrified of public speaking or convinced every minor ache is a sign of impending doom?

You might be inheriting anxiety like an old family heirloom.

Psychologist Phil Lane argues that many of our anxious tendencies aren't innate but rather learned behaviors, often absorbed from our earliest caregivers.

Imagine a child whose parent constantly anticipates catastrophe—that child might unconsciously adopt the same worldview, viewing everyday situations as rife with potential danger.

But here's the empowering twist: just as anxiety can be learned, it can be unlearned.

By critically examining our fears and asking, "Whose belief is this, anyway?", we can begin to dismantle these inherited anxieties and forge our own, more liberating responses to the world.

_{ENLIGHTENMENT}

Short Squeez Picks

• Is melatonin addictive?

• Job interview red flags, according to a recruiter

• 3 steps for mastering boundaries at work

• How to regain control if you have a selfish boss

• The surprising value of ambivalence in management

_{MEME-A-PALOOZA}

Memes of the Day