Good Morning! Intel’s CEO is out after a 3-year tenure that saw the company miss the AI boom and stock tank 61%. Super Micro Computer will appoint a new CFO after a probe found no fraud. And Bezos is backing an AI chip rival to Nvidia.

Facebook Dating is booming with Gen-Z, up 24%. Elon Musk wants to block OpenAI's for-profit move and just had his $56B pay package rejected. Meanwhile, Trump has reportedly been talking privately with Jamie Dimon for several months.

Plus, Whole Foods is testing out smaller stores, Enron was resurrected in what appears to be a joke, and how to pack up a hotel room without forgetting anything. 

Explore private credit with Percent and earn up to $500 on your first investment.

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Is the CFA Worth It?

The CFA (Chartered Financial Analyst) designation was once the gold standard for breaking into asset management or climbing the ranks on Wall Street. Known for its grueling exams, the CFA badge signaled intellectual stamina and dedication. But in today’s evolving financial landscape, the once-essential credential is losing its shine.

The number of candidates sitting for all three exam levels plummeted to 116,727 this year, a sharp drop from over 270,000 in 2019. Pandemic disruptions initially caused the decline, but interest hasn’t rebounded. Pass rates have recovered to 46% from a low of 22% in 2021, yet the pipeline of new CFAs remains weak.

The relevance of the CFA is being challenged by structural changes in the finance industry. The shift toward passive investing and private capital has made traditional portfolio management expertise (long the CFA’s focus) less critical.

A head of equity research summed it up: “You’re not going to hire or not hire someone on the basis of having a CFA.” The qualification, once a must-have for young analysts, is now seen as a “nice-to-have.”

The CFA Institute is pivoting to adapt. New certifications in ESG, climate change, private markets, and cryptocurrency aim to align with emerging industry trends. They’ve also lowered barriers to entry, allowing students to take the Level I exam two years before completing their undergraduate degree.

For those eyeing careers in public markets or global finance, the CFA remains respected and can be a cost-effective alternative to an MBA. But with the rise of automation and alternative investments, its career-boosting power has diminished.

Takeaway: Is the CFA worth it? The answer depends on your goals. If you’re pursuing a niche in asset management or want an internationally recognized credential, it still holds value. But if you’re aiming for private equity, venture capital, or other areas less tied to public markets, your time might be better spent elsewhere.

In an industry evolving as fast as finance, the CFA risks becoming a relic. It may still look good on LinkedIn, but in today’s world, respect doesn’t always translate to relevance.

_{PRESENTED BY PERCENT}

Think Beyond Stocks for 2025

Goldman Sachs predicts U.S. stocks will return only 3% annually over the next decade. For investors looking to grow their portfolios, private credit offers a compelling alternative, delivering higher potential returns and a buffer against stock market fluctuations.

On Percent, private credit has become a popular option for those seeking both stability and growth potential—providing accredited investors with consistent income and an alternative to equities.

• Outpaced Equities in Market Downturns: Private credit has consistently delivered during recent corrections.

• Higher Yield Potential: Percent’s Q2 and Q3 net returns were over 13%.*

• Short-Term Commitments: Average deal term of 9 months offers flexibility.

• Monthly Cash Flow: Most deals offer steady income through regular interest payments.

Diversify with private credit and drive growth beyond traditional stocks. Sign up with Percent and get up to $500 on your first investment.

_HEADLINES

Top Reads

• Intel CEO resigns after a disastrous tenure (CNN)

• Super Micro hires new CFO, independent review found no evidence of fraud (YF)

• Bezos backs AI chipmaker vying with Nvidia at $2.6 billion value (BB)

• Facebook dating attracts more young singles (Axios)

• Elon Musk asks court to stop OpenAI from becoming a for-profit (Axios)

• Musk’s multibillion-dollar pay package is rejected again by judge (WSJ)

• Trump has reportedly held secret talks with Jamie Dimon for months (Fox)

• JPMorgan rejects transition finance trend gripping Wall Street (YF)

• Enron has been resurrected in what appears to be an elaborate joke (CNN)

• BlackRock is on the verge of a $12B bet on private credit (YF)

• Stellantis wins funds as CEO leaves (CNBC)

• Whole Foods tries small shops again (WSJ)

• Establishment's takeover of Bitcoin creates new risks (YF) 

• ServiceTitan's ratchet motivation for going public (Axios)

_{CAPITAL PULSE}

Markets Rundown

Mega Caps Drive New Highs

Mega-cap stocks lifted the S&P 500 and Nasdaq to record highs, with Apple hitting an all-time peak and Tesla continuing its rally. Meta Platforms, Microsoft, Alphabet, and Amazon also gained more than 1%, while semiconductors surged on easing trade concerns. Despite the strength in tech, declining stocks outpaced advancers, suggesting limited market breadth. The 10-year Treasury yield edged up to 4.20%, while the Cboe Volatility Index dropped to 13.44, indicating muted volatility.

Mixed Sector Performance

While tech and communication services powered gains, rate-sensitive sectors like real estate and utilities faced pressure. This could reflect concerns over interest rate policy or a shift toward higher-risk assets. Semiconductors rebounded sharply, helped by optimism over milder-than-feared U.S. trade restrictions on China. Elsewhere, Norwegian Cruise Line and Carnival rose on upgraded price targets, while Super Micro Computer soared nearly 29% after a clean internal audit.

Economic Data Supports Growth Outlook

November’s ISM Manufacturing PMI rose to 48.4%, showing improvement despite remaining below expansion levels. October construction spending climbed 0.4%, driven by a 1.5% increase in residential investments, led by single-family housing. These results align with a "soft landing" scenario, suggesting economic resilience amid tight housing supply and higher borrowing costs. Treasury yields remained steady, signaling confidence in the economic outlook despite robust data.

Labor Market in Focus

The upcoming nonfarm payrolls report is expected to show 195,000 new jobs in November, up from October’s strike-affected 12,000. Revisions to October’s data will clarify the labor market’s health ahead of the Federal Reserve’s December meeting. Tomorrow’s JOLTS report is expected to show 7.49 million job openings, reflecting hiring trends. Futures markets now assign a 76% chance of a 25-basis-point rate cut, underscoring the Fed’s cautious balancing act.

Movers & Shakers

• (+) Super Micro Computer ($SMCI) +29% after a probe found no evidence of fraud.

• (+) Gap Inc. ($GAP) +6% after JPMorgan upgraded the clothing retailer.

• (–) Stellantis NV ($STLA) -6% after the Jeep maker’s CEO resigned.

Private Dealmaking

• ABC Technologies, an Apollo portfolio company, bought TI Fluid for $1.3 billion

• FountainVest Partners and Unison Capital bought Japanese jeweler Tasaki & Co for $660 million

• Heidelberg Materials of Germany bought Giant Cement for $600 million

• Geopark bought oil and gas production assets in Colombia from Repsol for $530 million

• Public, an investing platform, raised $135 million

• Upwind, a cloud security startup, raised $100 million

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

_{BOOK OF THE DAY}

Willpower

Pioneering research psychologist Roy F. Baumeister collaborates with New York Times science writer John Tierney to revolutionize our understanding of the most coveted human virtue: self-control.

Drawing on cutting-edge research and the wisdom of real-life experts, Willpower shares lessons on how to focus our strength, resist temptation, and redirect our lives.

It shows readers how to be realistic when setting goals, monitor their progress, and how to keep faith when they falter.

By blending practical wisdom with the best of recent research science, Willpower makes it clear that whatever we seek—from happiness to good health to financial security—we won’t reach our goals without first learning to harness self-control.

“One of the world's most esteemed and influential psychologists, Roy F. Baumeister, teams with New York Times science writer John Tierney to reveal the secrets of self-control and how to master it.”

_{DAILY VISUAL}

_{PRESENTED BY KALSHI}

Will Bitcoin Hit $100k Before Year-End?

Bitcoin has been surging since the election, but the big question remains: will it hit $100,000 before year-end?

The leading cryptocurrency came tantalizingly close, reaching $99,830 on November 22, 2024, but fell just short of breaking the milestone.

At the moment, traders on Kalshi are assigning a 65% probability that Bitcoin will hit $100,000 by December 31.

A YES bet could yield a 43% return, while a NO bet offers a potential 168% return. Make your prediction on Kalshi here.

_{DAILY ACUMEN}

Sleep and Decision Making

Research suggests that sleep can help us make better decisions and solve problems more effectively. A study from Duke University found that participants who slept before making decisions were better at assessing the value of items without being influenced by first impressions.

Sleep also supports problem-solving. In one study, participants exposed to sound cues related to unsolved puzzles during sleep were more likely to solve them the next day.

Another experiment showed that people who napped while holding an object—like Thomas Edison used to—performed better at solving hidden problems, especially when they drifted into light sleep.

The twilight state between wakefulness and sleep, known as sleep onset, can also enhance creativity. Experiencing dream-like imagery during this phase was found to boost participants' ability to solve creative problems.

These studies highlight that sleep isn't just about rest—it can be an effective tool for better decision-making and creative problem-solving.

_{ENLIGHTENMENT}

Short Squeez Picks

• Why do so many people like remote work?

• How to pack up a hotel room without forgetting anything

• 3 ways leaders can emotionally regulate

• Daily habits like sleep and exercise can shape brain connectivity for weeks

• What could you change in a year?

_{MEME-A-PALOOZA}

Memes of the Day