Good morning! Investors finally got some good news as February’s inflation came in lower than expected, but Goldman still cut its S&P 500 year-end target over tariff concerns.

Intel announced a new CEO, and executives at both Blackstone and Goldman see an upside to Donald Trump’s economic policies.

Plus: Egg prices are finally falling, Canada hit back with 25% tariffs on $21 billion worth of U.S. goods, and private equity is circling Big Ten college sports.

Your next finance interview is coming—get AI-powered prep today.

_{SQUEEZ OF THE DAY}

Junior Bankers Defend the Grind

AI is supposed to be a game-changer for investment bankers—automating pitch decks, crunching financial models, and shaving hours off tedious tasks. For junior bankers grinding through 80-100 hour weeks, that should be cause for celebration.

Instead, it’s causing panic.

Wall Street firms are racing to integrate AI, with major players like JPMorgan, Goldman Sachs, and Lazard rolling out proprietary tools to automate the grunt work. Morgan Stanley’s AI is drafting reports, Citi’s AI is summarizing filings, and firms like Moelis are using platforms like Rogo to churn out M&A analysis and slide decks. One analyst claimed AI saved them 60 hours of grunt work in a single week.

But some junior bankers aren’t thrilled.

For decades, analysts have complained about soul-crushing work like reformatting slides and assembling deal docs. But now that AI is taking over the busywork, some are realizing the grind wasn’t just about suffering—it was training.

Veteran recruiters warn that skipping the grunt work could leave young bankers unprepared for senior roles. After all, how do you develop attention to detail, industry knowledge, and the confidence to handle clients if an AI does your first three years of work for you?

“You gotta put in the work to get upstairs,” said Jeanne Branthover, a top Wall Street recruiter.

Takeaway: Wall Street’s culture isn’t changing—just the tools. AI won’t shorten workweeks or send analysts to happy hour at 5 PM; it will likely just increase the volume of work. While some see automation as the democratization of expert-level knowledge, others argue that skipping the pain could cost the next generation of bankers their edge.

So, is AI a blessing or a curse for junior bankers? That depends on who’s training them. “There’s no doubt that people with AI will replace people without AI,” said Rogo founder Gabriel Stengel, a former Lazard banker. So, our advice for junior bankers? Master the tech or get left behind.

_{PRESENTED BY TRAINING THE STREET}

Finance Interviews Are a Test. Start Practicing.

Finance interviews aren’t just tough—they’re designed to weed out the unprepared.

That’s where Interview SmartPrep AI from Training the Street comes in. Powered by advanced AI and machine learning, it simulates real interview scenarios, coaches you in real-time, and provides instant feedback—so when the actual interview comes, you’re ready.

With Interview SmartPrep AI, you get:

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Don’t wing your next interview. Train like a pro.

_HEADLINES

Top Reads

• Inflation rate eased to 2.8% in February, lower than expected (CNBC)

• Jamie Dimon defends stance against remote work to college students (NYP)

• Goldman Sachs cuts S&P 500 year-end target to 6,200 (YF)

• Goldman Sachs warns of stress on Corporate America from tariffs (YF) 

• Blackstone and Goldman Sachs CEOs see upsides to Donald Trump’s policies (FT)

• Canada announces $21B in new US tariffs as trade war escalates (Fox)

• Egg prices are finally falling. But they’re about to spike again (CNN)

• Private equity circling Big Ten college conference sports (PIO)

• FTC asks to delay Amazon trial over staff shortages following Musk-led cuts (CNN)

• Ferrari CEO says automaker is doing ‘scenario planning’ to counter potential impact of tariffs (CNBC)

• Intel appoints new CEO, stock jumps 12% (CNBC)

• Fintech stocks plummet as Wall Street worries about consumer spending, credit (CNBC)

• Quantum computing's new milestone (LI)

• Lutnick: Trump's tariffs are "worth it," even if they trigger a recession (Axios)

• Wall Street's hopes for a 2025 IPO bonanza are being put to the test (YF)

• Spotify paid music biz $10B in '24 (CNBC)

_{CAPITAL PULSE}

Markets Rundown

Equities Bounce Back on Tame Inflation Data

On Wednesday, stocks clawed back losses from a shaky week, with tech leading the charge after a softer-than-expected inflation report eased nerves.

February’s core CPI rose just 0.2%, the slowest since April 2021, dropping headline CPI to 2.8% YoY (from 3.0%) and core to 3.1% (from 3.3%), per BLS data.

Shelter costs, still half the CPI’s rise, cooled to 4.2% YoY, the mildest since December 2021, while airfares, new cars, and gas prices fell.

Bond yields edged up, and growth stocks outpaced defensives, signaling a risk-on mood.

Yet, new 25% tariffs on steel and aluminum imports, effective overnight, sparked EU retaliation (€26B in countermeasures), keeping trade uncertainty high.

The S&P 500, teetering near a 10% correction—its first since October 2023—remains up 10% YoY, buoyed by diversification into cheaper assets.

Investors now eye PPI and government funding news after the House passed a spending bill, dodging a shutdown.

Historically, corrections average 14% drops over 4.3 months, with stocks gaining 18% six months later—hinting at opportunity amid the chop.

Movers & Shakers

• (+) Groupon ($GRPN) +43% after the retailer posted strong Q4 revenue; bullish outlook.

• (+) Nvidia ($NVDA) +6% because the chipmaker reversed course after consecutive weak sessions.

• (–) Novo Nordisk ($NVO) -4% after a weak weight loss drug trial.

Private Dealmaking

• Cybereason, a cybersecurity business, raised $120 million

• Dexterity, a robotics company, raised $95 million

• Mesh, a crypto payments network, raised $82 million

• Pentera, an attack simulations maker, raised $60 million

• Bluebird Kids Health, a pediatric health clinic startup, raised $31.5 million

• Viam, a hardware automation platform, raised $30 million

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

_{BOOK OF THE DAY}

The Underdog Founder

The Underdog Founder shares Edrizio De La Cruz’s improbable odyssey from selling guavas in a Dominican barrio to co-founding his startup, Arcus, in Silicon Valley.

Arcus was recognized by Forbes as one of the most successful startups of 2021 and was later sold to Mastercard.

This is one of the best business books for entrepreneurs who feel unseen.

A memoir and business narrative that presents seven key principles to rise above racism, poverty, imposter syndrome, and every imaginable and unimaginable in starting a business.

The Underdog Founder is the inspirational and practical guide needed to transform obstacles into opportunities and manifest the life you’ve dreamed of—a life that goes against all odds.

“Brutally candid...the most powerful book I’ve read on how to succeed as an underrepresented founder."

_{DAILY VISUAL}

Philip Morris Eyes Cigar Unit Sale in Smoke-Free Shift

Cigar sales lit up during the pandemic but have faded since

_{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}

Mastering Focus

The mounting difficulty of maintaining focus, concentration, and discipline in a distraction-laden age came into sharp relief, especially for students and learners facing exams or seeking knowledge.

Success hinges on enduring the grind—embracing the struggle of tough tasks over seeking comfort—rather than relying on fleeting motivation.

Banishing phones during work halts the constant pull of notifications, while tackling just the next small step, like reading a single page, cuts through overwhelm to spark progress.

Discipline builds like a muscle through consistent, uncomfortable practice and structured routines, but the biggest lever is shaping an environment free of clutter and filled with driven people.

As distractions multiply in an opportunity-rich, uncertain world, triumph comes from forging resilience and zeroing in on what matters, step by stubborn step.

_{ENLIGHTENMENT}

Short Squeez Picks

• How to tell if you’re a high-performer or workaholic

• Why micromanaging doesn’t work

• How to find the motivation to work out

• 6 books that build wealth

• 4 types of thinking leaders need to practice

_{MEME-A-PALOOZA}

Memes of the Day