Good Morning! And Happy Columbus Day to all who celebrate. Tesla’s robotaxi event failed to impress investors, and its stock traded down 9% and sent competitor Uber’s stock soaring 11%. Struggling Boeing will cut 10% of its workers. Toca Football, a Topgolf for soccer, raised $100 million. JPMorgan thinks we achieved a soft landing, and venture capital deal activity is slowing down.

Engagement rings are getting bigger as lab-grown diamonds catch up to natural ones. Plus, New Yorkers don’t want to move to areas with TikTokers, and why men in finance love cheap, cheesy watches.

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_{SQUEEZ OF THE DAY}

Musk’s Mars Dream Gets Closer

Elon Musk had a slightly more productive week than all of us...

Yesterday, his company SpaceX took a major step forward in its quest to "Occupy Mars," bringing his dream of interplanetary travel closer to reality.

In a historic feat, SpaceX not only launched a 233-foot rocket booster from outside Brownsville, Texas - but they also caught it mid-air with two mechanical arms called chopsticks. 

To put that in perspective - that’s like catching a 20-foot-story building mid-air. It marked the first time SpaceX successfully caught the Super Heavy booster at the launchpad, after previously attempting a landing in the ocean.

And it was the fifth test flight of Starship, SpaceX's most ambitious project. NASA is also paying SpaceX $4 billion to use Starship to take astronauts to the Moon.

Musk is eyeing SpaceX’s first mission to Mars by 2026. But first, SpaceX needs to firm up a few more aspects of a Mars mission - like refueling in space and environmentalism concerns.

SpaceX has been feeling some pressure from competitors recently… but yesterday was a major W for SpaceX. SpaceX engineers were deeply moved by the feat, with Jessie Anderson from the team saying, “I’m trying to catch my tears just like the chopsticks caught the booster.”

You can watch the landing here.

Takeaway: Despite regulatory hurdles and competitive pressures, this successful test flight represents a big win for SpaceX. With each test, Musk's vision of making Mars humanity’s second home — and turning his “Occupy Mars” slogan into reality — gets a little closer. Elon Musk’s relentless pursuit of making life multi-planetary would be enough to define his legacy, even without Tesla or his other ventures.

_{PRESENTED BY DATASITE}

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_HEADLINES

Top Reads

• Nvidia-backed CoreWeave gets $650M credit line from Wall Street (CNBC)

• Tesla's much-hyped robotaxi event fails to impress (Axios)

• Boeing will cut 10% of workers amid strike (WSJ) 

• Credit firm HPS founders set to reap billions as acquisition nears (YF)

• JPMorgan touts 'soft landing' possibility after solid earnings (YF)

• Hurricanes and Boeing strike will make economic data messy (Axios)

• Cerebras IPO has ‘too much hair’ (CNBC)

• No one wants to live near TikTokers (Curbed)

• Why men in finance love cheap, cheesy watches (WSJ)

• Venture capital deal activity is slowing down (Axios)

• Trump pulls even with Harris in NBC News poll (CNBC)

• Crypto market maker defiant after SEC complaint (Axios)

• Rings get bigger as lab-grown diamonds catch up to naturals (Axios)

_{CAPITAL PULSE}

Markets Rundown

Markets move higher: U.S. stock markets finished the week strong on Friday, with the S&P 500 outperforming the Nasdaq, driven largely by gains in financials and industrials. Financial stocks led the market, buoyed by robust earnings from big banks like JPMorgan and Wells Fargo.

In contrast, technology and consumer discretionary sectors underperformed, continuing a recent trend where cyclical sectors have outpaced growth sectors. This broadening of market leadership beyond technology could signal a more sustainable rally as both tech and non-tech sectors contribute to earnings growth, especially with the Federal Reserve's ongoing rate-cutting cycle.

PPI inflation data for August came in as expected, with headline PPI flat month-over-month and core PPI up 0.2%. The report showed services inflation rising by 0.2%, while goods prices fell 0.2%, led by declines in energy and gasoline prices. This mirrors the CPI report from the previous day, suggesting that inflation is trending lower, but certain components, like services, remain sticky.

The path to the Fed's 2.0% inflation target may be uneven, though lower wage gains and easing shelter costs could help drive inflation down gradually.

Earnings season began on a positive note, with JPMorgan and Wells Fargo both exceeding earnings expectations. JPMorgan reported record net income and raised its full-year guidance, stating that consumers are still on solid financial footing.

Wells Fargo highlighted a diverse revenue base, which helped offset a dip in net interest income. With third-quarter earnings growth expectations for the S&P 500 revised down to 4.2%, the lower bar gives companies an opportunity to surpass forecasts and raise future guidance, which could provide further support to the market rally.

Movers & Shakers

• (+) Wells Fargo ($WFC) +6% after the bank posted better-than-expected profits.

• (+) JPMorgan Chase ($JPM) +4% because of better-than-expected investment banking revenue.

• (–) Tesla ($TSLA) -9% after the company’s robotaxi event underwhelmed investors.

Private Dealmaking

• Toca Football, a Topgolf for soccer, raised $100 million

• Glooko, a remote patient monitoring provider, raised $100 million

• Imprint, a credit cart startup, raised $75 million

• Farther, a wealth advisory startup, raised $72 million

• Suki, an AI assistant developer, raised $70 million

• Human Security, a cybersecurity startup, raised $50 million

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

_{BOOK OF THE DAY}

Safar: An Immigrant’s Journey of Life and Leadership

In his riveting account, Ravi Prakash takes readers on a captivating journey from humble beginnings in India to his remarkable success as a leader in the United States. Surrounded by the stories of his grandparents' fight for India's independence, his childhood sowed the seeds of resilience, determination, and leadership.

With vivid storytelling, Ravi shares how the discipline, resourcefulness, and grit he developed as an immigrant propelled him to achieve and never quit, no matter how bleak the circumstances. His goal was to prove that through hard work, authenticity, and an unwavering commitment to his values, he could make a significant impact on the world.

Safar is a testament to the power of personal narratives to connect us all. Ravi's journey will inspire readers to embrace their own paths, conquer adversity, and lead with integrity. From the legacy of India's freedom fighters that shaped his childhood to his rise as a leader of multinational teams on multimillion to multibillion-dollar IT projects, Ravi's story is one of courage, perseverance, and the pursuit of excellence.

This book is a must-read for anyone seeking inspiration to overcome obstacles, chart their own course as a leader, and make a difference in the world. It serves as a powerful reminder that no matter where we come from, we all have the potential to achieve fulfillment, greatness, and leave a lasting impact on those around us.

“Ravi Prakash is a beacon of resilience and determination, embodying the belief that true leadership begins with leading oneself.”

_{DAILY VISUAL}

US Households in Great Shape

_{PRESENTED BY PERCENT}

The Missing Piece in your Investment Portfolio? Why You Should be Looking at Private Credit

If you study the capital flows and announcements of the world’s largest asset managers, you’ll notice that private credit has been one of the hottest asset classes of 2024.

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• High yield potential (up to 20% APY) plus cash flow from monthly interest payments

• The option to redeploy capital frequently with shorter-term investments

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Investors turn to private credit because of its potential for returns and stability. In the last 3 market corrections, private credit outperformed both stocks and bonds.

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_{DAILY ACUMEN}

Happiness

The search for happiness can sometimes become the very obstacle that prevents us from finding it.

When we place too much emphasis on being happy, we often set unrealistic expectations that lead to disappointment. Ironically, the more we chase happiness, the further away it can feel.

The key is to let go of constantly measuring our happiness and simply be present in our experiences. When positive moments come, enjoy them without judgment or comparison.

Remember, true happiness often comes when we stop searching and start appreciating what’s already in front of us.

_{ENLIGHTENMENT}

Short Squeez Picks

• Tom Brady on the art of leading teammates

• People who are good at small talk do these 3 things

• 4 steps to stay true to your word as a leader

• How to know when you need to take something away

• Use the ‘one more’ trick when your productivity stalls

_{MEME-A-PALOOZA}

Memes of the Day