Good Morning and Happy Friday! It’s been a rough week for Trump Media, with shares down 35% this week and tumbling 15% yesterday alone. Nvidia pulled back from its record, sending the S&P 500 lower. Apple is winning in financial services and Elon Musk picked Dell and Super Micro Computer to power xAI. McDonald’s $5 value meal is intensifying the fast food war, but Darden’s CEO says fast-food customers are shifting to casual dining chains like Olive Garden. Plus 10 books the rich will be reading this summer, and the best phrase to end a conversation.

Looking for niche private market opportunities led by a Wall Street veteran with skin in the game? Check out today’s sponsor, 10 East.

_{SQUEEZ OF THE DAY}

No More Summer Fridays

Do you remember those Summer Fridays before the pandemic when leaving the office early to start the weekend was the norm? Well, it seems that those days might be in the rearview mirror.

According to a November 2023 Gartner survey, only 11% of North American workers still enjoy Summer Fridays, a big drop from 55% in 2019. Instead, most Americans report a new trend: Work-From-Home Fridays.

But while both WFH and Summer Fridays offer flexibility, they’re not created equal. Completely disconnecting is different than just logging in remotely, and it’s a trade-off - would you rather work longer hours but not have to go into the office?

Big names like Goldman Sachs, JP Morgan Chase, Boeing, and UPS have been tightening the reins on remote work of any kind. For these companies, the new normal seems to be no Summer Fridays and no WFH Fridays.

Takeaway: While Summer Fridays are on the decline, the dream of a four-day workweek is alive and kicking. A Monster survey revealed that 41% of workers would prefer shorter weeks or full Summer Fridays off, and many would consider quitting if these perks vanished.

Companies trialing four-day weeks have seen boosts in productivity and happiness. Even Bernie Sanders is pushing for a 32-hour workweek in Congress. So, as the traditional Summer Friday fades, the future of work might just be a little shorter (fingers crossed).

_{PRESENTED BY 10 EAST}

Where Sophisticated Investors Access Private Markets

10 East, led by Michael Leffell, allows qualified individuals to invest alongside private market veterans in vetted deals across private credit, real estate, niche venture/private equity, and other one-off investments that aren’t typically available through traditional channels.   

Benefits of 10 East membership include:    

• Flexibility – members have full discretion over whether to invest on an offering-by-offering basis.   

• Alignment – principals commit material personal capital to every offering.    

• Institutional resources – a dedicated investment team that sources, monitors, and diligences each offering.   

10 East is where founders, executives, and portfolio managers from industry-leading firms diversify their personal portfolios.  

There are no upfront costs or minimum commitments associated with joining 10 East.

_HEADLINES

Top Reads

• Apple is winning in financial services (Axios)

• Gen-Z and millennial investors embracing crypto, real estate, private equity investments (FC)

• Fast-food customers are shifting to casual dining chains (CNBC)

• Elon Musk will use Dell, Super Micro for xAI (YF)

• Another grocery retailer dumps its banking business (Axios)

• McDonald’s $5 value meal intensifies fast food war (YF)

• OpenAI competitor Anthropic announces its most powerful AI yet (CNBC)

• Nvidia’s surge reveals a pitfall of passive investing (YF)

• Mortgage rates fall to their lowest level in almost three months (CNN)

• Amazon is ditching the plastic air pillows in its boxes (CNBC)

_{CAPITAL PULSE}

Markets Rundown

Stocks closed lower after Nvidia tumbled from recent heights.

Movers & Shakers

• (+) Gilead Sciences ($GILD) +8% after the company’s HIV drug was effective in trials.

• (+) Accenture ($ACN) +7% after the consulting firm reported an uptick in generative AI revenue.

• (–) Trump Media ($DJT) -15% because the SEC will recognize additional shares in the company.

Private Dealmaking

• CesiumAstro, a space communications tech developer, raised $65 million

• Genspark, an AI search engine startup, raised $60 million

• Daydream, an ecommerce platform, raised $50 million

• Pomelo Care, a virtual maternal care provider, raised $46 million

• Avava, a medical aesthetics company, raised $35 million

• HYPR, an identity assurance company, raised $30 million

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

_{BOOK OF THE DAY}

Binge Times

After spotting Netflix and the deep-pocketed Amazon Prime Video a decade’s head start, rivals from the tech and start-up realm (Apple, Quibi) and traditional media (Disney, WarnerMedia, NBCUniversal) all decided to move mountains to enter the streaming game.

At a cost of billions, each went after their own piece of the market, launching five new services in a seven-month span. And just as the derby was heating up, the coronavirus pandemic arrived, a black-swan event bringing short-term benefits but also stiff challenges. 

The battle for streaming supremacy may end up having more than one winner, but the cost and disruption to decades-old business models have also produced a lot of losers.

Binge Times reveals the true costs of the vision quest as companies are turned inside-out and repeatedly redraw their org charts and strategic plans.

Stretching from Silicon Valley to Hollywood to Wall Street, it is a mesmerizing, character-rich tale of hubris and ambition, as the fate of a century-old industry hangs in the balance.

“Binge Times breaks down the absolute mayhem of the streaming wars in a way that even a casual industry watcher can digest.”

_{DAILY VISUAL}

Annual Change in UK Consumer Price Index

_{PRESENTED BY PORTLESS}

DTC: Ship faster and boost margins by 30% (No boat required)

The only thing that should be floating on the water this summer is you–not your inventory.

With Portless, you can ”ship” orders directly from China in just 6 days, 3x-ing your cash flow and improving lead time by 10x.

Forget the lengthy 45-90 day wait for restocks; Portless allows you to replenish best-selling items in just 3-5 days. 

…which means no more wasted inventory or missed opportunities.

Ready to skip the ship and go Portless? Mention Short Squeez to score 20% off pick-and-pack fees during your first three months.

_{DAILY ACUMEN}

Career Change

Feeling stuck in your career? Don't let fear hold you back from making a bold change.

Take a page from Ray Kroc's playbook - at 53, he transformed from a struggling milkshake mixer salesman to the mastermind behind McDonald's global empire.

The secret? Stay green and growing, not ripe and rotting. Embrace your strengths like a superpower, surround yourself with a squad of supporters, and aim for the stars in your new field.

Remember, even Stephen King, with all his success, still grinds out ten pages a day. Your career shift is like learning a new language - expect stumbles, but savor the journey. Whether you're 25 or 65, it's never too late to pivot. 

So, channel your inner child, drop your preconceptions, and dive into your next chapter with gusto. Who knows? Your "McDonald's moment" might be just around the corner.

_{ENLIGHTENMENT}

Short Squeez Picks

• 10 books the rich will be reading this summer

• 3 tips for new managers to develop their personal leadership playbook

• 3 practical steps for creating a meaningful connection

• The best phrase to end a conversation

• How can I feel more connected to my partner?

_{MEME-A-PALOOZA}

Memes of the Day