Good Morning and Happy Friday! Nvidia took a 6% hit yesterday—apparently, just beating earnings isn’t enough anymore; it’s all about the “size of the beat.” In other news, Apple is eyeing an investment in OpenAI’s latest funding round. Nokia just launched a “Barbie” phone with no internet (yes, really). Nine people have now died from infections connected to Boar’s Head deli meats. The number of retirement millionaires hit a record high. Plus, an American town will pay you $20,000 to relocate there.

Hope you have a fantastic Labor Day weekend! We’ll be off on Monday but back with your regular programming on Tuesday.

_{SQUEEZ OF THE DAY}

Private Equity Sizes Up Youth Sports

Private equity has looked to sports like youth lacrosse or squash as the future crop of young associates on their way to the Ivy League -> Goldman Sachs -> Blackstone -> HBS pipeline. 

But now instead of just watching from afar, they’re looking to take an expanded role in the youth sports industry. Some of the top names in the private equity space, like Blackstone’s David Blitzer and Apollo’s co-founder Josh Harris, are entering the arena. 

They’ve formed Unrivaled Sports, LLC, and have been busy acquiring and merging smaller camps, clubs, and leagues, building a portfolio that spans multiple sports across over 30 states.

Unrivaled is promising more than just the typical private equity playbook of cost-cutting and asset stripping. Blitzer and Harris aim to enhance facilities, improve amenities, and reduce costs for families by leveraging economies of scale.

Their goal is to make traditionally expensive sports like lacrosse and hockey more accessible, potentially lowering the barriers to entry that have kept many kids on the sidelines.

They argue that with private equity's resources, they can streamline operations, professionalize management, and ultimately make youth sports more affordable and inclusive.

However, skeptics worry that profit motives could overshadow the goal of providing a positive experience for young athletes. Critics point out that private equity isn't a charity, and the focus on returns could lead to increased commercialization and pressure on young players.

Takeaway: If executed wisely, private equity's involvement could revolutionize youth sports, making it more efficient, professional, and affordable. Roll-ups could improve efficiencies and economies of scale might help reduce costs, allowing more kids to stay in the game longer. But ethical concerns remain—do we really want third-grade soccer tournaments owned by the likes of Blackstone?

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_HEADLINES

Top Reads

• Nvidia’s business is growing faster than expected. Investors were still disappointed (YF)

• Nvidia fell, but that may be a good thing (CNBC)

• OpenAI eyes $100B-plus value (CNBC)

• Apple in talks to invest in OpenAI (YF)

• Nokia releases a 'dumb phone' with no internet (CNBC)

• This town will pay you up to $20,000 to relocate there (Fox)

• Shake Shack shutters nine stores (NYP)

• 9 people have died in connection to the listeria outbreak among Boar's Head products (NPR)

• The Fed’s preferred inflation indicator is out Friday (CNBC)

• US economy grew faster last quarter (ABC)

• Yelp hits Google with an antitrust suit (Axios)

• How one company transformed the apartment rental market (Axios)

_{CAPITAL PULSE}

Markets Rundown

Stocks closed lower after investors weighed Nvidia reporting earnings.

Movers & Shakers

• (+) Affirm ($AFRM) +32% because the BNPL company expects GAAP profitability soon.

• (+) Best Buy ($BBY) +14% after the retailer announced a profit beat and guidance hike.

• (–) Okta ($OKTA) -18% after a double-downgrade by Bank of America.

Private Dealmaking

• Global Infrastructure Partners sold its 43% stake in EnLink Midstream for $5.9 billion

• A.P. Moller Holding bought Concentric, an engine products maker, for $840 million

• Pi Health, an oncology clinical trials platform, raised $30 million

• Miris, a streaming solutions provider, raised $26 million

• Swiss-Mile, wheeled-legged robots maker, raised $20 million

• Peaq, a Layer 1 blockchain developer, raised $15 million

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

_{BOOK OF THE DAY}

The Art of Power

When, at age forty-six, Nancy Pelosi, mother of five, asked her youngest daughter if she should run for Congress, Alexandra Pelosi answered: “Mother, get a life!” And so Nancy did, and what a life it has been.

In The Art of Power, Pelosi describes for the first time what it takes to make history—not only as the first woman to ascend to the most powerful legislative role in our nation, but to pass laws that would save lives and livelihoods, from the emergency rescue of the economy in 2008 to transforming health care.

She describes the perseverance, persuasion, and respect for her members that it took to succeed, but also the joy of seeing America change for the better. Among the best-prepared and hardest working Speakers in history, Pelosi worked to find common ground, or stand her ground, with presidents from Bush to Biden. She also shares moving moments with soldiers sent to the front lines, women who inspired her, and human rights activists who fought by her side.

Pelosi took positions that established her as a prophetic voice on the major moral issues of the day, warning early about the dangers of the Iraq War and of the Chinese government’s long record of misbehavior.

This moral courage prepared her for the arrival of Trump, with whom she famously tangled, becoming a red-coated symbol of resistance to his destructive presidency. Here, she reveals how she went toe-to-toe with Trump, leading up to January 6, 2021, when he unleashed his post-election fury on the Congress.

Pelosi gives us her personal account of that day: the assault not only on the symbol of our democracy but on the men and women who had come to serve the nation, never expecting to hide under desks or flee for their lives—and her determined efforts to get the National Guard to the Capitol.

Nearly two years later, violence and fury would erupt inside Pelosi’s own home when an intruder, demanding to see the Speaker, viciously attacked her beloved husband, Paul. Here, Pelosi shares that horrifying day and the traumatic aftermath for her and her family.

The woman who has been lauded by her opposition as “the most powerful Speaker” ever shows us why she is not afraid of a good fight. The Art of Power is about the fighting spirit that has always animated her, and the historic legacy that spirit has produced.

"The words Pelosi and power have been inextricably linked in Washington for more than 20 years, and her book sets out to document how she did it."

_{DAILY VISUAL}

Number of Retirement Millionaires Hits Record High

Number of 401(k) millionaires at Fidelity

_{PRESENTED BY BILL}

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_{DAILY ACUMEN}

Visualization

Your mind doesn't distinguish between a vividly imagined event and a real one.

This makes visualization a powerful tool for achieving goals and improving performance.

What future do you visualize for yourself?

Olympic athletes use visualization to enhance their performance.

Jim Carrey wrote himself a $10 million check before he ever made that much.

Visualize your goals in detail.

Engage all your senses.

Practice regularly.

Remember, if you can dream it, you can do it.

_{ENLIGHTENMENT}

Short Squeez Picks

• The best way to start a persuasive presentation

• How to deal with gaslighting from your boss

• 10 people skills you need for career success

• Why showing up to work early and staying late won’t get you ahead

• How to use metacognition for emotional intelligence

_{MEME-A-PALOOZA}

Memes of the Day