Good Morning! The inflation surge looks mostly over - and traders are locking in a Fed rate cut in September. Meanwhile, Warner Bros. is suing the NBA to secure the media rights awarded to Amazon. Congress introduced a new bill taking aim at private equity's involvement in the healthcare industry. Private equity exits in India are on a tear and Apple is losing its dominance in China. Plus how dealmaking and tech could fare under Kamala Harris, and how to be an empathetic leader without getting walked all over.

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_{SQUEEZ OF THE DAY}

Internship Stacking Season

If you think you work with a bunch of finance hardos - you haven't seen anything compared to some of Singapore's interns. They're skipping class and in some instances even withdrawing from school to ‘stack’ internships. 

Singapore has become one of the new finance hotspots in the Asia-Pacific region. Hong Kong is experiencing an investment banking downturn, and Singapore's filling the void as a wealth hub catering to rich families.

But there's still intense competition for jobs, with applications to Goldman's internship program up 31.5%. And with some of the top firms only offering six-month internships, Singapore interns are taking a drastic step - they’ll delay their graduation months or years just to obtain those coveted internships.

Some students say they don’t see graduating a semester late as a badge of shame as they once did. Others are okay paying ~$5k in tuition fees during those months they withdraw or take few classes just to get their foot in the door in the financial services industry. Some students are stacking up to eight internships before graduating.

The competition is particularly fierce at bulge-bracket banks like Goldman Sachs and JPMorgan Chase. Goldman had a 1.4% acceptance rate for its internships, while JPMorgan received 493,000 applications for 4,000 global slots.

Takeaway: With how early finance recruiting is getting, either in Singapore or here in the United States, college is seen more and more as an end to a means. After all, do your classes or GPA matter after you’ve locked down an internship sophomore year? You almost have to handle your college curriculum like a young professional from freshman year if you want to break into high finance.

_{PRESENTED BY DOLLAR FLIGHT CLUB}

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_HEADLINES

Top Reads

• The inflation surge looks to be mostly over, putting Fed rate cuts in play (Axios)

• Calm inflation reading keeps the door open at Fed for September rate cut (YF)

• Warner Bros. Discovery sues NBA to secure media rights awarded to Amazon (CNBC)

• How dealmaking and tech could fare under Kamala Harris (Axios)

• Apple loses China dominance (CNBC)

• Lilly loses $120 billion in value as rival obesity drugs impress (YF)

• Sen. Markey introduces updated bill on PE-owned health care companies (Axios)

• Short seller Andrew Left of Citron charged with fraud by prosecutors, SEC (CNBC)

• India's private capital-backed exits are on a tear (Axios)

• Food delivery fees are rising, and everyone’s feeling the pinch (CNBC)

_{CAPITAL PULSE}

Markets Rundown

Stocks closed higher after inflation data points to rate cuts as early as September.

Movers & Shakers

• (+) Coursera ($COUR) +45% after a boom in AI revenue.

• (+) 3M ($MMM) +23% after posting strong earnings; moving past major lawsuits.

• (–) Dexcom ($DXCM) -41% after the diabetes treatment company cut full-year guidance thanks to the Ozempic boom.

Private Dealmaking

• Apollo Global Management to acquire gaming companies IGT and Everi for $6.3 billion 

• KKR will acquire Instructure Holdings for $4.8 billion

• Mankind Pharma will buy Bharat Sermus and Vaccines for $1.6 billion

• Micropep, a pesticide company, raised $429 million

• Astranis, a satellite maker, raised $200 million

• Kestra Medical Technologies, a cardiac arrest monitoring company, raised $196 million

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

_{BOOK OF THE DAY}

Revenge Of The Tipping Point

Why is Miami…Miami? What does the heartbreaking fate of the cheetah tell us about the way we raise our children? Why do Ivy League schools care so much about sports? What is the Magic Third, and what does it mean for racial harmony? In this provocative new work, Malcolm Gladwell returns for the first time in twenty-five years to the subject of social epidemics and tipping points, this time with the aim of explaining the dark side of contagious phenomena.

Through a series of riveting stories, Gladwell traces the rise of a new and troubling form of social engineering. He takes us to the streets of Los Angeles to meet the world’s most successful bank robbers, rediscovers a forgotten television show from the 1970s that changed the world, visits the site of a historic experiment on a tiny cul-de-sac in northern California, and offers an alternate history of two of the biggest epidemics of our day: COVID and the opioid crisis.

Revenge of the Tipping Point is Gladwell’s most personal book yet. With his characteristic mix of storytelling and social science, he offers a guide to making sense of the contagions of modern world. It’s time we took tipping points seriously.

“Twenty-five years after the publication of his groundbreaking first book, Malcolm Gladwell returns with a brand-new volume that reframes the lessons of The Tipping Point in a startling and revealing light.”

_{DAILY VISUAL}

The Inflation Surge Looks to be Over

_{PRESENTED BY MINDGRASP AI}

AI Assistants Are Killing Search Engines

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So, ready to advance your career (or simply skyrocket your productivity)? 

Try Mindgrasp AI today at no-cost.

_{DAILY ACUMEN}

Tell Me More

Small talk, often seen as insignificant, can yield substantial benefits by facilitating deeper connections and revealing shared interests.

It helps in building personal reputations by showcasing warmth and empathy.

A key phrase used by adept small talkers is “Tell me more,” which serves as a powerful tool to enhance conversations.

This phrase encourages the other person to share more, fostering a sense of generosity and empathy.

By giving a “support response” rather than a “shift response,” we allow our conversation partners to feel heard and valued, making small talk more engaging and productive.

This approach not only deepens our understanding of others but also makes the act of conversing more enjoyable and enriching.

_{ENLIGHTENMENT}

Short Squeez Picks

• How to be an empathetic leader without getting walked all over

• Warren Buffett says 1 habit separates dreamers from doers 

• How to hone your personal leadership style

• Developing an empowering mindset at work

• Peak productivity secrets to consistent success

_{MEME-A-PALOOZA}

Memes of the Day