Good Morning! Donald Trump became the 47th president of the United States. Dow futures jumped 1,100 points, and Bitcoin reached a record high as traders speculated a Trump presidency would boost crypto. Nvidia overtook Apple as the world’s most valuable company. Amazon’s CEO denied that the 5-day office mandate is a sneaky move to cut jobs. Meanwhile, Super Micro’s delayed results sent its stock tumbling after-hours.

Plus, why rents could be on the rise and what RFK Jr’s health role could mean for patients and drugmakers.

Tired of the data grind–get insights faster with Brightwave.

_{SQUEEZ OF THE DAY}

Private Equity Goes Nuclear

Private equity is turning away from its traditional acquisition targets towards an unlikely energy source - nuclear power. This pivot is largely driven by the massive power requirements of tech giants to fuel their AI ambitions.

Companies like Amazon, Google, and Microsoft are consuming electricity at rates that renewable sources like wind and solar can’t meet consistently. As a result, nuclear power, known for its reliable and clean energy output, is becoming increasingly attractive.

After decades of decline, nuclear energy is seeing a resurgence, backed by notable private equity firms such as Carlyle, Apollo, and Brookfield Asset Management. This interest aligns with the need for stable, regulated returns that appeal to private equity investors, who are sitting on plenty of dry powder.

Big tech is also diving into nuclear. Microsoft has signed a deal to restart operations at the Three Mile Island facility, while Amazon and Google are investing in the development of small modular reactors (SMRs).

But investing in nuclear is not without significant challenges. The sector is notorious for safety concerns, construction delays, and cost overruns. The ongoing need for regulatory approvals and public scrutiny adds further complexity. For instance, Amazon’s $650 million investment in a data center next to a Pennsylvania nuclear plant has sparked community backlash.

Takeaway: While nuclear energy offers the potential for consistent, long-term returns, it comes with risks such as regulatory hurdles and potential cost overruns. Yet, if successful, this gamble could position nuclear power as a cornerstone in sustainable energy solutions for the future—and you can be sure private equity will be ready to capitalize on it.

_{PRESENTED BY BRIGHTWAVE}

Focus on Strategy, Not Sifting Through Data

For analysts, time spent combing through filings is time lost on strategic decisions. Brightwave changes that:

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_HEADLINES

Top Reads

• Donald Trump victory speech says win ushers in new 'Golden Age' for US (NW)

• Dow futures surge 1,100 points on Trump win (CNBC)

• Bitcoin surges to a record $75,000 (CNBC)

• Amazon CEO denies 5-day office mandate is a ‘backdoor layoff’ (CNBC)

• Nvidia passes Apple as world's most valuable company (CNBC)

• Super Micro has no timetable for annual results (CNBC) 

• Even Warren Buffett thinks his stock is too expensive (CNN)

• Why prediction markets swung toward Harris before Election Day (Axios)

• CoreWeave picks Morgan Stanley, Goldman, JPMorgan for IPO (YF)

• OpenAI probes for-profit shift (NYP) 

• Spirit Aero raises doubts over ability to continue as going concern (YF)

• Trump Media loses $19.2 million in third quarter (CNBC)

• Vertical farming "unicorn" Bowery to shut down (Axios)

• Rents may be heading back up (WSJ)

• Nintendo cuts Switch sales forecast (CNBC)

• What RFK Jr. could means for patients, drugmakers (CNBC)

_{CAPITAL PULSE}

Markets Rundown

Stocks close higher on Election Day: U.S. equities traded higher on Election Day, led by small- and mid-cap stocks, with consumer discretionary and industrials posting the largest gains. Bond yields reversed recent increases, as expectations for Fed rate cuts have adjusted to a slower pace.

Global markets were mostly higher, with Asia and Europe both gaining, while the U.S. dollar declined against major currencies. In commodities, WTI oil rose on OPEC+'s delayed production hike, and gold also moved higher.

FOMC focus: The Fed’s FOMC is expected to announce a 0.25% rate cut on Thursday, marking the second rate cut this cycle, with another expected in December.

Strong corporate earnings: With 76% of S&P 500 companies reporting, 74% have beaten earnings estimates, averaging 5.2% growth year-over-year. Earnings growth has been broad across sectors, supporting a rotation in market leadership.

Real estate, financials, utilities, and consumer discretionary sectors have each outperformed communication services over the past six months, contributing to diverse market strength.

Movers & Shakers

• (+) Palantir ($PLTR) +23% after the Department of Defense spending powered an earnings beat.

• (+) Tesla ($TSLA) +4% on Elon Musk’s all-in bet on a Trump presidency.

• (–) Wynn Resorts ($WYNN) -9% after the casino operator missed on earnings.

Private Dealmaking

• EQT offered to buy OEM International for around $1.4 billion

• 1440 Foods acquired the protein bar brand FitCrunch for $700 million

• Melio, a New York-based B2B payments platform for SMBs, raised $150 million

• Tebrio, an insects for animal feed producer, raised $32 million

• Ampd Energy, a clean battery energy storage systems developer, raised $27.3 million

• Ellipsis Labs, a decentralized exchange developer, raised $21 million

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

_{BOOK OF THE DAY}

The Hank Show

The world we live in today, where everything is tracked by corporations and governments, originates with one manic, elusive, utterly unique man―as prone to bullying as he was to fits of surpassing generosity and surprising genius. His name was Hank Asher, and his life was a strange and spectacular show that changed the course of the future.

In The Hank Show, critically acclaimed author and journalist McKenzie Funk relates Asher's stranger-than-fiction story―he careened from drug-running pilot to alleged CIA asset, only to be reborn as the pioneering computer programmer known as the father of data fusion. 

He was the multimillionaire whose creations now power a new reality where your every move is tracked by police departments, intelligence agencies, political parties, and financial firms alike. But his success was not without setbacks. He truly lived nine lives, on top of the world one minute, only to be forced out of the companies he founded and blamed for data breaches resulting in major lawsuits and market chaos.

In the vein of the blockbuster movie Catch Me if You Can, this spellbinding work of narrative nonfiction propels you forward on a forty-year journey of intrigue and innovation, from Colombia to the White House and from Silicon Valley to the 2016 Trump campaign, focusing a lens on the dark side of American business and its impact on the everyday fabric of our modern lives.

“The bizarre and captivating story of the most important person you've never heard of.”

_{DAILY VISUAL}

Fast Food Struggles

_{PRESENTED BY PERCENT}

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With the market at all-time highs, many investors turn to private credit because its returns are historically less correlated to public markets, which can stabilize a portfolio during a downturn.

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_{DAILY ACUMEN}

Turning Dreams Into Action

Dreaming is where it all begins, but it’s the doing that turns those dreams into reality. Everyone has the potential for success, but too often, people get stuck in the fantasy of what they could achieve without ever taking the first step toward making it happen.

Success, in any form—whether it’s being an outstanding parent, a thriving businessperson, or a skilled athlete—requires action.

Anyone can daydream about being great, but the difference between dreamers and achievers is the courage to put in the work, to face challenges, and to persevere even when it gets tough.

True success isn’t found in lofty aspirations alone; it’s found in the effort you put forth every single day to bring those aspirations to life. The dream gives you direction, but it’s the doing that makes those dreams a reality.

_{ENLIGHTENMENT}

Short Squeez Picks

• Why Steve Jobs’ willingness to change his mind was his superpower

• A neuroscientist’s guide to building a more positive reality

• Cities with the most centi-millionaires

• A simple formula for making career decisions

• How to reply when people ask for your current salary

_{MEME-A-PALOOZA}

Memes of the Day