Good Morning! The trade war lasted less than 24 hours… Trump paused Mexico and Canada tariffs after striking a deal on border security. While the market bounced back slightly, Trump’s meme coin was still down $10 billion.

Palantir crushed earnings, sending its stock up 23% in after-hours trading. SoftBank pledged $3 billion a year to integrate OpenAI’s tech across its empire.

Plus: Gold surged to a new record amid tariff talks, Equinox became Manhattan’s biggest retail tenant, and an inside look into JPMorgan’s new headquarters.

What if you had access to the same market intelligence as the biggest asset managers? Meet Bigdata.com.

_{SQUEEZ OF THE DAY}

U.S. Fund Could Buy TikTok

A sovereign wealth fund is coming to the United States…

Yesterday, Trump signed an executive order to create a federally owned investment fund that will invest and take stakes in various financial assets. While it’s likely the fund would focus on infrastructure and global investments, Trump is also throwing it out there that the U.S. government could be the ‘buyer-of-last-resort’ for TikTok.

Sovereign wealth funds are common in oil-rich nations like Norway, the UAE, and Qatar - countries with massive cash reserves. The U.S., on the other hand, has been running huge budget deficits for decades. So the big question: Where will the U.S. get the money?

Trump suggests tariffs could be a funding source, and Treasury Secretary Scott Bessent says the fund will "monetize the asset side of the U.S. balance sheet for the American people.”

In theory, a sovereign wealth fund could complement Trump’s economic agenda  - it could ease the government’s reliance on issuing Treasury bonds, fund infrastructure projects, and expand America’s economic influence in strategic regions like Panama, Canada, and Greenland.

But it probably won’t be that simple. Most sovereign wealth funds operate independently of political influence, so a President wouldn’t really be able to float investment targets in practice. And a sovereign wealth fund controlled by the White House would probably never get adequate funding from Congress.

Believe it or not, Trump isn’t the first to push this idea. The Biden administration had also explored a sovereign wealth fund, but with a different focus: more low-key, national security investments in critical technology, energy, and supply chain resilience. Trump, on the other hand, is a little more grandiose - and he wants to make high-profile investments such as the U.S. taking an equity stake in TikTok. 

Takeaway: At this point, Congress holds the keys to a sovereign wealth fund. Trump can sign all the executive orders he wants, but lawmakers control the funding and purse strings, and they’re unlikely to let anything that looks like a power grab slide. 

But even if the fund moves forward, expect there to be strict guardrails in place. But one thing’s for sure… Trump prides himself in being a dealmaker, and he’s going to explore any avenue he can to make flashy deals to cement his legacy.

_{PRESENTED BY BIGDATA.COM}

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_HEADLINES

Top Reads

• Mexico deploys 10k troops to border in exchange for tariff pause (Fox)

• Trump pauses Canadian tariffs for 30 days in deal with Trudeau (CNBC)

• Tariff anxiety cuts Trump's meme coin wealth by $10 billion (Axios)

• DeepSeek founder as anti-'tech bro' (FT)

• Palantir shares pop 23% after earnings (CNBC)

• SoftBank commits to joint venture with OpenAI (CNBC)

• How Equinox became Manhattan’s biggest retail tenant (RD)

• ​Gold rises to fresh record as Trump tariffs trigger haven demand (YF)

• Global hedge funds dump everything but real estate stocks (YF)

• Vanguard announces fee cuts for nearly 100 funds (CNBC)

• Canadian province cancels Starlink contract in response to US tariffs (Fox)

• The stock market might be the only check against Trump's tariffs (YF)

• What to watch as Trump's energy tariffs arrive (Axios)

• NYC's selective return to office is a problem (BB)

• What is USAID and why is it in Trump’s crosshairs? (Fox)

• Inside JPMorgan Chase's new office (Fortune)

_{CAPITAL PULSE}

Markets Rundown

Markets Volatile as Tariff Uncertainty Weighs on Stocks

U.S. markets fluctuated Monday after President Trump’s executive order imposing tariffs on Canada, Mexico, and China.

President Donald Trump agreed to a 30-day pause on his tariff threats against Mexico and Canada as America’s two largest trading partners took steps to appease his concerns about border security and drug trafficking.

The tariffs would impact 40% of U.S. imports, raising inflation risks and potentially slowing growth. Stocks pulled back before recovering, the dollar rallied, and bond yields diverged as investors reassessed Fed rate expectations.

Despite economic concerns, the U.S. remains less trade-dependent than its neighbors, softening the long-term impact. Tariffs could push inflation higher, delaying Fed rate cuts, but policy offsets like tax cuts could help.

Trade-sensitive sectors, especially autos, would face challenges, but strong corporate earnings and steady growth support broader markets. While volatility is expected, a prolonged downturn remains unlikely.

Movers & Shakers

• (+) IDEXX Laboratories ($IDXX) +11% after the veterinary health-care company beat earnings.

• (+) Tempur Sealy ($TPX) +6% because a judge will allow the company to acquire Mattress Firm.

• (–) Tesla ($TSLA) -5% after the EV maker faces tariff concerns.

Private Dealmaking

• Warburg Pincus and Berkshire Partners will take Triumph Group private for $3 billion

• Fortissimo Capital acquired a 14% stake in Stratasys for $120 million 

• Air, a workflow automation provider, raised $35 million

• Closinglock, a real estate payment tools provider, raised $34 million

• Riot, a cyber-protection software provider, raised $30 million 

• Jump, an AI solutions provider for financial advisors, raised $20 million

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

_{BOOK OF THE DAY}

The Sirens’ Call

We all feel it—the distraction, the loss of focus, the addictive focus on the wrong things for too long. We bump into the zombies on their phones in the street, and sometimes they’re us.

We stare in pity at the four people at the table in the restaurant, all on their phones, and then we feel the buzz in our pocket. Something has changed utterly: for most of human history, the boundary between public and private has been clear, at least in theory.

Now, as Chris Hayes writes, “With the help of a few tech firms, we basically tore it down in about a decade.” Hayes argues that we are in the midst of an epoch-defining transition whose only parallel is what happened to labor in the nineteenth century: attention has become a commodified resource extracted from us, and from which we are increasingly alienated. The Sirens’ Call is the big-picture vision we urgently need to offer clarity and guidance.

Because there is a breaking point. Sirens are designed to compel us, and now they are going off in our bedrooms and kitchens at all hours of the day and night, doing the bidding of vast empires, the most valuable companies in history, built on harvesting human attention.

As Hayes writes, “Now our deepest neurological structures, human evolutionary inheritances, and social impulses are in a habitat designed to prey upon, to cultivate, distort, or destroy that which most fundamentally makes us human.”

The Sirens’ Call is the book that snaps everything into a single holistic framework so that we can wrest back control of our lives, our politics, and our future.

“Brilliant book… Reading it has made me change the way I work and think.”

_{DAILY VISUAL}

Tariffs Impact

Goods imports are 11% of U.S. GDP, with 43% from Canada, Mexico, and China—meaning tariffs on these nations impact 5% of GDP

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_{DAILY ACUMEN}

Learning Maps

Sleep plays a crucial role in building learning maps in our brains.

During sleep, our brains refine and consolidate new experiences, strengthening neural connections and forming cognitive maps.

This process, driven by neuroplasticity, enables us to learn, adapt, and remember.

Sleep fuels neuroplasticity, refining and consolidating new experiences.

Cognitive maps are formed through the connection of discrete memories during rest.

Myelination, the strengthening of neural pathways, occurs during sleep, ensuring faster and more reliable communication.

Prioritize sleep, engage in exploration, and repeat and rest to leverage neuroplasticity and sleep for optimal learning and adaptation.

_{ENLIGHTENMENT}

Short Squeez Picks

• How to ace the 3 most commonly asked interview questions

• Comedian Matt Rife trades glitzy city living for cozy suburbs

• The ultimate ranking of Trader Joe’s frozen pizzas

• How to get rich through smart money management

• 3 executive skills to get promoted instantly

• Why receiving compliments feels weird for some people

_{MEME-A-PALOOZA}

Memes of the Day