Good Morning! Tech stocks are back and hit their first all-time high since July. Bitcoin hit $100,000 for the first time after Trump picked crypto-friendly Paul Atkins for SEC chair.

Simon & Schuster employees are upset with KKR (their owner) for canceling the company’s Christmas party. Wall Street is betting on a strong 2025, and 7-Eleven is preparing an IPO to fund a management buyout amid Couche-Tard’s $47B offer.

Plus, Taylor Swift’s concert book sold 800K copies in two days, streamers double down on live sports, and can you sleep your way to better decision-making?

Invest in Mode Mobile’s pre-IPO offering and claim 100% bonus shares.

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UnitedHealthcare CEO Killed

Yesterday morning, UnitedHealthcare CEO Brian Thompson was assassinated in a shocking and targeted attack outside the Hilton Hotel in Midtown Manhattan.

The 50-year-old executive was shot at 6:44 a.m. by a masked gunman who calmly fled the scene on a Citi Bike through a nearby alley. The NYPD described the attack as “brazen” and premeditated, leaving Wall Street and Midtown rattled.

Thompson was in NYC for UnitedHealthcare’s investor day, which was abruptly canceled after the tragic news broke. Attendees had just started the morning’s program when the event was halted, with many leaving in shock as the details emerged.

Thompson, known to colleagues as “B.T.,” led a low-profile life but was a respected leader of the largest private health insurer in the U.S. Having risen from a modest upbringing in rural Iowa, he became a key figure in UnitedHealthcare’s success, spearheading initiatives like health navigators to guide patients through complex treatments.

Despite his professional achievements, he wasn’t without controversy. Earlier this year, Thompson and two other executives were accused in a DOJ antitrust lawsuit of concealing an investigation while selling millions in company stock. He also reportedly faced threats related to UnitedHealthcare’s claims practices, raising questions about whether the attack was linked to his role as CEO.

The murder has sparked intense speculation and renewed dialogue about executive security. Surveillance footage shows the gunman was highly skilled, even clearing a jammed pistol during the attack.

Security experts questioned why Thompson, a high-profile figure in a contentious industry, lacked personal protection at the time. The incident has amplified concerns about how corporations safeguard their leaders, especially in industries that face public scrutiny.

Takeaway: Even a low-profile executive like Thompson wasn’t immune to violence, underscoring the risks faced by corporate leaders. The NYPD has assured the public there’s no broader threat, but the targeted nature of the attack leaves many uneasy. As investigations continue, this tragedy reminds us all to stay vigilant and highlights the importance of safety, even at the highest levels of business.

_{PRESENTED BY MODE MOBILE}

The Future of Smartphones is Here

Heads up! There's a new disruptor in smartphones: Mode Mobile. Mode can turn your phone from a cost into an income source — and investors are watching the launch of the company’s pre-IPO offering.¹ 

Mode saw 32,481% revenue growth from 2019 to 2022, ranking them the #1 overall software company on Deloitte’s most recent fastest-growing companies list. Mode’s flagship product EarnPhone, a budget smartphone, has already helped consumers earn & save $325M+.

Mode’s Pre-IPO offering¹ is live at $0.26/share — 20,000+ shareholders already participated in its previous sold-out offering. There’s still time to get in on Mode’s pre-IPO raise and even lock in 100% bonus shares²… but only until their current raise closes for good. Claim this exclusive bonus while you can!³

_HEADLINES

Top Reads

• Tech stocks hit first all-time high since July (CNBC)

• Simon & Schuster staffers slam KKR for canceling Christmas party (NYP)

• Private payrolls grew by 146,000 in November, less than expected (CNBC)

• Bitcoin surges to record high as Trump picks SEC chair seen as being pro-crypto (CNN)

• Crypto community celebrates Trump’s choice for SEC chair (FM)

• 7-Eleven management reportedly preps IPO to finance takeover (Axios)

• Trump picks Peter Navarro as top trade advisor (CNBC)

• 2025's economy is up in the air with inflation bumps (Axios)

• Wall Street is betting on a strong US economy in 2025 (YF)

• Streamers all in on live sports (CNBC)

• Startup stock tenders are on the rise (Axios)

• Powell not worried about Fed losing its independence under Trump (CNBC)

• Blackstone announces changes to leadership team (YF)

• Taylor Swift’s concert book proves a chart-topper (WSJ)

• Chicago wants to build the Silicon Valley of quantum computing (WSJ)

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Markets Rundown

Tech Takes the Lead as AI Demand Powers Gains

Tech stocks surged, with Salesforce rallying nearly 11% and Marvell Technology soaring over 23%, both citing strong AI demand. Nvidia climbed 3.5% on optimism stemming from their results, signaling robust momentum in the semiconductor sector.

Major indexes hit record highs as mega-cap names like Apple, Meta Platforms, and Amazon continued their rally. Defensive sectors, including real estate and materials, struggled, reflecting a shift to "risk-on" sentiment. Despite Fed Chairman Powell's cautious remarks on rate cuts, Treasury yields fell, providing support to equities.

Earnings Showcase AI Strength

Salesforce impressed with strong revenue growth and raised guidance, even as EPS missed estimates, highlighting enterprise demand for cloud and AI technologies. Marvell delivered stellar results, forecasting 19% sequential revenue growth, driven by custom AI silicon programs.

Retailers faced mixed fortunes: Foot Locker plunged 9% on weak holiday expectations, while Eli Lilly rose 2% after its obesity drug outperformed a rival in trials. The broader PHLX Semiconductor Index rose 7% from recent lows, setting the stage for Broadcom's upcoming earnings next week.

Powell Stays Cautious, but Yields Dip

Treasury yields declined, with the 10-year yield falling to 4.18%, despite Powell signaling no urgency for rate cuts. Powell noted the economy’s unexpected strength, adding, “We can afford to be cautious.”

Futures still imply a 77% chance of a December rate cut, but projections for additional cuts next year have tightened. Investors remain optimistic about the Fed's ability to navigate inflation and labor market dynamics, with updated projections expected on December 18.

Economic Data Paints a Mixed Picture

The ISM Services PMI fell to 52.1% in November, well below forecasts, marking its weakest level in three months. Private sector job growth also missed expectations, with the ADP report showing just 146,000 new jobs.

On the positive side, the final PMI rose to 56.1%, and the Fed Beige Book noted slight economic improvement. Investors now turn their focus to Friday’s nonfarm payrolls report, expected to show 200,000 job additions alongside rising unemployment and moderate wage growth.

Looking Ahead: Key Data on the Horizon

Tomorrow’s weekly jobless claims could offer early insights into labor market trends ahead of Friday's headline jobs report. Traders remain optimistic, pricing in further Fed cuts in 2024, but data on wages and unemployment will play a pivotal role.

With AI-driven tech momentum and cooling yields boosting equities, markets seem poised for a strong close to the week. However, the divergence between softening economic data and market optimism warrants caution in the weeks ahead.

Movers & Shakers

• (+) Marvell Technology ($MRVL) +23% after beating earnings and Mizuho calling the company the next AI winner.

• (+) Roku ($ROKU) +10% after Needham said the company is likely to be acquired next year.

• (–) Foot Locker ($FL) -10% after a disappointing holiday outlook.

Private Dealmaking

• General Atlantic bought Learning Technologies Group for $1.02 billion

• AE Industrial Partners sold Kellstrom, an aerospace engine aftermarket company, for $200 million

• Lumin Digital, a digital banking provider, raised $160 million 

• Vastu Housing, a home financing startup, raised $100 million

• Yurts, an AI chatbots developer, raised $40 million

• ConnectDER, a decarbonization solutions provider, raised $35 million

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

_{BOOK OF THE DAY}

The Little Book of Bitcoin

In The Little Book of Bitcoin, founder and co-managing partner of SkyBridge Capital Anthony Scaramucci delivers a comprehensive guide to understand disruption in the financial industry as a result of the emergence and increasing prominence of digital asset technology.

Drawing on his involvement in the SkyBridge Bitcoin Fund which has $310 million in assets under management, this book runs the gambit from basic concepts all the way to implications of decentralized finance on the financial industry and society as a whole.

“Expert financial guide to understand the technology, potential, and disruptive effects of crypto.”

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2024's Hottest Songs

_{PRESENTED BY LUCA FALONI}

Redefine Luxury with Luca Faloni’s Timeless Winter 2024 Collection

Luca Faloni’s Autumn-Winter 2024 collection draws inspiration from the enduring strength of mountains and the refined beauty of Italian marble. This season pays homage to the spirit of Italian craftsmanship, blending trusted silhouettes with modern nuances to create a wardrobe of timeless sophistication.

Explore their most luxurious pieces:

• Pure Cashmere Knitwear: Chunky-knit layers designed for warmth and elegance.

• Sophisticated Leather Jackets: Effortlessly tailored for practicality and style.

• Brushed Cotton Shirts & Wool Blazers: Combining unparalleled comfort with cold-weather refinement.

Finish your look with meticulously crafted leather accessories and essential scarves—each piece a testament to Made in Italy artistry. Elevate your or your loved one’s wardrobe this season with Luca Faloni.

_{DAILY ACUMEN}

Great Leadership

Great leadership isn’t about always feeling confident—it’s often about embracing imposter syndrome.

Many leaders, especially new ones, feel like imposters because they're stepping into unfamiliar roles with high expectations. Rather than seeing this as a negative, use it as a signal that you're growing and taking risks.

Imposter syndrome can be a powerful tool for self-awareness and humility, qualities that can make you a better leader.

Acknowledge your feelings of uncertainty, and understand that they come with the territory of stepping into new challenges. It's about accepting vulnerability, admitting what you don’t know, and being open to learning.

Owning who you are—flaws and all—allows you to improve and lead authentically. This means finding your unique leadership style through trial and error, while also admitting when you don’t have all the answers.

Vulnerability can bridge gaps in your relationships, create trust, and ultimately improve your leadership effectiveness. So, if you feel like an imposter, remember: it might just mean you’re exactly where you’re supposed to be.

_{ENLIGHTENMENT}

Short Squeez Picks

• Can you sleep your way to better decision making?

• How to influence people and succeed at work

• Public speaking tips to transform your presentations

• 9 phrases people who are great at small talk use

• Use the DRY principles to consolidate repetitive tasks

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Memes of the Day