Happy Nvidia earnings day to all those who celebrate! The chipmaker will report earnings at 5pm ET today. Fellow AI company, Super Micro bounced back 31% after naming a new auditor. But Wall Street isn’t counting on AI to drive the stock market anymore. Shaq finally settled his NFT suit, Wall Street’s top cop plans to exit before Trump takes power, and the DOJ will reportedly ask a judge to force Google to sell Chrome browser.

Plus, Delta will serve Shake Shack on flights, and Trump picked Dr. Oz to head the Centers for Medicare and Medicaid Services.

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Wall Street Heads to Washington

A few of Wall Street’s movers and shakers could be in line for big jobs in the next presidential administration. 

Yesterday, Trump announced that he would nominate Howard Lutnick, CEO of Cantor Fitzgerald, to lead the Commerce Department.

Lutnick, who has been with Cantor Fitzgerald since the 1980s, is known for his leadership after the 9/11 attacks, which claimed the lives of many of his colleagues. Over the years, he has also become a motivational speaker and is regarded as one of the most respected and inspiring leaders on Wall Street.

Lutnick will be tasked with executing some of Trump’s tariff policies, so his pick could potentially foreshadow Wall Street’s involvement in Trump’s economic agenda. While Wall Street has generally cheered Trump’s re-election, there are still some concerns over tariff policies. 

And if the Lutnick pick wasn’t enough, Trump is rumored to be seriously considering Marc Rowan, the CEO and co-founder of Apollo Global Management for Secretary of the Treasury. Rowan’s odds to be next Treasury secretary shot up to 48% on prediction platform Kalshi.

Rowan would be a dark horse pick - while perhaps he hasn’t been very politically active, he’s still one of the smartest minds in finance. Safe to say, Wall Street would probably cheer his nomination. And a Rowan nomination could also mean a boom for the $24 trillion private equity industry.

Takeaway: Many of the biggest egos on Wall Street love power, and they see a stint in Washington as an extension of that. Take Jerome Powell, for example - he had a successful Wall Street career before running the Fed. And with a lot of economic uncertainty and even some worries about a Trump presidency - Wall Street representation in the cabinet could provide a rubber stamp and a much needed confidence boost.

_{PRESENTED BY BRIGHTWAVE}

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_HEADLINES

Top Reads

• Nvidia stock rises as earnings loom (YF)

• Super Micro shares soar 31% after company names new auditor (CNBC)

• Wall Street strategists aren't relying on AI to drive the stock market rally (YF)

• Wall Street’s top cop plans to exit before Trump takes power (BB) 

• Apple is selling Apple News ads directly for the first time (Axios)

• Shake Shack will soon be served on Delta flights (YF)

• Wall Street thinks Trump’s preoccupation with the stock market will override economically dangerous ideas (BB)

• Qualcomm expects $4 billion in PC sales by 2029 (CNBC)

• Stocks shrug off concerns about heightened US-Russia tensions (CNN)

• Trump picks Dr. Oz to lead massive Medicare and Medicaid agency CMS (CNBC)

• Shaquille O'Neal inks $11 million settlement in NFT suit (Axios)

• Marc Rowan could have direct influence over $24T private equity market (Fortune)

• DOJ will reportedly ask judge to force Google to sell Chrome browser (Fox)

• Meta forms product group to build AI tools for businesses (Axios)

• Embattled FDIC Chair to leave agency on eve of inauguration (BB)

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Markets Rundown

Nasdaq Leads Markets Higher Despite Geopolitical Tensions: Equity markets climbed on Tuesday, shaking off rising concerns as Ukraine deployed U.S.-made weapons in Russian territory.

Technology and communication services stocks drove gains, leading a mixed sector performance. In global markets, Asia was higher, buoyed by commentary from the Bank of China ahead of its rate decision Wednesday, while Europe traded broadly lower in a risk-off session.

The U.S. dollar weakened against major currencies. Meanwhile, WTI oil and gold prices rose, reflecting the elevated geopolitical uncertainty.

Walmart Earnings Highlight Consumer Resilience; NVIDIA in Focus: Walmart’s Q3 results revealed strong consumer momentum, with revenue growth of 5.5% year-over-year, surpassing the 4.3% estimate. The company cited robust customer traffic across segments, underscoring resilient consumer spending heading into the holiday season.

Up next is NVIDIA’s Q3 earnings report on Wednesday, with expectations of $0.75 per share. So far, 93% of S&P 500 companies have reported, delivering an average 5.5% earnings growth year-over-year. Notably, 75% of companies have exceeded analyst estimates, with seven of 11 sectors reporting higher earnings.

Bond Yields Retreat: The 10-year Treasury yield fell to 4.39%, reversing its recent upward trajectory as markets reassess the pace of future Federal Reserve rate cuts.

The Fed appears to be achieving better balance between its dual mandates of maximum employment and stable inflation, signaling a continuation of gradual rate cuts, albeit at a potentially slower pace.

This moderation reflects a labor market normalizing from historic highs and inflation easing, which we believe provides a supportive backdrop for sustained economic growth.

Movers & Shakers

• (+) Super Micro Computer ($SMCI) +31% after the company announced a new auditor.

• (+) MicroStrategy ($MSTR) +12% after the enterprise software company will acquire more crypto.

• (–) Intuit ($INTU) -5% because the Department of Governmental Efficiency could allow Americans to file taxes for free.

Private Dealmaking

• Amcor bought Indiana plastics maker Berry Global for $8.43 billion

• Robinhood bought TradePMR, a portfolio management platform, for $300 million

• OpenAirlines, a sustainability software developer, raised $48 million 

• Vaulted Deep, a biomass carbon removal startup, raised $32 million

• Conduktor, an enterprise data management platform, raised $30 million

• Goodstack, a corporate giving platform, raised $28 million

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

_{BOOK OF THE DAY}

The 5 Types of Wealth

Throughout your life, you’ve been slowly indoctrinated to believe that money is the only type of wealth. In reality, your wealthy life may involve money, but in the end, it will be defined by everything else.

After three years of research, personal experimentation, and thousands of interviews across the globe, Sahil Bloom has created a groundbreaking blueprint to build your life around five types of wealth: Time Wealth, Social Wealth, Mental Wealth, Physical Wealth, and Financial Wealth.

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Walmart's Good Tidings

_{PRESENTED BY JKBX}

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Streaming platforms pay billions in royalties.

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_{DAILY ACUMEN}

Convergent Thinking

Convergent thinking is about narrowing down possibilities to find the single best solution, making it a crucial skill for decision-making in both personal and professional settings.

Unlike divergent thinking, which encourages exploring multiple ideas, convergent thinking relies on systematic evaluation and logical reasoning to pinpoint the most effective outcome. This approach is particularly useful when precision and clarity are needed—like diagnosing medical conditions or solving technical problems.

For example, in medicine, doctors use convergent thinking to eliminate potential causes based on symptoms and test results, eventually reaching the right diagnosis. In business, leaders use it to choose the best strategy from a set of options, ensuring that decisions are data-driven and focused on achieving objectives.

Convergent thinking also plays a role in daily decision-making—such as deciding on the best insurance policy—where the goal is to simplify choices based on practical criteria.

While divergent thinking sparks creativity, convergent thinking brings discipline and focus to the process, helping us arrive at clear, implementable solutions.

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Short Squeez Picks

• A CEO’s guide to to-do lists

• The number one thing you can do for a healthier brain

• The grass in greener syndrome

• Intelligent choices reshape decision making and productivity 

• Purpose in life is like the bass guitar in a band

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Memes of the Day