TRUMP VS. BLACKSTONE

President Trump just delivered a shock to the system.

TRUMP VS. BLACKSTONE

Good afternoon,

President Trump just delivered a shock to the system. In a move that caught Wall Street flat-footed, the administration announced plans to ban institutional investors from buying single-family homes. Blackstone and the broader homebuilder sector took it on the chin immediately.

If that wasn't enough volatility for one morning, the White House also signaled a pause on dividends and buybacks for defense contractors. It is a clear message that the new administration intends to rewrite the rules of engagement for corporate America. The era of predictable policy is officially over.

Getting started.

The Pulse

As of 1/7/2026 market close.

Markets

  • U.S. stocks paused their record run as traders digested the new regulatory landscape.
    • Blackstone, homebuilders, and defense stocks plunged on the news.
  • Emerging Market stocks hit fresh highs, with Venezuelan equities up over 100% year-to-date.
  • U.S. Treasury yields dipped to a one-week low.

Earnings

  • See the full calendar here.

Prediction Markets

Headline Hunt

  • The U.S. plans to ban institutional investors from purchasing homes (CNBC)
  • The administration is looking to pause dividends and buybacks for defense stocks (CNBC)
  • Marco Rubio told Congress the U.S. plans to buy Greenland (NYT)
  • Discussions with Denmark regarding Greenland are set for next week (FT)
  • Goldman Sachs topped global M&A rankings with $1.5T in deals (RT)
  • Global investment banking revenue topped $100B in 2025 (RT)
  • Private market fundraising hit a record $1.4T last year (AW)
  • JPMorgan will take over the Apple credit card program from Goldman Sachs (WSJ)
  • Alphabet surpassed Apple in market cap for the first time since 2019 (CNBC)
  • Carlyle sees a better year for PE deals ahead (BBG)
  • A trader placed a historic bet on fed funds futures (BBG)
  • Europe saw a record $71.3B in daily bond sales (BBG)
  • Korean stocks are rallying (BBG)
  • A "Venezuela Exposure" ETF has been filed (BBG)
  • Condo prices are lagging single-family homes (WSJ)
  • U.S. job openings fell to a one-year low (BBG)

The Deal Room

M&A / Investments

  • Warner Bros. Discovery rejected Paramount Skydance's $108B amended bid, favoring Netflix's $82.7B offer.
  • Chevron and Quantum Energy Partners are seeking to buy $22B of Lukoil's international assets.
  • Steel Dynamics and SGH saw their $8.8B bid for BlueScope Steel rejected.
  • Hg agreed to take OneStream private at a $6.4B valuation.
  • AB InBev agreed to buy back a stake in its U.S. plants from Apollo for $3B.
  • I Squared agreed to acquire Ramudden Global from Triton for $2.9B.
  • Hisamitsu agreed to a $2.9B management buyout.
  • Diageo is facing legal hurdles in its $2.3B stake sale to Asahi.
  • KKR, Warburg Pincus, and EQT are bidding for XCL Education, potentially valued at $2B.
  • KKR and Oak Hill will invest $1.9B in data center platform GTR.
  • TPG is nearing a $1.6B deal for Optum UK.

Venture Flow

  • ByteDance is valued at ~$360B in a new transaction led by HSG.
  • xAI raised a $20B Series E at a $230B valuation from investors including Valor, Fidelity, and QIA.
  • Anthropic is in talks to raise $10B at a $350B valuation led by GIC and Coatue.
  • Semafor raised $30M at a $330M valuation.
  • Qualinx raised a $23M round led by Invest-NL.
  • Prudentia Sciences raised a $20M Series A led by McKesson Ventures.
  • Interos.ai raised a $20M growth round led by Blue Owl.

IPO / Direct Listings / Issuances / Block Trades

  • Discord filed confidentially for an IPO.
  • Knowledge Atlas Technology raised $560M in its Hong Kong IPO.

Bankruptcy Watch

  • Pinnacle Group's bankruptcy auction is facing delays as NYC scrutinizes a $451M bid.

Fresh Capital

  • Monroe Capital raised $6.1B for a new private credit fund.
  • Banner Ridge raised $4.2B for secondaries.
  • BV Investment Partners raised $2.4B for tech investing.

Crypto Corner

  • Morgan Stanley filed for Bitcoin and Solana ETFs.

Today’s Meme Pick

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