Good Afternoon. The Fed cut rates, but not the tension. Chair Jerome Powell’s cautious tone sent markets drifting as investors weighed record highs against economic haze. Nvidia soared into the $5 trillion stratosphere, while Fiserv crashed back to earth. Let’s get into it.

—Rosie, Wyatt, Evan & Conor

🔥 What’s Hot: 🔥

🥶 What’s Not: 🥶

Every year, Long Angle surveys its private member community — entrepreneurs, executives, and investors with portfolios from $5M to $100M — to understand how they allocate their time, money, and trust.

The 2025 High-Net-Worth Professional Services Report reveals what today’s wealthy families value most, what disappoints them, and where satisfaction truly comes from.

From wealth management to wellness, from private schools to personal trainers — this study uncovers how the top 1% make choices that reflect their real priorities. You’ll see which services bring the greatest satisfaction, which feel merely transactional, and how spending patterns reveal what matters most to affluent households.

See how your spending, satisfaction, and priorities compare to your peers. Download the report here.

Download the Free Report

1. Fed Cuts Rates but Powell Puts December on Ice

The News: The Federal Reserve trimmed interest rates by a quarter point on Wednesday—its second cut this year—but markets turned lower after Chair Jerome Powell said another cut in December is “far from a foregone conclusion.” The Dow and S&P 500 fell as Treasury yields climbed, while the Nasdaq held small gains. The Fed’s decision came amid deep divisions on the committee, with some members pushing for sharper cuts and others favoring a pause.

Why It Matters: Powell’s remarks threw cold water on Wall Street’s expectations for a steady easing cycle. His comments, likening the Fed’s data shortage during the government shutdown to “driving in fog,” signaled caution as inflation risks linger and labor markets remain resilient. Meanwhile, President Trump, speaking from South Korea, renewed his criticism of Powell and pressed for faster cuts ahead of Thursday’s high-profile meeting with China’s Xi Jinping.

What to Watch: Markets will be watching November’s data releases closely, assuming Washington reopens them. For now, Powell’s message is clear: visibility is low, let’s slow down and make sure we don’t crash in either direction.
Source: wsj.com

2. OpenAI Restructures, Microsoft’s Stake Set at 27%

The News: OpenAI has completed its long-awaited restructuring, creating the OpenAI Foundation—a nonprofit that now controls 26% of its $500 billion for-profit arm, OpenAI Group PBC. Microsoft’s stake is now set at 27%, valued at roughly $135 billion. The foundation’s $130 billion equity will fund philanthropic projects, starting with a $25 billion initiative focused on health and AI resilience. As part of the new terms, OpenAI will spend $250 billion on Azure services, but Microsoft loses its exclusive cloud rights.

Why It Matters: The move redefines one of tech’s most powerful alliances. OpenAI keeps its nonprofit mission intact while giving Microsoft a long-term seat at the table. The revised deal adds guardrails: an independent panel must verify OpenAI’s claim of reaching Artificial General Intelligence before revenue-sharing or IP rights change.

What to Watch: Microsoft reports earnings at 5:30pm ET, and investors will be parsing how its OpenAI exposure feeds future growth. This deal provides more clarity as to where OpenAI ends and Microsoft begins. e.g. “OpenAI’s consumer hardware is excluded from Microsoft’s IP rights.” Keep an eye out for that announcement over the coming months.
Source: cnbc.com

3. Fiserv Wipes Out $30 Billion After CEO Scraps Forecasts

The News: Shares of payments giant Fiserv plunged more than 40% Wednesday after new CEO Mike Lyons withdrew the company’s financial guidance, calling prior forecasts “unachievable.” The move erased nearly $30 billion in market value and followed weaker-than-expected quarterly results, the exit of the CFO, and a major board shake-up. Lyons said his review revealed overly optimistic assumptions and “short-term driven” initiatives under former CEO Frank Bisignano, who now heads the Social Security Administration and IRS under President Trump.

Why It Matters: Fiserv’s meltdown is one of the steepest single-day losses in S&P 500 history and a reminder of how quickly fintech optimism can unravel. The company, which processes payments for banks, gas stations, and major retailers, now faces an investor revolt and a class-action suit alleging inflated growth numbers. Analysts called the quarter “shockingly bad,” leaving Lyons to rebuild confidence from near zero.

What to Watch: With fintechs under pressure and Fiserv’s credibility in tatters, investors may start asking which “unachievable” targets are still hiding elsewhere on Wall Street.
Source: wsj.com

4. $5 Trillion and Counting

The News: Nvidia has officially become the first company in history to hit a $5 trillion valuation, soaring past every rival and the GDP of all but two countries. Shares jumped more than 5% Wednesday, lifted by optimism over sales in China and surging global demand for AI chips. The company, now worth more than the entire energy or banking sectors of the S&P 500, reached $1 trillion just two years ago and $4 trillion only three months ago.

Why It Matters: Nvidia’s rise cements its status as the central engine of the AI era, with partnerships spanning OpenAI, Oracle, and nearly every major cloud provider. But its dominance also raises new questions about valuation risk—and the circular ecosystem where AI firms invest in each other’s growth. Even the IMF and JPMorgan’s Jamie Dimon are warning of a potential “AI bubble.” For now, markets are shrugging and riding the rally.

What to Watch: Nvidia’s $5 trillion crown could attract tougher scrutiny and hungrier competitors. If AI & compute are the new oil, Jensen Huang just became the world’s most powerful energy executive.
Source: bbc.com

5. Disney and Fubo Merge to Form Streaming’s New Power Player

The News: Disney has completed its merger with FuboTV, combining Hulu + Live TV with the sports streamer to create the sixth-largest U.S. pay-TV provider, serving nearly 6 million subscribers. Disney now owns about 70% of the combined company, while Fubo shareholders retain 30%. Shares of Fubo surged 29% on the news. The deal followed a $220 million settlement that ended Fubo’s antitrust lawsuit against Disney and its media partners.

Why It Matters: The merger bolsters Disney’s live-TV ambitions and gives it a direct challenger to YouTube TV’s dominance in the virtual pay-TV space. It also provides a hedge against cord-cutting by pairing Disney’s entertainment portfolio with Fubo’s sports-first audience. Both platforms will keep their brands—Hulu + Live TV folded into the Disney bundle, Fubo focused on sports—but share ad sales, programming, and infrastructure to cut costs.

What to Watch: With ESPN and ABC’s YouTube TV contracts set to expire this week, expect some competitive fireworks. If Disney plays hardball on distribution, YouTube could be facing its toughest streaming challenge yet because without Disney’s content they could lose subscribers to, ironically, Disney.
Source: thewaltdisneycompany.com

1. Klarna Takes On Amex With Premium Memberships

The News: Klarna has launched a global membership program to rival elite credit cards from American Express and JPMorgan Chase—offering perks like airport lounge access, travel insurance, and media subscriptions without the need for credit. The Premium plan costs €17.99 ($18) a month and offers 0.5% cashback, while Max costs €44.99 ($45) with 1% cashback and unlimited LoungeKey access. Over 1 million members have already signed up, and U.S. expansion is coming within weeks.

Why It Matters: Klarna is betting that younger consumers want luxury benefits without carrying debt. As credit card giants hike annual fees to near $900, Klarna’s subscription model offers a flatter cost structure and simpler rewards. With 111 million users globally, the fintech is recasting itself as a digital lifestyle bank rather than just a buy-now-pay-later app.

What to Watch: If Klarna can convince travelers to trade points for subscriptions, it may force credit card heavyweights to rethink the value of loyalty. Either way, the perks war just went subscription-only. Keep an eye on reports about member sign-ups and retention rates in upcoming public filings.
Source: investors.klarna.com

2. France Rejects Digital Euro, Backs Bitcoin and Stablecoins

The News: France’s National Assembly has adopted a resolution opposing the European Central Bank’s digital euro and instead supporting Bitcoin and euro-backed stablecoins as alternatives. The proposal, led by lawmaker Éric Ciotti, cites privacy and sovereignty concerns, warning that a centrally managed digital euro could allow governments to track or freeze citizens’ funds. The plan calls for a national Bitcoin reserve equal to 2% of total supply—around 420,000 BTC—and encourages tax payments in Bitcoin.

Why It Matters: This marks the first major challenge to the EU’s CBDC project from within a core member state. Lawmakers argue the digital euro risks concentrating power in Frankfurt and destabilizing banks by allowing deposits to flow directly to the ECB. By contrast, France’s plan would position it as Europe’s crypto hub, promoting euro-denominated stablecoins to counter U.S. dollar dominance—currently 91% of global stablecoin volume.

What to Watch: Expect tense debates in Brussels and Frankfurt as the ECB’s digital euro timeline runs through year-end. If France doubles down on Bitcoin reserves, Europe’s monetary future could hinge less on central banks and more on blockchains while putting upward pressure on Bitcoin.
Source: tradingview.com

3. AI-Powered Trading Takes Over

The News: A wave of AI-driven trading and financial platforms debuted this week, underscoring how rapidly machine learning is reshaping markets. StarStone Wealth unveiled its Adaptive Market Intelligence Engine (AMIE), a system that “learns from markets like living organisms,” while JEX AI launched in London with a Web3-focused platform using smart contracts for automated investing. Meanwhile, IBM and Oracle rolled out enterprise-grade systems for managing digital assets and regulatory data, signaling Big Tech’s deeper push into finance.

Why It Matters: With AI now behind more global trading volume, the financial industry is racing to automate risk, compliance, and strategy before algorithms outpace human oversight. Regulators are watching closely—Fed Vice Chair Michelle Bowman said AI could “transform how business is conducted for banks,” even as concerns mount over systemic opacity and model risk.

What to Watch: Expect Wall Street’s next big arms race to be fought in code. As the smartest traders in the room might soon be silicon chips. This is a reminder that buying index funds is the best way to compete with these new systems, the chances of you beating them are very low, but at least you can join in on the gains through indexing.
Source: markets.businessinsider.com & globalnewswire.com

“When I first opened Attio, I instantly got the feeling this was the next generation of CRM.”
— Margaret Shen, Head of GTM at Modal

Attio is the AI-native CRM for modern teams. With automatic enrichment, call intelligence, AI agents, flexible workflows and more, Attio works for any business and only takes minutes to set up.

Join industry leaders like Granola, Taskrabbit, Flatfile and more.

👉Start for free today

Q: Why do birds fly south in the winter?

A: It’s faster than walking.

✅ Cold & Flu Season: What to eat when you’re sick to help get better.
✅ Backed by Science: 5 science-backed longevity ‘hacks’ that don’t cost a fortune. See the list.
✅ Touch Grass: This app literally makes you touch grass before it unblocks other apps. See how it works.
✅ Get a Cash Bonus: Open a new checking account and complete qualifying activities to earn a $300+ bonus.* Easy money.

*A message from our sponsor or affiliate link.

The merging or combining of two or more distinct ideas, concepts, or issues into one, often leading to confusion or misunderstanding.

“The article’s conflation of correlation and causation led readers to a false conclusion.”

Grit Capital: Get weekly deep dives on markets, stocks, and investing strategies used by 270K+ investors, hedge funds, billionaires, and advisors. Sign-up here.