The exodus begins as Wall Street giants look to escape Mamdani's clutches

Goldman Sachs and JPMorgan Chase are accelerating expansions in Dallas, Texas, drawn by lower taxes and faster business approvals.

Hello Capitalists,

Here is everything you should be following today:

• Wall Street looks for an exit strategy over Mamdani

• Goldman and Jp Morgan plan their escape from New York

• Nvidia surges on new export deal to the Gulf

• Crack start showing in the Fed over Powell

• Vegan Plant burger company delays earnings report

• Cybertruck cop cars hit the streets of Vegas

Today’s markets + assets:

• 🔴 DOW: 47359.64 (⬇️ 0.43%)

• ✅ S&P: 6858.91 (⬆️ 0.27%)

• ✅ NASDAQ: 23894 (⬇️ 0.71%)

• ⚠️🔴CBOE VIX Volatility Index: 17.39 (⬇️ 0.34%)

• ✅ Gold: $4018.50 (⬇️ 0.55%)

• 🔴 Silver: $48.14 (⬇️ 0.04%)

• 🔴 Bitcoin: $107,331 (⬇️ 0.16%)

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Wall Street Titans plan their exit if socialist Mamdani gets elected as mayor

As socialist Zohran Mamdani eyes the NYC mayor’s seat with tax hikes and “defund the police” pledges, Wall Street giants like Goldman Sachs and JPMorgan Chase are accelerating expansions in Dallas, Texas, drawn by lower taxes and faster business approvals.

• Goldman Sachs Builds Texas Campus: The firm is investing $500 million in an 800,000-square-foot Dallas facility opening in 2028, consolidating over 5,000 employees amid New York’s political risks.

• JPMorgan Shifts Staff Southward: Chase now employs 31,000 in Texas versus 24,000 in New York, capitalizing on the state’s no-transaction-tax policy and streamlined permitting.

• Fortress Thrives in Dallas: The $53 billion asset manager opened a 50,000-square-foot headquarters in 2021, praising Texas for 18-month project timelines impossible elsewhere.

• Texas Surpasses NYC Finance Jobs: With 519,000 financial sector roles statewide versus New York’s 507,000, Dallas’s 27-minute commutes and vibrant scene position it as a full rival hub.

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Nvidia surges as US approves chip sale to the UAE

Nvidia shares surged 2% Monday after the U.S. approved a major export license for its advanced GB300 AI chips to the United Arab Emirates in conjunction with Microsoft, easing export curbs and unlocking billions in regional AI infrastructure investments.

• GB300 GPUs Unlock AI Power: The approval means that 60,400 A100 chips will be heading to the UAE, boosting the UAE developers’ edge in global AI competition through advanced hardware.

• Microsoft’s $15.2B UAE Bet: The deal ramps up investment by Microsoft in the Gulf state. So far this includes $1.5 billion in G42 equity and $5.5 billion for cloud expansion, fueling Gulf AI ambitions by decade’s end.

• Bipartisan Safeguards Enable Deal: Stringent tech controls underpin the first Trump-era license, with Microsoft crediting the assistance of Commerce Secretary Lutnick and prior Senate bipartisan ties for the swift greenlight on the proposal.

• Expert Eyes Economic Boom: Oxford Economics hails the chips as “crucial” for UAE’s AI leadership, blending technology, talent, and trust to reshape the region’s economy.

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Cracks start to show as Powell takes fire from his own board over rate cuts

Federal Reserve Gov. Christopher Waller sharply rebuked Chairman Jerome Powell’s “driving in the fog” excuse for economic uncertainty Thursday on Fox Business, insisting the central bank must press ahead with interest rate cuts despite a government shutdown’s data blackout.

• Rejects Shutdown Paralysis: Waller dismissed Powell’s fog metaphor as overblown, arguing the Fed has ample private-sector data to guide policy without halting progress.

• Tariffs Barely Register: He downplayed proposed tariffs’ economic drag as “minor,” prioritizing labor market softness over trade tensions in rate decisions.

• Inflation Path Clears: Forecasts show stubborn inflation easing toward the Fed’s 2% target, justifying continued cuts even amid current highs.

• AI Boom Looms Large: As a self-proclaimed optimist, Waller predicts artificial intelligence will spark a productivity revolution within 12-24 months, reshaping economic growth.

Federal Reserve Governor Stephen Miran boldly dissented Monday against the central bank’s cautious quarter-point rate cut last week, insisting policy remains excessively restrictive and demanding bolder half-point reductions to avert an economic downturn amid emerging credit stresses.

• Miran Challenges Fed Orthodoxy: Citing a more optimistic inflation outlook than peers, Miran argues neutral rates lie far below the current 3.75%-4% range, justifying aggressive easing over gradual cuts.

• Credit Cracks Signal Tightness: New warnings from Miran highlight sudden, unrelated credit market strains—previously hidden—as evidence that restrictive policy is squeezing liquidity and risking a broader fallout.

• Dissent Echoes Recent Battles: Miran repeated his push for 50-basis-point drops in September and October meetings, bucking the Fed’s measured path despite summer hiring slumps prompting last week’s quarter point cut.

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Plant Based meat company’s shares tumble as they can’t provide earnings

Plant-based pioneer Beyond Meat’s shares tumbled 8% to $1.52 Monday after the company postponed its third-quarter earnings release, citing extra time needed to tally a hefty non-cash impairment charge on key assets—reviving fears for the once-hot meme stock’s shaky recovery.

• Volatile Meme Surge Recalled: Shares skyrocketed from under $2 to nearly $8 in October, fueled by retail traders on Robinhood after ETF inclusion and hedge fund short squeezes.

• Impairment Charge Looms: The delay on reporting stems from a material non-cash hit on long-lived assets, originally due earlier but now set for post-market release on November 11.

• Recent Price Volatility Exposed: The tock closed at $1.89 at the end of September, highlighting ongoing instability for the struggling vegan meat maker amid market pressures.

• Asset Challenges Signal: The reporting impairment underscores potential long-term hurdles in the companies core operations, though specifics remain undisclosed pending the full report.

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Cybertruck armada takes to the streets of Sin City

The Las Vegas Metropolitan Police Department will unleash the nation’s largest fleet of 10 donated Tesla Cybertrucks on city streets starting this month, equipping officers with bulletproof electric beasts amid donor-driven innovation and surveillance debates.

• Billionaire Duo Donates Millions: Tech mogul Ben Horowitz and wife Felicia gifted $2.7 million in Cybertrucks to boost public safety, following prior $8-9 million contributions for drones and tech upgrades.

• Armored Features Enhance Safety: Unlike standard squad cars, these modified vehicles boast bulletproof exteriors, extra battery life, and tools like shotguns and ladders for high-risk responses such as shootings.

• Tesla Recalls Fully Addressed: Despite 2025 recalls for panel detachment and glaring headlights affecting thousands, Metro confirms all fixes have been completed before the November patrol cars take to the streets.

• Critics Slam Militarized Optics: Advocacy groups decry the angular trucks as intimidating symbols of corporate influence, raising alarms over potential Tesla data access and donor sway on policing priorities.

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