Private Markets Sector

Goldman Sachs and JPMorgan Chase just reported their biggest quarterly revenues ever, driven by a flood of activity in equities trading and investment banking tied to the artificial intelligence boom. Think of it like a restaurant suddenly packed with customers because a new neighborhood opened nearby—the banks are handling all the money flowing into AI infrastructure, advising on deals, financing data centers, and facilitating trades. JPMorgan's CFO said this is just the beginning of a "three-to-five year investment cycle" that's still ramping up (CNBC).

Lucid Motors' stock cratered on reports it was exploring going private or filing for bankruptcy protection, though the company flatly denied this. The EV maker is struggling with weak car sales, lost federal EV tax credits under the Trump administration, and mounting inventory—basically, it's burning through cash faster than it's bringing money in. Lucid said it has enough cash to survive through next year and is working with a restructuring advisor on operational improvements, but Wall Street clearly isn't convinced (CNBC).

TerraFirma, founded by two former SpaceX engineers, just raised $115 million to build remote-controlled construction equipment—think Xbox controllers operating bulldozers and cranes from a command center instead of on-site. The company wants to bring SpaceX's manufacturing speed and efficiency to the notoriously slow construction industry, and its long-term vision includes building infrastructure on Mars and the Moon. Investors from Kleiner Perkins, Bain Capital, and defense-tech firms see this as a bet on the emerging space economy (CNBC Tech).