Bloomberg - Evening Briefing - Who won the debt deal?

The White House has been trying to sell Democrats (including some skeptical progressives) on a proposed debt-limit deal hatched with Republicans who had demanded deep budget cuts in exchange for avoiding default. Now, House Speaker Kevin McCarthy is being assailed by far-right members of his own party for giving too much away. His surprisingly middle-of-the-road deal (given original GOP terms) with President Joe Biden has at least one of McCarthy’s more extreme members threatening to trigger a motion to remove the Speaker. It took 15 votes for McCarthy to squeeze out a win in his bid to become House Speaker, and his eventual ascension came with a caveat: a critical concession that might just come back to haunt him this week.

Kevin McCarthy Photographer: Win McNamee/Getty Images North America

Representative Dan Bishop of North Carolina said McCarthy “capitulated” to Democrats, warning that he may move forward against the Speaker. Under current rules, any House member can force a vote on removing the Speaker, which requires a simple majority of the House. With Republicans controlling the chamber by a narrow 222-213 majority, things could get pretty interesting as the default deadline nears. —David E. Rovella

Stocks and bonds are sending opposite signals about whether US inflation will abate on its own, according to billionaire hedge fund founder Cliff Asness. He calls the divergence his “biggest concern.”

Jensen Huang, chief executive officer of chip phenom Nvidia, is getting the kind of treatment usually reserved for celebrities and sports stars during a trip to Taiwan. The 60-year-old was followed around a local night market as he picked up food over the weekend, and has been mobbed constantly by fans and media as he walked the hallways at the Computex trade show. On Tuesday, dozens of people crowded in next to him for selfies, while photographers tried to get clear shots. Nvidia’s market valuation fleetingly crossed the $1 trillion threshold on Tuesday. 

Jensen Huang in Taipei on May 30. Photographer: Vlad Savov/Bloomberg

Artificial intelligence is fast becoming the buzzword among investment bankers and private equity firms seeking deals, with the frenzy having fueled Nvidia’s stellar rise. But any wave of standalone AI IPOs may have to wait until next year.

JPMorgan has quietly built a global unit focused on catering to the ultra-wealthy and their investment firms as it looks to expand services to the world’s super-rich. Created just before the pandemic and led by bank veteran Andy Cohen, the unit is called 23 Wall, a nod to the location of the bank’s former Manhattan headquarters opposite the New York Stock Exchange. It focuses on about 700 families worth more than $4.5 trillion.

The Securities and Exchange Commission is inquiring about how private equity firms steered deposits, including client funds, out of Silicon Valley Bank before its collapse. The SEC’s examinations unit is said to have requested records of some investment firms’ money transfers and investor communications over the first three weeks of March, as well as emails with SVB. Some questions focused on whether executives with personal accounts at the bank cashed out before clients—and where deposits went. 

Chinese stocks are facing one grim milestone after another, with waning investor confidence signaling that things will likely get worse before getting better. Pessimism abounds as a sluggish economic recovery, weakening yuan and tensions with the US leave investors with little reason to buy. Some China bulls are now starting to retreat in frustration.

Since going all-in on Bitcoin over a decade ago, Tyler and Cameron Winklevoss have had their ups and downs. But these days, issues around the billionaire twins’ Gemini crypto exchange just seem to keep piling up. The SEC is suing Gemini as regulators crack down on the industry, and the exchange’s market share has shrunk versus rivals even as crypto prices have rebounded. And it gets worse.

Photo illustration: 731; Getty Images (2) 

• Bloomberg Opinion: Even Cathie Wood can’t spot the next bull market.
• Bloomberg Opinion: Hey, stupid. For Turks, it wasn’t just the economy.
• Goldman Sachs said to be mulling a new round of terminations.
• Strip mall owner accused of using investor cash for private jets.
• Assault allegations plague a $1.4 billion home eldercare startup.
• Restart of student loan payments are included in US debt-ceiling deal.
• What a bargain: Twitter is now worth one-third what Elon Musk paid.

For travelers in search of perfect weather, a climate scientist in Alaska has mapped out the ultimate US road trip where the temperature is always 70 degrees Fahrenheit. Brian Brettschneider on Friday released an updated version of his maps that plot year-long routes across North America using daily “normal” high temperatures from the National Centers for Environmental Information. His trips span more than 9,000 miles coast to coast for the contiguous US and more than 13,000 with an Alaska stop. 

The updated road trip map from climate scientist Brian Brettschneider offers multiple routes for 70 degree days. Source: Brian Brettschneider

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