Good morning & happy Monday! Today, we're diving into Nubank walking away from its '10B Monzo M&A to understand why NU's investors reached a verdict on the price before NU did (why a 10% share drop & a financially questionable valuation sank the talks, who was really pushing for the sale, why Monzo's private equity fallback with CVC & Advent will struggle to get anywhere near '8B, & what to watch for next + bonus deep dives into the latest financials of Nubank, Monzo, and Sequoia's Private AI Briefing Confirming AGI Is Already Here inside), and breaking down ChatGPT's upcoming Wallet to understand why this is less a new payments feature and more OpenAI deciding to hold the card its AI agents spend from (why it reverses the design of Instant Checkout, which kept OpenAI from ever being the merchant of record, how always-on Dots make a stored wallet necessary, why Anthropic is going the opposite way, & what's next + bonus deep dives into How to Use GPT-6 Astra, the OpenAI Model Jensen...
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