Big Market Moves, Rising Risks, and a Shocking Loss

11th September 2025

It’s been a whirlwind week across business and politics. Oracle stunned Wall Street with a record-breaking surge, fueled by blockbuster AI contracts that briefly made co-founder Larry Ellison the world’s richest person. Meanwhile, workers across the U.S. are pushing for faster access to their pay, a shift that’s reshaping payroll practices at companies like Amazon, Walmart, and Hilton. Klarna’s splashy New York debut added momentum to the busiest IPO week in years, with its $20 billion valuation signaling fresh investor appetite for fintechs. But the optimism was tempered by tragedy as conservative activist Charlie Kirk was fatally shot during a university event in Utah, underscoring rising concerns over political violence in the U.S. All this in today’s Read It and Eat! 

Major News

• Oracle’s Record-Breaking Surge Stuns Wall Street

Oracle shares soared more than 30% on Wednesday in one of the most dramatic rallies Wall Street has seen in years. The jump, powered by blockbuster AI-fueled contracts, instantly added more than $100 billion in market value and underscored just how central the company has become to the ongoing AI boom.

The momentum is being driven by a wave of multibillion-dollar deals with OpenAI, Meta, Nvidia, and even Tesla CEO Elon Musk’s AI startup, xAI. Investors now expect Oracle’s cloud infrastructure business to grow nearly 80% this fiscal year and potentially reach $144 billion in revenue within four years. As co-founder Larry Ellison put it on the company’s earnings call: “AI changes everything.”

The scale of Oracle’s breakout contrasts sharply with the challenges facing some of its peers. Tesla, for instance, has seen its shares slide more than 8% this year amid sluggish EV demand. While Musk has been trying to steer investor attention toward robotics and AI-powered self-driving, confidence in a near-term turnaround remains muted.

And yet, Oracle’s rally carried implications well beyond its balance sheet. For a few extraordinary minutes on Wednesday, Ellison’s personal fortune swelled enough to briefly eclipse Musk’s, making him the world’s richest person — before Oracle shares cooled and Musk reclaimed the top spot. The brief switch was a reminder of just how quickly fortunes can shift in the AI era.

• Check, Please: Why Workers Want Their Pay Faster

For many U.S. workers, it’s not just about how much they earn it’s about when they get paid. With inflation still straining budgets and more people living paycheck to paycheck, employees across industries are increasingly asking their employers to speed up payday. For gig workers at companies like Uber and Lyft, waiting even a few days can mean turning to payday loans, credit cards, or borrowing from family just to make ends meet.

Surveys back up the trend. According to payroll firm Everee, 65% of rideshare drivers have had to borrow money while waiting for pay. Broader research from Instant Financial found that 86% of employees now prefer same-day payments, a sharp jump from 70% just two years ago. Companies are taking note: Amazon lets warehouse associates access wages daily, Walmart offers early paycheck access through Even, and Hilton works with DailyPay to deliver wages in real time. For employers, it’s more than a perk it’s a recruiting tool. “We advertise Daily Pay in all our online recruiting efforts,” said Taylor Leevers of Leevers Supermarkets. “It increases the number of qualified applicants.”

The push for faster pay is also fueled by cultural shifts in how people move money. If consumers can instantly send cash through Venmo, Zelle, or PayPal, why should paychecks take days to arrive? “Consumer payment preferences have naturally shifted over to payroll expectations,” said Tal Clark, CEO of Instant Financial. Technology is making it possible through earned wage access programs and digital wallets, but the transition isn’t always simple. Legacy payroll systems, liquidity concerns, and cash flow management make daily pay a real challenge for some companies.

Still, there are downsides to watch. Some experts warn that faster pay without financial literacy could just accelerate poor money management. “Most people were never taught how to budget or manage cash flow,” said Matt Taylor, CEO of Guardian Payroll Services. He suggests pairing flexible pay with financial wellness tools, so employees can plan ahead instead of just spending sooner. Smaller businesses, meanwhile, may find accelerated payroll drains their reserves, creating more problems than it solves.

But refusing faster pay isn’t without risk either. Workers may see it as a lack of concern for their financial well-being and in a tight labor market, that could push them to seek more progressive employers. Many payroll experts recommend a step-by-step approach, starting with earned wage access before moving toward more flexible pay cycles. With the right systems in place, companies can balance fairness, compliance, and employee satisfaction while giving workers what they really want: faster access to the money they’ve already earned. Yahoo.Finance 

• Klarna Makes a Splash in NYSE Debut with Nearly $20 Billion Valuation

Klarna’s long-awaited debut on the New York Stock Exchange lived up to the hype. Shares of the Swedish fintech giant jumped 30% on Wednesday, valuing the buy-now, pay-later (BNPL) pioneer at $19.65 billion and giving a fresh boost of confidence to the U.S. IPO market.

The company priced its shares at $40, above the marketed range, and opened at $52 a rally that pushed its value well above the $15.1 billion implied at IPO. The listing capped years of anticipation, as Klarna had been eyeing a U.S. flotation since at least 2021 but pressed pause earlier this year when market turbulence made conditions less favorable.

The timing now looks spot-on. Klarna’s blockbuster debut lands in what could be the busiest week for IPOs in four years, with six other companies including the Winklevoss twins’ Gemini crypto exchange slated to list by Friday. Goldman Sachs CEO David Solomon said the packed calendar underscores “renewed momentum” in equity markets after a long lull. Analysts suggest Klarna’s strong reception could encourage other fintechs to follow suit.

Founded in 2005, Klarna helped reshape e-commerce by popularizing BNPL, letting shoppers split purchases into installments. The service gained traction during the pandemic and remains popular today as households navigate inflation and slower income growth. But it hasn’t all been smooth sailing: Klarna’s valuation once hit $45.6 billion in 2021 before plunging to $6.7 billion last year. CEO Sebastian Siemiatkowski, who still owns about 7% of the company and held onto all his shares in the IPO, said the focus now is on creating more value for Klarna’s existing 111 million users rather than chasing unchecked expansion.

The listing also puts the spotlight on BNPL’s future. Rival Affirm currently commands a $29 billion market cap and leads in average order size, but Klarna’s strength lies in its reach across everyday purchases. As one analyst put it, Klarna’s IPO is a “thermometer” for investor appetite in the BNPL space and Wednesday’s surge suggests the sector is heating up again. Reuters 

• Conservative Influencer Charlie Kirk Fatally Shot at Utah Event; Manhunt Underway

The U.S. political world was shaken on Wednesday after conservative activist Charlie Kirk, a close ally of former President Donald Trump, was fatally shot while speaking at Utah Valley University. Authorities say the 31-year-old was struck by a single sniper’s bullet in front of a crowd of 3,000 people. The suspected shooter, believed to have fired from a rooftop on campus, remains at large.

Utah’s Governor Spencer Cox described the killing as a “political assassination,” calling it a dark day for the state and the nation. Police confirmed that while two men were briefly detained for questioning, they were released with no ties to the shooting. The manhunt for the gunman is ongoing. In response, Trump ordered U.S. flags to be flown at half-staff and vowed his administration would track down those responsible.

Kirk’s death is the latest in a string of violent attacks targeting American political figures, underscoring growing concerns about political violence. Just seconds before he was shot, Kirk had been answering a question about gun violence. The married father of two was in the middle of his “American Comeback Tour,” a 15-campus speaking series that often drew large, energetic student audiences.

Kirk co-founded Turning Point USA, the nation’s largest conservative youth organization, and played a key role in mobilizing young voters for Trump. With 5.3 million followers on X, a popular podcast, and frequent television appearances, Kirk had become one of the most influential conservative voices of his generation.

Leaders across the political spectrum condemned the attack. “Political violence of any kind and against any individual is unacceptable and completely incompatible with American values,” said House Minority Leader Hakeem Jeffries. The shooting adds to what experts describe as the most sustained wave of politically motivated violence in the U.S. since the 1970s, a troubling backdrop as the nation heads deeper into an election season already marked by division and unrest. CNN 

Minor News 

• King Charles and Prince Harry Reunite Over Tea After Year-Long Rift. BBC 

• Perplexity closes funding round at a $20B valuation, per The Information. Bloomberg 

• Blockchain lender Figure secures $787.5M in U.S. IPO. Bloomberg 

• UK regulator moves to scrap cap on contactless card transactions. CityAM 

• Mexico to Hike Tariffs on Chinese Cars to 50%. Reuters 

• Affirm CEO: Profitability Now the Top Priority. Reuters 

• Amazon Enters the Robotaxi Arena. CNBC 

• Joby Shares Climb as It Expands Blade Service to Uber Riders. CBNC  

• Pokémon Cards Outperform S&P 500. Morning Brew