Zaid Admani

Now, beyond just the trading, these big banks also got a boost from all the M&A activity and IPOs last year, which is expected to pick up this year as well.

They also helped finance a lot of that debt that these big tech giants are taking out to build AI data centers.

So yeah, Wall Street banks are partying like it's 2007, but it's not all great for everyone working on Wall Street.

According to Bloomberg, Wall Street firms cut more than 10,600 jobs last year,

which is the most since 2016.

Now, I think a big reason for that is AI.

Hope you guys enjoyed today's episode.

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Remember, the stock market will be closed on Monday for MLK Day, so no show from us.

But we are going to have a deep dive and an interview over the weekend, so keep an eye on your podcast feed for that.

Thank you guys so much for listening, watching, and commenting.

Shout out to Mike and Connor for all the work behind the scenes.

And we'll see you guys back here tomorrow for the deep dive.

Public.com presents The Rundown, your daily market update in under 10 minutes.

My name is Zaid Admani, and today is Thursday, January 15th.

In today's episode, we'll recap earnings from TSMC and tell you what it means for the AI trade.

We'll also tell you why investment banks are having a big quarter.