Market Beats | Trump Deploys 700 Marines to Los Angeles; Zuckerberg Assembles ‘Superintelligence’ Team; World Bank Slashes 2025 Global Growth Outlook; Asia Wealthy Investors Target 40% Discounts in Private Equity Secondary Market; Trump Considering Treasury Secretary Scott Bessent for Fed Chair Role; Electrical Fire at NYC Grand Central Halts LIRR Service

—— Trump Deploys 700 Marines to Los Angeles; Zuckerberg Assembles ‘Superintelligence’ Team; World Bank Slashes 2025 Global Growth Outlook; Asia’s Wealthy Investors Target 40% Discounts in Private Equity Secondary Market; Trump Considering Treasury Secretary Scott Bessent for Fed Chair Role; Electrical Fire at NYC Grand Central Halts LIRR Service

1. Trump Deploys 700 Marines to Los Angeles

The Trump administration has intensified its response to anti-deportation protests in Los Angeles by mobilizing 700 U.S. Marines, joining thousands of National Guard troops already on the ground—escalating tensions with local Democratic leaders.

The Marines will coordinate with Task Force 51, which includes 2,100 National Guard personnel stationed in the region. In addition, hundreds of soldiers from the 79th Infantry Brigade Combat Team are currently deployed throughout the greater Los Angeles area, according to a military statement. The release did not specify when the Marines will arrive. LA’s police chief warned that his department had received no formal notice and said the uncoordinated arrival of military forces would pose significant challenges to local law enforcement.

This extraordinary deployment follows a fourth consecutive night of clashes between protesters and police in Los Angeles. Demonstrators have rallied against a surge in Immigration and Customs Enforcement (ICE) raids, which local officials say have spread fear throughout immigrant-heavy communities.

President Donald Trump and California Governor Gavin Newsom have repeatedly clashed over how to handle the unrest. The state has filed a lawsuit against the administration over the deployment of National Guard troops.

Trump, in turn, has suggested that Newsom—widely seen as a Democratic contender for the 2028 presidential race—could face arrest if he interferes with federal immigration operations or related responses to the protests.

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2. Zuckerberg Assembles ‘Superintelligence’ Team

Frustrated with Meta Platforms Inc.’s AI progress, Mark Zuckerberg is personally building a new team aimed at developing artificial general intelligence (AGI), according to people familiar with his plans. Internally referred to as the “superintelligence group,” the team is central to Zuckerberg’s new strategy to ensure Meta outpaces rivals in the race for machines that can match human-level capabilities across a wide range of tasks.

Zuckerberg has been meeting privately with top AI researchers and engineers in recent weeks at his homes in Lake Tahoe and Palo Alto. He’s now prioritizing hiring around 50 people for this elite team — including a new head of AI research — and is personally leading the recruitment effort. At Meta’s Menlo Park campus, he has even rearranged office space so that the team will sit near him.

The new effort is tied to Meta’s planned multi-billion dollar investment in Scale AI, a data services and AI infrastructure company. The deal would mark Meta’s largest-ever external investment. Scale AI founder Alexandr Wang is expected to join the group once the deal closes.

Zuckerberg, who has recently entered what insiders call “founder mode,” has been increasingly hands-on in managing Meta’s AI push. He envisions AGI eventually being embedded across Meta’s product portfolio — from its family of apps to its Meta AI chatbot and AI-powered Ray-Ban smart glasses.

Meta shares rose 1.2% in early trading Tuesday following the news.

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3. World Bank Slashes 2025 Global Growth Outlook

The World Bank on Tuesday downgraded its forecast for global growth in 2025, warning that the 2020s are on track to be the weakest decade for the world economy since the 1960s due to rising trade tensions and growing policy uncertainty.

The development lender cut its global growth projection to 2.3%, down from the 2.7% it forecast in January. That would mark the slowest pace in 17 years, excluding the recessions in 2009 and 2020 caused by the global financial crisis and the Covid-19 pandemic.

The World Bank also noted that based on current forecasts, global growth in the first seven years of this decade is set to average just 2.5% — the lowest for any decade since the Apollo moon landing era.

Donald Trump, now back in the White House, has renewed his aggressive stance against free trade, blaming it for eroding America’s industrial base and exposing the country to supply chain vulnerabilities.

But the unpredictable and often abrupt nature of Trump’s tariff regime — targeting not only China but also traditional allies — has rattled markets, frozen investment decisions, and further disrupted global supply chains.

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4. Asia’s Wealthy Investors Target 40% Discounts in Private Equity Secondary Market

Asia’s affluent investors are targeting discounts of up to 40% to buy private equity assets on the secondary market, seeking to enhance returns amid rising economic uncertainty, according to asset manager Ardian SAS.

Secondary funds in the region are trading at 30% to 40% discounts — significantly steeper than in the US — said Jason Yao, Ardian’s Senior Managing Director and Head of Greater China, during a panel at the Bloomberg Invest Hong Kong event on Tuesday.

“There’s liquidity needs for the sellers who are willing to give a relatively deep discount,” Yao said, noting a sharp imbalance between available capital and asset supply.

Amid ongoing market volatility, inflation, and geopolitical risks, many of Asia’s family offices are moving beyond public equities and real estate. They are embracing alternative assets like private equity secondaries to gain stronger risk-adjusted returns and downside protection in an uncertain environment.

Investors frequently use the secondary market to exit funds early, trading at a discount in return for liquidity. While sellers in the US often secure prices near asset value, Asian sellers are compelled to offer steeper discounts to close deals.

Yale University’s endowment recently sold private equity stakes with a haircut of less than 10%, underscoring the premium US sellers still enjoy.

North America continues to dominate global secondary market activity. According to a Lazard report from May 2025, about 67% of GP-led transaction volume is expected to originate from North America.

Asia remains a smaller but fast-growing slice of the global market. Lazard noted that buyers plan to raise their Asia-Pacific exposure to 8% in 2025, up from 4% in 2024. The limited buyer base in the region continues to drive higher discounts for sellers.

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5. Trump Considering Treasury Secretary Scott Bessent for Fed Chair Role

A growing number of advisers inside and outside the Trump administration are pushing for Treasury Secretary Scott Bessent to become the next chair of the Federal Reserve, according to people familiar with the matter.

President Donald Trump said Friday he would name a successor “very soon” to replace current Fed Chair Jerome Powell, whose term expires in May 2026. While former Fed official Kevin Warsh has been considered, Bessent — who has been leading Trump’s economic agenda on trade, tax, and regulatory reform — is now emerging as a top contender.

Although formal interviews have yet to begin, some in Trump’s circle are advocating for Bessent due to his alignment with the president’s pro-growth economic agenda. Asked for comment, Bessent said, “I have the best job in Washington. The president will decide who’s best for the economy and the American people.”

As Treasury Secretary, Bessent would typically oversee the Fed chair search, but it’s unclear whether he would recuse himself if he becomes a candidate.

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6. Electrical Fire at NYC Grand Central Halts LIRR Service

An electrical fire in the deep basement of New York City’s Grand Central Terminal halted all Long Island Rail Road (LIRR) service through the station on Monday. About 100 firefighters responded, working for hours through thick smoke to extinguish the blaze.

The fire, located along LIRR tracks in the terminal’s lower levels, is under investigation, said FDNY Commissioner Robert Tucker. No life-threatening injuries were reported.

As a result, LIRR service into and out of Grand Central has been suspended. Trains are being rerouted to Penn Station, Jamaica Station in Queens, or Atlantic Terminal in Brooklyn. The Metropolitan Transportation Authority (MTA) has not announced when service to Grand Central will resume.

LIRR trains began arriving at Grand Central in 2023 following the opening of the Grand Central Madison terminal, which provides East Side access for Long Island commuters.

Monthly ridership at the terminal is currently about 1.6 million, according to the MTA.

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7. Nvidia posts 69% revenue surge

Nvidia reported a 69% year-on-year jump in revenue to $44.1 billion for the quarter ending April 27, surpassing Wall Street’s forecast of $43.3 billion, even as it absorbs a major revenue hit from US export restrictions targeting China.

The chipmaker, central to the global AI infrastructure boom, expects revenue of about $45 billion for the current quarter, plus or minus 2%. That range puts its guidance slightly below the Bloomberg consensus estimate of $45.5 billion. Nvidia shares rose 5% in early Thursday trading.

The company is navigating the fallout from President Donald Trump’s renewed trade tensions with China, including export controls introduced in April that barred Nvidia from selling its AI chips specifically tailored for the Chinese market. Nvidia said those curbs led to a $4.5 billion charge last quarter and an additional $2.5 billion in missed sales. The company also expects to lose roughly $8 billion in Chinese revenue this quarter as a result.

CEO Jensen Huang said demand for Nvidia products remains “incredibly strong,” but he reiterated criticism of the US government’s export control measures on a call with analysts.

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