ChatGPT and Claude, take note—there may soon be another competitor joining the field. The hypothetical name “DAL-IO,” inspired by famed investor Ray Dalio, could well describe his latest experiment: developing an artificial intelligence trained on his own knowledge, thinking patterns, and insights. Recently, Dalio reached out to users on LinkedIn and X (formerly Twitter), inviting them to submit questions that could inform the training of this digital counterpart. Though the moniker ‘DAL-IO’ was offered tongue-in-cheek, the gesture captures the extent to which even legendary financiers are exploring AI’s potential to replicate human expertise. Of course, should Dalio wish to adopt the name officially, the author humorously notes that a small licensing fee could easily settle the matter.

In other news, before delving into today’s headline story, readers are reminded to subscribe to First Trade, a brand-new newsletter focused on breaking developments across global markets. Launching this Monday, it promises timely analysis, early signals, and strategic insight for anyone keeping a close eye on trading trends and financial shifts.

Now to the day’s major political and economic focus: this evening marks the opening debate in the New York City mayoral race—a pivotal event that could reshape how the world’s financial capital engages with City Hall. Business Insider has examined where Wall Street professionals, from investment bankers to traders, are directing their financial contributions in this election, and the findings are far less predictable than one might imagine.

**What’s Coming Up**
**Markets:** Prominent voices like JPMorgan Chase CEO Jamie Dimon are weighing in on a hotly contested question across the financial landscape—are we currently experiencing an AI-driven speculative bubble, or is the growth in artificial intelligence genuinely sustainable?
**Technology:** A new generation of startup founders, dubbed ‘Young Geniuses,’ are demonstrating extraordinary ambition by pitching AI-driven ideas to investors, successfully raising millions in venture backing, and reshaping the image of tech entrepreneurship.
**Business:** High-powered legal representation has never come cheap, but even by elite standards, celebrity attorney Alex Spiro’s fees continue to rise sharply, reinforcing the premium placed on star advocates in high-stakes corporate and celebrity cases.

But before turning to those sectors, the spotlight shines on Wall Street’s evolving presence in the mayoral contest.

If you’re reading this thanks to a colleague’s forward, consider subscribing directly to stay informed.

### The Big Story: Mamdani vs. Cuomo

The alignment of Wall Street donors in this year’s New York mayoral race has defied expectations. At first glance, one might assume that the choice between Andrew Cuomo, a centrist with strong establishment credentials, and Zohran Mamdani, a democratic socialist known for his left-leaning economic proposals, would be a foregone conclusion for finance workers. By conventional wisdom, Mamdani would seem to embody everything that Wall Street typically resists. Yet, upon closer examination of campaign finance data compiled by Business Insider, a surprisingly even pattern of contributions emerges.

Across more than 400 financial-sector organizations, 401 employees contributed to Mamdani’s campaign, while 397 backed Cuomo. While those raw participation numbers suggest a near tie, the true divergence becomes evident when analyzing the amounts donated. Cuomo attracted approximately 88% of the overall dollar volume—his average contribution stood at $1,006, dwarfing Mamdani’s more modest $131 average. When factoring in political action committee spending, the disparity widens dramatically: of the over $9 million donated by figures and entities tied to finance, 95% flowed to pro-Cuomo or anti-Mamdani initiatives.

This imbalance reflects a deeper socioeconomic split within the sector. Front-office professionals—dealmakers, portfolio managers, and senior bankers who directly generate revenue—tend to support Cuomo, whose policies align with their market-oriented worldview. In contrast, back-office workers, including administrative personnel and technical staff, appear more sympathetic to Mamdani’s reformist rhetoric and calls for equity in workplace structures.

Still, political loyalties in finance are pragmatic, not immutable. Tonight’s debate—the first between Cuomo and Mamdani (with Republican candidate Curtis Sliwa also sharing the stage)—could prove pivotal. Many financial executives are wary of Mamdani’s redistributive proposals, some even expressing outright hostility toward his brand of politics. Yet financiers are also realists: few are eager to back what increasingly appears to be a losing campaign. Polling consistently shows Mamdani commanding a double-digit lead, and betting markets such as Polymarket currently give him an 88% probability of victory.

Unless he falters dramatically in the debate or some unforeseeable event shifts public opinion, Mamdani appears poised to become New York City’s next mayor. That scenario could prompt certain corners of Wall Street to reconsider their posture—not necessarily embracing his ideals, but softening their stance to maintain access and influence under new leadership. Corporations, after all, have demonstrated remarkable adaptability when political tides turn. To illustrate, JPMorgan’s Jamie Dimon, who once characterized Mamdani as ‘more Marxist than socialist,’ recently stated he would nonetheless be willing to cooperate with him if he assumes office.

That being said, some financiers are not yet ready to concede. Hedge fund billionaire Bill Ackman reportedly contributed seven figures to an anti-Mamdani super PAC just days ago, reaffirming a hardline opposition that is unlikely to fade quietly. Should Mamdani prevail, his victory might catalyze yet another financial migration southward, reminiscent of the exodus to Florida that occurred during the pandemic—a trend some in the industry jokingly refer to as ‘Y’all Street.’

Regardless of the outcome, all eyes across the country will be watching how Wall Street responds to the rise of a democratic socialist in the mayor’s office of America’s financial center. The intersection of ideology, capital, and power in this race holds implications far beyond the five boroughs.

### Three Things in Markets

1. **The White House’s stance on trade tensions remains firm.** Treasury Secretary Scott Bessent advised investors that the administration will not retreat from assertive trade positions merely to prop up stock performance. His comments followed renewed speculation surrounding what traders humorously call the ‘TACO’ strategy—shorthand for ‘Trump Always Chickens Out’—but Bessent’s remarks suggest that this time, Washington’s hardline posture is more than rhetorical.

2. **A resurgence in dealmaking activity.** After a lengthy drought in mergers and acquisitions, the world’s largest investment banks, including Goldman Sachs and Morgan Stanley, are finally reporting robust results. Goldman’s advisory revenue rose an impressive 60% year-over-year, signaling that a new wave of deal flow and capital-raising activity may indeed be underway. Executives are cautiously optimistic that the long-anticipated rebound in corporate transactions has arrived.

3. **Jamie Dimon’s nuanced take on artificial intelligence.** The JPMorgan CEO rejected the idea that current investment momentum around AI represents a classic speculative bubble. However, he tempered his optimism with realism, acknowledging that not every ambitious project will succeed. In his view, AI remains transformative, but selective discipline will separate enduring innovation from hype.

### Three Things in Tech

1. **AI’s expansive reach threatens even side hustles.** Artificial intelligence is dramatically improving productivity and efficiency, enabling individuals to juggle multiple jobs or freelance projects more easily. Yet, paradoxically, it is also suppressing creativity and driving down pay rates in digital labor markets. This duality has introduced profound uncertainty about the sustainability and value of side hustles in the AI age.

2. **Operational cuts at Scale AI.** The prominent startup recently laid off a team of generalist contractors in its Dallas office as part of a broader move toward more specialized AI workflows. Affected workers were reportedly offered four weeks of severance as well as invitations to join the firm’s gig-work platform, according to communications circulated through its staffing partners.

3. **The rise of youthful innovators in the AI startup sphere.** A growing cohort of extraordinarily young founders—some still in their teens—are securing millions of dollars in funding. For Business Insider’s *Young Geniuses* series, these entrepreneurs shared the very pitch decks that convinced investors to back their ventures, offering rare insight into how vision, narrative, and strategy can outweigh age in the eyes of venture capital.

### Three Things in Business

1. **From banking to residential transformation.** The massive redevelopment at 25 Water Street, once part of JPMorgan’s office network, now hosts over 1,300 residential units. This conversion stands as the largest completed office-to-housing project in the nation and reflects a broader urban trend of repurposing commercial spaces to meet modern housing demands.

2. **Palmer Luckey’s Erebor Bank advances toward official launch.** The entrepreneur’s newest venture, centered on crypto and emerging technologies, has secured preliminary federal approval—an essential yet tentative step toward full operation. Before opening its doors, the institution must still obtain FDIC insurance and final regulatory clearance, underscoring the rigorous scrutiny facing innovators in the financial sector.

3. **The escalating cost of elite legal counsel.** In just four years, renowned attorney Alex Spiro—whose clients range from billionaire CEOs to global celebrities—has doubled his hourly billing rate, now charging approximately $3,000. This figure exceeds inflation by a wide margin and places him within a rarefied echelon of lawyers able to command such premiums, reflecting both his reputation and the growing value of top-tier representation in complex disputes.

### Additional Developments

For those tracking the day’s broader landscape: the first debate in the New York City mayoral race unfolds tonight, major multinational Nestlé releases its earnings report, and key figures across Business Insider’s global editorial team—including Dan DeFrancesco, Hallam Bullock, Akin Oyedele, Grace Lett, and Amanda Yen—bring insights from New York and London to interpret the fast-moving interplay between markets, technology, and politics.

Together, these interconnected narratives—from Wall Street’s shifting allegiances to the dynamic evolution of AI and business leadership—highlight a single truth: in modern finance and society alike, adaptability remains the ultimate asset.

Sourse: https://www.businessinsider.com/wall-street-mamdani-cuomo-divide-nyc-mayoral-race-change-2025-10