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☕ Choose your own AI-dventure
To:Brew Readers
Tips for tracking and maxxing internal AI use.
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November 12, 2026View Online | Shop
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Sponsor Logo: The American Airlines AAdvantage Business℠ Program

Hello, and welcome. Nvidia CEO Jensen Huang’s affair with an alleged Chinese spy highlights what’s called a “key man risk” at organizations including (especially!) major AI firms. Turns out the term does not describe that one guy in RevOps who regularly misplaces his office keycard. 🔑

In this issue:

🤖 Getting ROI on AI

📖 A story of redemption

📤 Exiling external vendors

—Natasha Piñon, Luisa Beltran, Adam DeRose

strategy

Outcomes over outputs

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Getty Images

We’re in a bit of a choose-your-own-adventure moment in finance when it comes to AI usage and employee compensation.

You’ve got the JPMorgan Chases of the world, with internal dashboards tracking AI usage, and then you’ve got EY doling out $100 million in bonuses for “human” skills. And then, presumably, you’ve got your company, which may land somewhere in between: Trying to encourage innovation and efficiency, but still focused on the core nontech ingredients that can really make a company thrive.

So, what now?

Before companies can consider redesigning pay structures for an AI-enabled workforce, Tauseef Rahman, a US workforce solutions leader at Marsh, recommends CFOs work through a much more fundamental question: Do we really understand which tasks are driving value?

“You can’t just paint technology onto broken processes and unclear value creation, and then be surprised it didn’t make things better,” he warned. If companies don’t understand a given task or role’s value, they also can’t tell what AI will do that role: Will it enhance it, hurt it, or simply change how it’s completed?

Here’s what Rahman recommends.—NP

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strategy

Meet Swets

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Larry Swets Jr. was pleased when nearly 88% of Pelican Acquisition stockholders opted to redeem their shares in March ahead of the SPAC’s merger with Greenland Energy Co., a Denver-based oil and gas exploration company. Swets, who is Greenland’s executive chairman, thought more Pelican shareholders might’ve cashed out.

“I was happy to have not had 99% redemptions,” Swets told CFO Brew.

Roughly 10% or 12% of Pelican shareholders chose to stay with the deal, and later that month, Pelican Acquisition completed its merger with Greenland Energy, an oil and gas exploration company, and March GL Co, which had inked a deal with 80 Mile to start drilling at Jameson oil and gas basin in Greenland.

SPAC redemptions exceeded 90% in 2023 and 2024, and then dropped to just over 80% during the first half of 2026, according to investment bank Houlihan Capital.

Swets is also head of SPACs at FG Merchant Partners, an affiliate of Fundamental Global, has been involved with blank check companies—development stage companies with no business operations; he says he’s taken part in SPACs for 20 years, usually as a sponsor. He noted that he’s seen SPACs with redemptions as high as 99%, some as low as 10% and “everything in between.”

“We tell people from Day 1 [to] expect 100% redemption, unless we can drive some attention with shareholders,” Swets said.

And sometimes, you need the PIPE. Keep reading here.—LB

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Open isn’t easy. Q3’s IPO window stayed open, but it got harder to impress. One $26.5 billion deal supplied 82% of proceeds from IPOs of $100 million or more. Market timing belongs to the market. Readiness belongs to the CFO’s office. DFIN knows what it takes to get you there.

Innovation

How to keep it in-house

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Morning Brew Design

At a team off-site in January, Remote’s founder Job van der Voort challenged his CPO Barbara Matthews to build an ATS tool in house with AI. It was a bit of a dare, and, she said, she was confident it would be incredibly challenging and time-consuming.

“That’s just very complex to build, and it takes a really long time, and blah blah,” Matthews recounted. So van der Voort took another shot at the challenge: CV screener.

The two competed to develop an internal résumé screener, to satisfy his curiosity and get a sense of how tall a task it might be. After the exercise, van der Voort (maybe unsurprisingly, given that he is a tech CEO) found a way to code the app.

His success evolved into a much bigger experiment to rebuild its internal tech stack, one homegrown tool at a time.

For more on this DIY success story, keep reading on IT Brew.—AD

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market forces

market forces chart

Francis Scialabba

Today’s top finance reads.

Stat: 702%. That’s CoreWeave’s debt-to-equity ratio, up from 291% year over year. The neocloud company is one of many wrapped up in the AI infrastructure arms race. (CNBC)

Quote: “Inflation is too high…this means that even if, as I expect, the monthly rate of inflation improves in October, I am leaning toward supporting an increase in our policy rate of 25 basis points at the FOMC’s December meeting.”—Christopher Waller, Federal Reserve board governor (Yahoo! Finance)

Read: CFOs are figuring out what responsibilities can be left up to AI and what still needs a heavy dose of human oversight. (The Daily Upside)

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Written by Luisa Beltran

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CFO Brew helps finance pros navigate their roles with insights into risk management, compliance, and strategy through our newsletter, virtual events, and digital guides.

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