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Good Morning,

Europe's capital markets are on a roll, dollar bearish positioning is at an all-time high, Musk will re-shift his focus from politics to Tesla, Tesla's CFO pay package shattered records, and activist Elliott is heading into its first-ever proxy fight.

BlueFlame AI and Litquidity are back for another evening of food, drinks, and networking on Monday, June 2nd in NYC...this time with some epic games for PE professionals. Join us if you're around! RSVP here. Powered by Palm & Park, a Litquidity venture

Join the conversation at Plaid Effects to discuss how smarter data is shaping the future of financial services.

Let's dive in.

Before The Bell

Click here to learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• US markets dipped yesterday as traders weighed mixed earnings and awaited comments from Fed officials

  • S&P snapped a six-day win streak after gaining 18 out of the last 22 days

• UK's FTSE 100 hit a two-month high

• Europe's Stoxx 600 hit a two-month high

  • Germany's DAX index hit an ATH

• Japan 40Y yield jumped 17% bps to 3.61%, an ATH

• Japan 20Y yield rose 15 bps to 2.555% to the highest since October 2000

Earnings

• Pony.ai beat Q1 revenue estimates with a 200% QoQ jump but missed on earnings as it eyes large-scale commercialization, partnerships with Uber and ComfortDelGro, and a Middle East launch later this year (BBG)

• Palo Alto Networks beat Q3 earnings and revenue estimates on 15% YoY sales growth driven by strength in subscription and support segments (CNBC)

• Home Depot missed Q1 earnings estimates but beat on revenue and maintained FY guidance as resilient spending on smaller projects offset a dip in comparable sales; the retailer will not to raise prices due to tariffs (CNBC)

• What we're watching this week:  

  • Today: Baidu, Snowflake, Target, Zoom, TJX, Canada Goose

  • Thursday: Workday, Ralph Lauren, TD Bank Group, Ross, Intuit

  • Friday: Booz Allen Hamilton

• Full calendar here

Prediction Markets

• Event contracts perfectly priced in two Fed rate cuts this year, closely matching rates futures contracts.

• Trade your predictions on a range of events, only on Kalshi. Sign up with code LIT and get a $20 bonus when you trade $100.

Headline Roundup

• Europe-originated bond sales topped €1T in record time (BBG)

• European firms are poised to unlock $100B worth of spinoffs (BBG)

• Qatar's $500B SWF warns private credit is getting crowded (BBG)

• Hedge fund performance gaps widen in Asia after tariff relief (BBG)

• Options traders boosted long-term bearish dollar views to record high (BBG)

• Retail brokers sidestep trading giants with private rooms (BBG)

• KKR says bonds role as portfolio 'shock absorbers' is eroding (BBG)

• US O&G M&A slid sharply from 2023 highs (RT)

• Latin American led VC funding growth in 2024 (RT)

• Activist Elliott will face its first ever proxy vote (BBG)

• Deloitte will cut UK bonuses, promotions and pay rises (FT)

• Musk reiterated commitment to being Tesla CEO for years to come (BBG)

• Tesla's board is exploring a new pay deal for Musk (FT)

• Tesla sets record with $139M CFO pay package (WSJ)

• Kohl's is considering axing headhunter that found CEO it fired (BBG)

• Chinese smartphone exports to US plunged to lowest since 2011 (BBG)

• Austin's reign as tech hub might be over (WSJ)

A Message from Plaid

POP QUIZ: The future of financial services is powered by…

1. Good vibes

2. Your uncle's trading tips

3. Smarter data

While we wish it was A (and B…well, depends on the uncle), just like in high school, the answer is always C. Smarter data leads to better decision making, easier automation, and the ability to scale fast – and that's where the industry's headed. 

Want to see what that looks like in action? 

Plaid Effects 2025 has you covered. This free virtual event, hosted by Plaid with a guest drop-in from Rocket, covers the latest product launches built to get you ready for whatever financial services throws your way. 

Effects 2025 is going down June 12th @ 10AM PT – register for free right here.

Deal Flow

M&A / Investments

• Venture capitalist Vinod Khosla agreed to buy the largest portion of the 6.2% stake in NFL's San Francisco 49ers, joined by Bessemer Venture Partners and ICONIQ Growth, at a record $8.5B valuation

• CVC, KKR, PAI Partners, Ardian, and Hillhouse are among the interested buyers as in Blackstone's international trade show firm Clarion Events, which could fetch a ~$2.7B valuation

• Blackstone is leading bidding to acquire revenue cycle management provider AGS Health from PE firm EQT at an over $1B valuation

• Brookfield and Abu Dhabi-based investment firm Lunate are partnering on a $1B JV to invest in Dubai and Abu Dhabi residential real estate

• Providence Equity Partners is nearing a $1B deal to acquire live-event logistics company Global Critical Logistics from PE firm ATL Partners

• Canada's Dundee Precious Metals is in talks to acquire UK's Adriatic Metals at a ~$935M valuation

• Authentic Brands agreed to acquire Dockers from Levi Strauss for $391M, including an $81M earnout

• Intel is exploring a sale of its networking and edge unit fka NEX

• Blackstone and CVC exited a PE group that received preliminary approval to invest in NFL teams

• DC-based ASP Isotopes made a takeover bid for a South African helium and gas producer Regenergen

• Spanish telecoms firm Telefonica is considering buying part or all of Canada's CDPQ's 50% stake in Brazilian fiber venture FiBrasil

• PE firm BC Partners is exploring a minority stake sale in UK insurance services firm Davies Group after talks for a full sale failed on valuation disagreements

• Financial services giant PNC will acquire broker-dealer and fundraiser Aqueduct Capital

VC

• Acrisure, an insurance brokerage fintech, raised a $2.1B round at a $32B valuation led by Bain Capital

• Humanoid robotics startup Beyond Imagination is in talks to raise a $100M Series B at a $500M valuation led by Gauntlet Ventures 

• Manus, an AI agent platform for businesses, raised $75M in funding at a $500M valuation led by Benchmark

• Gravitee, a platform helping companies manage APIs and other digital traffic pipelines, raised a $60M Series C led by Sixth Street Growth

• Charging infrastructure startup SparkCharge raised a $15.5M Series A-1 led by Monte's Fam

• Novisto, a sustainability reporting software company, raised a $27M Series C led by Inovia Capital

• Attensi, a game-based training and skills development startup, raised $25M in non-dilutive growth funding from Ture Invest Partners

• Blues, an IoT connectivity solutions startup, raised a $25M round led by Sequoia Capital

• Sweep, an agentic workspace for business systems, raised a $22.5M Series B led by Insight Partners

• FanBasis, an all-in-one payment, fulfillment, and business infrastructure for internet entrepreneurs, raised a $20M Series A led by Left Lane Capital

• Catena Labs, a startup developing financial infrastructure and services, raised an $18M round from Breyer Capital, Circle Ventures, Coinbase Ventures, CoinFund, and more

• Affiniti, a startup helping SMBs manage expenses, raised a $17M Series A led by SignalFire

• TrustCloud, an AI-native security assurance platform for hybrid enterprises, raised $15M in funding led by ServiceNow Ventures

• Lendflow, a software development company providing embedded credit infrastructure, raised a $15M round from Trinity Capital

• Barndoor AI, a control plane for agentic AI workforces, raised a $13.6M seed round led by Crosslink Capital

• Coworker.ai, an AI agent that can independently research, plan, and execute complex work, raised a $13M seed round led by Jeff Huber

• Biostate AI, a startup using RNA sequencing and AI to predict diseases, raised a $12M Series A led by Accel

• SUPER STUDIO, a Japanese integrated commerce platform, raised ~$12M in funding from 31VENTURES, Global Brain, and more

• French corporate training startup Didask raised an $11M round led by AVP and Citizen Capital

• Audoo, a music tech startup focused on fairer royalty payments, raised a ~$9.2M round led by Adele, Adam Clayton, and more

• sensmore, a robotics startup building autonomous machinery, raised a $7.3M round led by Point Nine Capital

• Meibel, a runtime platform for confident AI, raised a $7M seed round led by Mosaic General Partnership

• XP, a secondary ticket marketplace, raised $6.2M in funding led by Blockchange

• AskElephant, an AI orchestration platform for customer-facing teams, raised a $6M seed round led by Jump Capital

• AI-based commerce platform New Gen raised a $4.5M seed round led by South Park Commons

• Ontik, a UK fintech startup automating trade credit for B2B wholesalers, raised a $3.7M seed round led by Firstminute Capital

IPO / Direct Listings / Issuances / Block Trades

• Video game maker Take-Two Interactive plans to raise $1B in a share sale

• Building products distributor QXO plans to raise $1B in a share sale

• PE firm TPG plans to sell $1B in shares on behalf of the estate of late co-founder David Bonderman 

• Brookfield-backed Indian luxury hotels owner Schloss cut its IPO size by 30% to $410M due to market uncertainty

• Beverage firm Fomento Economico Mexicano sold its remaining stake in Heineken for $405.3M, exiting after 15 years to focus on its core business

• South African chemicals firm Sasol is weighing an IPO of international chemical unit

• Australian retail investment firm BBRC International acquired a 13% stake in Victoria's Secret, prompting VS to adopt a poison pill

Debt

• Chicago plans to raise $4.3B in munis for O'Hare International Airport

• Uber raised $1.2B in an exchangeable bond linked to its stake in self-driving truck firm Aurora Innovation

• Banks including Goldman Sachs, Jefferies, and Barclays are preparing to launch a $1.1B high-yield bond sale to finance CVC and Hellman & Friedman-backed Finnish healthcare firm Mehiläinen's $1.1B acquisition of Romanian healthcare group Regina Maria and Serbia's MediGroup from PE firm MidEuropa

• German engineering conglomerate Bosch plans to raise a multibillion-euro bond to fund investments and M&A

Bankruptcy / Restructuring / Distressed

• Hong Kong developer New World is seeking to refinance $11B in loans by June to avoid potential immediate repayment demands as a key covenant waiver nears expiration

• Turkish conglomerate Zorlu Holding is tackling its $4.9B debt through asset sales and loan maturity extensions amid soaring borrowing costs and inflation

• Brazil's Gol Airlines won US court approval for its Chapter 11 restructuring plan to reduce $1.6B in debt while keeping Abra Group as its top indirect shareholder

• Swedish PE firm EQT offered to inject $250M in its struggling French nursing home group Colisée as part of a package that would see holders of a $1.3B secured loan write off 36% of debt in exchange for a 33% equity stake

• Microsoft and QIA-backed AI startup Builder.ai filed for bankruptcy after creditor Viola Credit seized $37M from its accounts, leaving the company with just $5M in cash

• Semiconductor maker Wolfspeed plans to file for bankruptcy within weeks

Fundraising / Secondaries

• Credit hedge fund Beach Point Capital Management raised over $1.25B across a fifth private credit opportunistic fund and its first real estate debt fund 

• Tech investor Invictus Growth Partners raised $575M for its second flagship fund to back AI-powered sectors like manufacturing, automotive and energy

• South African asset manager Ninety One raised $620M in recent debt commitments for its Emerging Africa & Asia Infrastructure Fund

• Tech-focused PE firm Thoma Bravo raised a $500M commitment from Japan's GPIF 

• PE firm Eagle Merchant Partners raised $415M for its second fund 

• VC SV Health Investors raised $270M for its second dementia-focused fund

•  QuantumLight, the AI-focused VC firm led by Revolut's founder, raised $250M for its debut fund to back early-stage startups

• Hamilton Lane completed a secondary investment in IMM's eighth flagship Korean infrastructure fund

Crypto Sum Snapshot

• Tron founder Justin Sun says he's the biggest holder of $TRUMP memecoin

• Subscribe to Crypto Sum for the full stories on everything crypto!

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• Brian Chingono shared an interesting take on how bubbles can (positively) affect the real economy.

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*DISCLAIMER: Investment advice provided by Autopilot Advisers, LLC ("Autopilot"), an SEC-registered investment adviser. Past performance does not guarantee future results. Investing carries risks, including loss of principal. As always, be smart out there. Litquidity is compensated to promote AutoPilot. Compensation details available upon request.