US stock indexes slumped yesterday on growing AI valuation concerns

Iron ore fell for a sixth day in its longest down streak since August

Warner Bros. Discovery beat Q3 earnings estimates but missed on revenue on a 6% sales decline despite success in Superman and The Conjuring; the $55B media conglomerate is exploring a split or sale (BN)

Airbnb missed Q4 earnings estimates but beat on revenue and issued an upbeat outlook on demand for its new 'reserve now, pay later' feature, with nights and seats booked forecast to grow ~5% YoY (BBG)

DraftKings missed Q3 earnings and lowered FY guidance as user growth lagged expectations, though the firm doesn't see rising prediction markets driving away customers away from traditional sports betting (CNBC)

MP Materials beat Q3 earnings estimates but missed on revenue as sales fell 15% after the firm halted exports to China in line with US trade policy (WSJ)

Sweetgreen missed Q3 earnings and revenue estimates and cut its FY outlook as same-store sales fell 9.5% due to weak demand, particularly from 25-35 y/o diners (BBG)

Macquarie missed H1 profit forecasts as weak activity in its key commodities and global markets unit overshadowed a rebound in IB (BBG)

What we're watching this week:  

Full calendar here

The financial commune of the world.

Legendary insider trader Nancy Pelosi will retire from Congress (CNBC)

Google takes on Nvidia with newest AI chip (CNBC)

US companies announce most October job cuts in two decades (BBG)

BoE held rates steady at 4% in divided vote (CNBC)

Number of $1B+ private funding rounds are double of $1B+ IPOs (BBG)

Private credit titans defend track record as earnings land (BBG)

Global bond sales soared to a record $5.95T this year (BBG)

Big Tech borrowing is expected to rise further in 2026 (BBG)

US money market is at risk of fresh bout of stress (FT)

Leverage creeps into gilts market as insurers seek to boost returns (FT)

Asia PE funds turn bullish on China (CNBC)

China exports unexpectedly fell for the first time since March 2024 (CNBC)

China presence in MSCI global index grew for first time in two years (BBG)

Goldman promoted 638 to MD, the most since 2021 (WSJ)

Tesla shareholders approved Musk's $1T pay package (CNBC)

Citadel Securities hired sales co-heads for equity block trades (BBG)

Google will partner with Polymarket and Kalshi on search (BBG)

SEC is investigating Egan-Jones Ratings over credit ratings practices (BBG)

Homebuilders offer 1% mortgage rates to wake up US buyers (BBG)

Fewer companies are willing to sponsor H-1B visas (BBG)

US holiday sales are set to top $1T for the first time (RT)

US adds silver and copper to 'critical minerals' list (FT)

GTA VI release was delayed to November 2026 (CNBC)

Media giant Comcast is exploring a bid for $55B-listed Warner Bros. Discovery

Commodities trading firm Gunvor dropped its $22B bid for Russian state-owned Lukoil's overseas assets after US threatened to block the deal

Pharma giant Novo Nordisk again raised its offer for weight-loss startup Metsera after Pfizer matched its $10B bid in an intensifying bidding war

Insurance and asset management firm Aquarian agreed to acquire life insurer Brighthouse for $4.1B in cash, representing a 35% premium

KKR and Singapore Telecommunications are in advanced talks to acquire an 80% stake in ST Telemedia Global Data Centres for $3.9B

Ananym Capital Management and Tensile Capital Management are pushing $3.5B-listed accounting software firm BlackLine to a potential sale following reported takeover interest by SAP

Comcast is in talks to acquire ITV's media and entertainment unit for $2B

Charles Schwab agreed to acquire private shares platform Forage Global for $660M

Korea's LG Electronics agreed to acquire a stake in French quantum computing firm Pasqal

AI Startup Anthropic is in early talks to raise another investment from Google at an over $350B valuation

Applied AI company Metropolis raised a $500M Series D led by LionTree

Cybersecurity startup Armis raised a $435M pre-IPO round at a $6.1B valuation led by Goldman Sachs Alternatives

Synchron, a startup developing non-surgical brain-computer interfaces, raised a $200M Series D led by Double Point Ventures

Giga, an AI platform focused on transforming enterprise customer support, raised a $61M round led by Redpoint Ventures

Upway, an e-bike refurbishment platform, raised a $60M Series C led by A.P. Moller

Cybersecurity startup Daylight raised a $33M Series A led by Craft Ventures

Truffle Security, a platform to detect and remediate exposed machine identities and credentials across codebases and cloud environments, raised a $25M Series B led by Intel Capital and a16z

Crypto trading app Fomo raised a $17M Series A led by Benchmark

Pre-attack cybersecurity platform Malanta raised a $10M seed round led by Cardumen Capital

Fintary, an AI-powered platform that streamlines commission and financial ops for insurance organizations, raised a $10M Series A led by Infinity Ventures

Downstream, a marketplace platform for equipment rentals and site services, raised an $8M Series A led by Brick & Mortar Ventures and Moneta Ventures

Swiss life science research tools startup arcoris bio raised a $7.7M seed round led by Ventura Ace and ZEISS Ventures

European identity and trust service provider Evrotrust raised a $7.6M round led by TCEE

Voice isolation model startup Subtle Computing raised a $6M seed round led by Entrada Ventures

Appetronix, a startup building robotic kitchens for the foodservice industry, raised a $6M seed+ round led by the Grote family and AlleyCorp

BTRY, a startup industrializing thin SSBs, raised a $5.7M seed round led by Redstone VC

Allie AI, a manufacturing AI startup, raised a $5.2M seed round led by Voyager Ventures

Digs, an AI-powered collaboration platform for home builders, raised a $5M pre-Series A led by SPLY Capital

Jio Platforms, the telecoms unit of Indian conglomerate Reliance Industries, may IPO in India at a ~$150B valuation

India's largest lender SBI and French asset manager Amundi will jointly sell a 10% stake in their India asset management JV SBI Funds Management in a key step towards the JV's 2026 IPO that may fetch an $11B valuation

A unit of Singapore Telecommunications offered to sell $1.2B of shares in Indian mobile carrier Bharti Airtel

Apollo-backed Mexican airline Grupo Aeromexico raised $300M at a $3B valuation in its Mexico IPO, three years after emerging from bankruptcy

Genetic diagnostics company BillionToOne raised $273M at a $4.8B valuation in its IPO

Chinese biotech Argo Biopharmaceutical picked banks for a Hong Kong IPO that could raise a few hundred million dollars

Gulf education specialist Almasar Alshamil Education is seeking to raise $160M in a Saudi listing

EQT-backed biotech Evommune raised $150M at a $481M valuation in a US IPO

Saudi refrigeration firm Consolidated Grünenfelder Saady is seeking to raise $80M in a Saudi IPO

Saudi car-rental operator Cherry Trading is seeking to raise $67M in a Saudi IPO

Bain Capital-backed Swedish infrastructure solutions firm Eleda selected banks for a Sweden IPO

Zurich Insurance is in talks to sell a $20B portfolio of German life insurance policies after a plan to offload the book to Viridium Holdings last year fell through

A group of Wall Street banks are considering bringing in private credit firms on a portion of a $12.3B debt package to support Blackstone and TPG's $18B LBO of medical device-maker Hologic

Global Payments sold $6.2B bonds to help fund its $24B acquisition of Worldpay from PE firm GTCR

China raised $4B in dollar bonds at rates equivalent to US Treasury yields

Brazil sold $2.25B of dollar bonds

Crypto miner Cipher Mining raised $1.4B in a high-yield bond sale

Global private school operator Varkey Group is in talks to raise $400M in debt from lenders including First Abu Dhabi Bank and Synergy Capital

Berkshire Hathaway hired banks for its second yen-denominated bond sale this year

Bankrupt auto parts supplier First Brands said it needs access to $600M of remaining bankruptcy financing or 'it's game over'

UBS will liquidate funds with substantial exposure to First Brands 

Solar power generator Pine Gate Renewables filed for Chapter 11 bankruptcy, with plans to sell assets, its independent power producer platform, and its development pipeline to lenders including Carlyle and Brookfield

Italian toymaker Giochi Preziosi secured court protection from creditors after its financial advisor petitioned a tribunal to place the firm into insolvency

Hedge fund giant Point72 plans to raise $1B for a private credit fund

Dutch PE firm 365 Capital raised $300M for its second Dutch lower MM buyout fund

Tech investor MVP Ventures raised $125M for its sophomore fund

Walmart-linked family office Zoma Lab committed $100M to a new facility for climate debt swaps

Ventures Platform, one of Africa's most active early-stage VC, raised $64M for a target $75M second fund

UBS Asset Management is working on a new fund to invest in SRTs, which could include deals issued by UBS

More than half of hedge funds invested in crypto

Bitcoin takes hit as long-term holders dump $45B

Crypto mixer Samourai Wallet's co-founder was sentenced to five years in money laundering case

Email was just the beginning. beehiiv is hosting their Winter Release 2025 on November 13th to unveil a bunch of new stuff for the creator ecosystem. A must-watch for anyone in social media and content creation. Reserve your spot here.

Reuters released a special report on Meta, revealing documents that show that 10% of Meta's 2024 ad revenue came from scams and banned goods.

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