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AI Bulls Are Here to Stay
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Good Morning,
Top hedge funds are still bullish on AI after DeepSeek's disruption, retail investors bought record amount of Nvidia in the dip, CZ converted VC Binance Labs into a family office, and a US startup's supersonic jet broke the sound barrier in a historic first.
Our thoughts and prayers are with the family of Carter McIntosh today, a 28-year-old Jefferies banker who unexpectedly passed away.
Tune in to a conversation with Techstars MD Keith Camhi to discuss fundraising and exit potential in a resurgent M&A market.
Before The Bell

As of 1/28/2025 market close.
Markets
US stocks recovered some from Monday's steep AI selloff triggered by China's DeepSeek AI
S&P 500 technology sector rallied 3.6% in its best day since July 31
Earnings
Starbucks beat Q1 earnings estimates on an easing same-store sales decline as the coffee chain starts a high-stakes turnaround effort (CNBC)
Boeing missed Q4 revenue estimates and reported a larger-than-expected loss in its worst since Covid, although its new CEO noted that the firm was making progress on its recovery (CNBC)
Lockheed Martin fell 9% after missing Q4 earnings estimates and forecast lower-than-expected 2025 FY profit on delays in its F-35 program (RT)
Royal Caribbean jumped 12% after reporting a Q4 beat-and-raise thanks to steady vacation demand (YH)
RTX beat Q4 earnings estimates amid the Ukraine conflict but forecast 2025 profit and revenue slightly below expectations (RT)
JetBlue plunged 25% in its largest one-day drop ever after giving disappointing guidance on a 7% YoY expected rise in unit costs; the firm is in the middle of a cost-cutting program (CNBC)
What we're watching this week:
Today: Tesla, Meta, Microsoft, ASML, IBM, T-Mobile
Thursday: Apple, Intel, Visa, UPS, Mastercard, Blackstone, Southwest
Friday: Brookfield, ExxonMobil, Chevron
Full calendar here
Prediction Markets
Headline Roundup
28 y/o Jefferies banker Carter McIntosh unexpectedly passed away (BBG)
White House offers to buy out federal workers who do not RTO (FT)
Hedge fund dispersion trade had its best day since Covid (BBG)
Traders are boosting bullish Treasury bets ahead of Fed decision (BBG)
Global euphoria for Indian bonds wanes as rupee slumps (BBG)
HSBC will exit its IB business in US, UK and Europe to focus on Asia (FT)
Steve Cohen says Trump policies could halt markets' rise this year (RT)
Steve Cohen still 'bullish' on AI after big selloff (FT)
Bridgewater remains bullish after DeepSeek impact (RT)
Ray Dalio says AI 'bubble' echoes dot-com excesses (FT)
Black Swan's Taleb says Nvidia rout is hint of what's coming (BBG)
Nvidia short bets made over $6B in profits after DeepSeek panic (RT)
Retail investors bought record amount of Nvidia stock in DeepSeek rout (RT)
US Bancorp president Gunjan Kedia will become its first female CEO (RT)
Japan's SWF GPIF will be allowed to bid in bond auctions (BBG)
Daniel Lopez-Cruz will rejoin Bahrain's Investcorp as global head of PE (BBG)
Musk clashed with Norway SWF CEO over vote against pay package (FT)
Google employees petition for 'job security' ahead of expected cuts (CNBC)
UK law firm RBG suspends trading after management disputes (FT)
Twitter / X partnered with Visa to take on Venmo and PayPal (RT)
LVMH considers widening 'Made in US' footprint amid France fatigue (RT)
Kohl's laid off 10% from corporate (RT)
US labor union membership slipped to a record low in 2024 (RT)
Boom's supersonic jet breaks sound barrier in historic first (BBG)
A Message from Affinity
Techstars and Affinity: Private capital predictions for 2025
Where are the private markets headed this year? With dealmaker optimism on the rise, that's the topic of discussion when Keith Camhi, Managing Director at Techstars, joins Affinity for a webinar on February 13. He'll discuss his perspective on early and late stage companies—from exit potential to fundraising opportunities—and how firms can continue to close high-quality deals in a tight market.
Join the conversation to learn how investors are turning up the notch on deal sourcing, using AI to tackle data complexities, and differentiating to stand out amidst greater competition. Tune in on February 13.
Deal Flow
M&A / Investments
Microsoft is in talks to acquire TikTok
Italy’s Mediobanca rejected a $14B all-stock takeover offer from rival bank Banca Monte dei Paschi di Siena
Brookfield offered to buy the remaining outstanding shares it doesn't already own in French renewables company Neoen at a $6.4B valuation
$3.5B-listed insurer Brighthouse Financial is considering a sale
Eversource Energy agreed to sell its public water supply unit Aquarion Water in a $2.4B deal
Bain Capital proposed to acquire the remaining 61% stake it doesn't already own in surgical facility operator Surgery Partners at a $3.3B valuation
Bridgefield Capital will acquire Philips' emergency care business
Founder Steve Feinberg is considering selling part or all of his ownership stake in hedge fund Cerberus Capital Management
Fenway Sports Group is seeking to sell a minority stake in the NHL's Pittsburgh Penguins
VC
Helion, a startup building a fusion reactor for Microsoft, raised a $425M Series F at a $5.2B valuation led by SoftBank, Lightspeed Venture Partners, and a major university endowment
AI robotics start-up Skild AI is in talks to raise an over $300M round at a $4B valuation led by SoftBank
TravelPerk, a Spanish business travel management platform, raised a $200M Series E at a $2.7B valuation led by Atomico
VEIR, a startup delivering superconducting solutions for AI data centers and high-capacity power lines, raised a $75M Series B led by Munich Re Ventures
Quibim, a healthtech startup developing imaging biomarkers for precision medicine, raised a $50M Series A led by Asabys and Buenavista
SafelyYou, a startup using cameras and AI-powered sensors to detect falls, raised a $43M Series C led by Touring Capital
Paytrack, a Brazilian corporate travel and expense management platform, raised a $40M Series B led by Riverwood Capital
VideaHealth, a dental AI startup, raised a $40M Series B led by Threshold Ventures
Nobi, a startup making smart lights to detect falls in elderly care, raised a $36M Series B led by Angelini Ventures and Nexus NeuroTech Ventures
The Helper Bees, a technology platform helping older adults live at home, raised a $35M round led by Centana Growth Partners
Telemedicine clinic Hone Health raised a $33M Series A led by Tribe Capital, PIF, Republic Capital, and more
Atomicwork, a SaaS startup creating AI agents to simplify communication and service delivery, raised a $25M Series A led by Khosla Ventures and Z47
Qsic, an intelligent in-store audio platform, raised a $25M Series B led by Hedosophia
AI-powered drug discovery startup Manas AI raised a $24.6M seed round from Reid Hoffman, General Catalyst, and Greylock
B2B SaaS platform Nue raised a $20M Series A led by Inovia Capital
Anivive Lifesciences, a pet health company, raised a $20M round led by Leonid Capital Partners
Earth AI, a predictive explorer for clean energy metals, raised a $20M Series B led by Tamarack Global and Cantos Ventures
Token distribution infrastructure Sign raised $16M led by YZi Labs
Bonsai Robotics, a physical AI solutions for agriculture, raised a $15M Series A led by Bison Ventures
Hypori, a mobile access platform provider, raised a $12M Series B extension from UBS, Carahsoft Technology, and AE Industrial Partners
AI fintech WiseLayer raised a $7.2M round led by Canaan Partners
Applied Labs, a startup helping businesses deploy AI agents, raised a $4.2M seed round led by Abstract
Whizzo, an Indian materials science manufacturing startup, raised a $4.2M seed round led by Lightspeed
IPO / Direct Listings / Issuances / Block Trades
SoftBank-backed Indian eyewear company Lenskart is considering a $1B India IPO
Ireland raised $680M in a sale of a 5% stake in lender AIB Group
Pork producer Smithfield Foods raised $522M at a $7.7B valuation in its US IPO
Titan America, a subsidiary of Titan Cement International, is seeking to raise $432M at a $3.3B valuation in a US IPO
Insulin device maker Beta Bionics is seeking to raise $170M at a $695M valuation in an upsized US IPO
Karman Space & Defense filed for a US IPO
Debt
PIMCO and Apollo are considering buying a portion of the $3B of debt tied to Musk's LBO of Twitter, which is being sweetened with a stake in startup xAI
Egypt will launch a $2B dollar bond sale, its first in two years
A JV between commodities giant Glencore and Indonesian energy giant Chandra Asri Pacific is marketing a $1B sustainability-linked syndicated loan
Jaguar Land Rover, the UK arm of India's Tata Motors, is planning to raise $500M in an offshore loan
Bankruptcy / Restructuring / Distressed
Bankrupt Swedish battery maker Northvolt asked shareholders for $1.3B to restore its business
Battery maker IM3NY filed for Chapter 11 bankruptcy
Fundraising
Colesco, a sustainability-focused private credit firm, raised $840M for a targeted $1.5B debut fund
VC Pelion Venture Partners raised $500M for its latest fund
Crypto Sum Snapshot
Binance founder CZ converted VC Binance Labs into $10B family office YZi Labs
France stepped up a money laundering investigation into Binance
Check out our Crypto Sum newsletter for the full stories on everything crypto!
Exec’s Picks
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Joe Wiggins shared a framework within which markets tend to deal with surprises.
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