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The AI Revolution Continues
The biggest hedge funds are returning cash to investors, OpenAI released an AI model capable of reasoning, ECB cut rates for the second time, and US household wealth rose to a record high.
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Good Morning,
The biggest hedge funds are returning cash to investors, OpenAI released an AI model capable of reasoning, ECB cut rates for the second time, and US household wealth rose to a record high.
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Let's dive in.
Before The Bell

As of 09/12/2024 market close.
Markets
US stocks closed higher as inflation data reinforced expectations of a smaller rate cut
S&P rose for a fourth-straight day
Gold hit a new ATH
Earnings
Headline Roundup
US wholesale inflation rose 1.7% YoY (CNBC)
ECB cut rates again by 25 bps to 3.5% (FT)
Global rate cutting cycle is picking up pace (RT)
Oil traders confront new world without China bull factor (BBG)
Goldman likes the CRE debt that others fear (BBG)
UBS cut exposure to global corporate bonds on growth risks (RT)
Point72 plans to return billions as hedge funds cap assets (BBG)
BlackRock teamed up with Partners Group in private markets push (WSJ)
Wealth managers try to grab piece of Taiwan riches (BBG)
OpenAI released o1, an AI model with 'reasoning' abilities (TV)
OpenAI, Nvidia execs to discuss AI infrastructure needs with US (BBG)
Berkshire vice-chair Jain sold over half his stake in the company (CNBC)
US household wealth rose to record $163.8T in Q2 (RT)
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Deal Flow
M&A / Investments
Taiwan financial conglomerate Taishin raised its takeover offer for peer Shin Kong to ~$7B in what could be Taiwan’s biggest-ever financial services merger (RT)
Ex-NBA player Junior Bridgeman will acquire a 10% stake in Milwaukee Bucks at a $4B valuation (BBG)
French dairy companies Groupe Lactalis and Sodiaal agreed to acquire General Mills' North American yogurt business for $2.1B cash (BBG)
Mastercard agreed to buy cyber-defense firm Recorded Future for $2.65B (BBG)
Canada's OTPP is exploring a $1.5B sale of PE fund stakes in the secondary market (BBG)
PE firm Altas Partners invested $1B in Carlyle-owned claims management firm Sedgwick at a $13.2B valuation (RT)
SS&C Technologies agreed to acquire settlement claims provider Battea-Class Action Services for ~$670M (PRN)
Auction giant Christie's acquired classic car auction house Gooding & Co (FT)
VC
Poolside, a pre-product AI coding startup, is in talks to raised $500M at a $3B valuation led by BCV (BBG)
Reverion, a startup building biogas power plants, raised a $62M Series A led by Energy Impact Partners (TC)
Strider Technologies, a provider of strategic intelligence, raised a $55M Series C led by Pelion Venture Partners (PRN)
Regtech startup Novatus raised a $40M round led by Silversmith Capital Partners (TC)
Payment financing platform Huma raised a $38M round led by Distributed Global (PRN)
Nirvana, an AI health insurance tech firm, raised a $24.2M Series A led by Northzone (BW)
AI-powered coaching business AceUp raised a $22.5M Series A led by PJC (TC)
All-in-one HR startup Every raised a $22.5M Series A led by Redpoint Ventures (TC)
Vitreus, a decentralized AI blockchain technology, received a $15M investment from GEM Digital (PRN)
Financial integrity startup Datricks raised a $15M Series A led by Team8 (SAAS)
LineLeap, a startup letting users skip lines at bars, raised a $10M round at a $100M valuation led by Y Combinator (TC)
Purple Transform, an AI rail data analytics startup, raised a $5M seed round led by Mercia Ventures (EU)
OffDeal, an AI startup offering IB M&A services to SMBs, raised a $4.7M seed round led by Radical Ventures (TC)
IPO / Direct Listings / Issuances / Block Trades
BC Partners-backed academic publisher Springer Nature is planning a Frankfurt IPO at a $10B valuation, including debt (RT)
Chinese appliance giant Midea Group is poised to raise $4B in an upsized Hong Kong listing (BBG)
Tumor therapy developer Bicara Therapeutics plans to raise $265M in an upsized US IPO (RT)
Chinese AI chipmaker Enflame plans to raise $280M in a Shanghai IPO (BBG)
Chinese AI chipmaker Biren plans to file for an IPO as early as this year (BBG)
Dutch grid operator TenneT plans to IPO its German operations (BBG)
Debt
Alibaba's fintech unit Ant Group is refinancing a now $6.5B offshore credit line (BBG)
Australian real estate listings platform REA is considering a multibillion-dollar bridge loan to support a potential takeover of UK peer Rightmove (BBG)
Australian data-center operator NEXTDC is seeking a $1.9B syndicated bank loan to expand its Asia operations (BBG)
RBC launched a $1.8B leveraged loan to help fund Bain Capital's $4.5B LBO of wealth-management software firm Envestnet (BBG)
Banks priced a $1.4B leveraged loan to help fund KKR's buyout of money manager Janney Montgomery Scott (BBG)
India's largest lender HDFC Bank is in talks with several global banks to sell $1B worth of loans (BBG)
Fundraising
Crypto Corner
Exec’s Picks
Kyla Scanlon wrote a great piece on how dating apps are contributing to the demographic crisis.
Jack Raines explored the success story of Raising Cane's founder Todd Graves, who defiantly proved that VC-backing is not the only way of getting rich as an entrepreneur.
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