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Good Morning,

The S&P is beating all major AI-themed ETFs, private credit is eyeing student loans, Intel is planning a major restructuring, UK tax reform could spark a PE exodus, and Nvidia employees are being overworked like bankers.

Plaid released yet another insightful report on the fintech trends merchants are using to boost margins all around. Check it out!

Let’s dive in.

Before The Bell

Markets

• US stock and bond markets were closed yesterday for Labor Day

• US stocks rose on Friday as investors digested fresh inflation data

  • Dow posted a new record high

  • S&P rose for a fourth-straight month

• Europe's Stoxx 600 hit a record high on Friday

• UK-US yield spread rose to 18 bps to the highest in a year

• Dollar fell over 2% in August to trade at a thirteen-month low

• Yen had its best month in over a year

Earnings

• What we're watching this week:  

  • Wednesday: Dollar Tree, Dick's

  • Thursday: Broadcom, Docusign

• Full calendar here

Headline Roundup

• Fed favorite PCE index rose 2.5% YoY (CNBC)

• S&P is beating all AI-themed ETFs YTD (WSJ)

• US stock rally broadens as investors await Fed (RT)

• Cash-loving investors dig in even as rate cuts loom (RT)

• Investors turn to Swiss franc carry trade after yen blow-up (RT)

• Hedge funds continue to bet against banks, insurance and property (RT)

• PBOC started a bond market intervention (WSJ)

• EU plan for buying key commodities centrally described as over-reach (FT)

• ECB policymakers are at odds on a downturn's impact (RT)

• PE warns UK capital gains tax overhaul could be 'tipping point' (FT)

• Private credit is coming for student loan debt (WSJ)

• Nvidia employees are being brutally overworked (NYP)

• Investcorp is ditching its co-CEO structure (FT)

• Volkswagen plans to shut factories in Germany for first time ever (WSJ)

• Amazon, Bezos fund's influence over carbon credit market raises alarm (FT)

• Brazil banned X / Twitter (AP)

A Message From Plaid

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In this report from Plaid, learn how pay by bank (and other emerging trends) can help reduce costs, grow revenue, and offer your customers a shockingly seamless shopping experience.

You can download the free report from Plaid right here – just don't forget to say thank you.

Deal Flow

M&A / Investments

• A consortium led by Blackstone is nearing a deal to acquire Australian data center group AirTrunk for $13.5B, including debt (RT) 

• Atlas Partners is in advanced talks to acquire a minority stake in claims management company Sedgwick from Carlyle at a $13B valuation (BBG) 

• Rightmove, UK's biggest property portal listed at $7.3B, attracted takeover interest from Australian real estate listing provider REA (BBG) 

• China-owned Sinochem plans to sell its 40% stake in a US shale JV with ExxonMobil valued at over $2B (RT)

• Blackstone agreed to acquire an 80% stake in a portfolio of European warehouses from South African landlord Burstone for ~$1.1B (FT)

• Philippine conglomerate Metro Pacific Investments is considering raising $500M for its Metro Pacific Tollways at a $5B valuation (BBG) 

• South Africa’s biggest insurer Sanlam will buy a 25% stake in African Rainbow Capital Financial Services in a $218M deal (BBG) 

• Airline Lufthansa will seek an initial $199M, 19.9% stake in Portugal-owned airline TAP as part of its privatization (BBG) 

• Apax Partners-backed Payroll software maker Zellis is nearing a deal to acquire employee benefits platform Benify from Vitruvian Partners (BBG)

• PE firms HIG and CapVest joined the auction for UK's biggest pharmacy wholesaler AAH, which is owned by German PE firm Aurelius (FT) 

• Argentine state-run oil company YPF is considering a sale of its lithium unit (BBG) 

• Virgin Media O2 is seeking outside investors to help fund its new $6.6B network company to challenge incumbent BT (BBG) 

• BC Partners’ credit arm acquired a stake in sports agency GSE Worldwide (FT) 

VC

• Customer relationship management startup Attio raised a $33M round led by Redpoint Ventures, Balderton Capital, and Point Nine (SA)

• OpusClip, an AI-powered video repurposing startup, raised a $30M round led by Millennium New Horizons (SA)

• Supio, an AI for personal injury and mass tort law firms, raised a $25M Series A led by Sapphire Ventures (SA)

• Agrim, an Indian agritech helping farmers get inputs more easily, raised a $17.3M Series B led by Asia Impact (TC)

• AI research lab YeagerAI raised a $7.5M seed round led by North Island Ventures (SA)

• Jobilla, a Finnish digital recruitment technology startup, raised a $6.5M round from Juuri Partners, Trind VC, and more (SA)

• Convin, an AI-powered conversation intelligence platform, raised a $6.5M Series A led by India Quotient (SA)

• IDA, a Hong Kong digital asset startup, raised a $6M seed round led by CMCC Global and Hashed (PRN)

• Piramidal, a startup building an AI model for brainwaves, raised a $6M seed round led by Y Combinator (SA)

IPO / Direct Listings / Issuances / Block Trades

• Berkshire Hathaway sold another $845M of shares in Bank of America (CNBC)

• India's markets regulator put JSW Cement's $477M IPO on hold (RT) 

• Arabian Mills's $271M Saudi Arabian IPO sold out within an hour (BBG) 

• Australian retailer Woolworths exited Australian liquor retailer Endeavour Group via a $259M block trade (RT) 

Debt

• TikTok-owner ByteDance is seeking a $9.5B loan from banks in what would be the region's biggest dollar-denominated corporate facility (BBG) 

• Canary Wharf is in talks with lenders to refinance up to $793M in junk bonds (BBG) 

• Abu Dhabi's ADNOC is preparing its first bond sale in two years (BBG)

Bankruptcy / Restructuring / Distressed

• Intel hired Morgan Stanely and Goldman Sachs to advise on a restructuring that may include asset sales of various non-core units (RT)

• Hospital landlord Medical Properties Trust reached an agreement with bankrupt tenant Steward Health Care to transfer most of its unsold hospitals to interim operators (WSJ) 

• Bankrupt crypto miner Rhodium Encore received court approval for an unusual debtor-in-possession financing plan (BBG) 

• WaterStation Management, a water vending machine business accused of a massive Ponzi fraud, may be forced into bankruptcy (BBG) 

Crypto Corner

• Coinbase sees first crypto transaction between AI agents (CT)

• Crypto execs are planning a fundraise for Kamala Harris (RT) 

Exec’s Picks

• If you're commuting into the office and want to avoid sweaty backs and armpits, you deserve the most comfortable and breathable performance dress shirts in the market. Check out Mizzen+Main.

• Sam Ro published a great piece on how market statistics often gloss over the big picture…and how we can deal with the deluge of information we face every day.

• Jack Raines shared his perspective on Nvidia's unusual risk: employees who are too rich to stay motivated.

Financial Services Recruiting 💼

If you're currently a junior banker looking to break into the buy side, lateral to another investment bank, or consider new paths amid changing market dynamics, it's time you check out Litney Partners, a partnership between Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).

We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, debt funds, and investment banking.

To get started, simply head over to Litney Partners and create your profile by dropping your resume / filling out the form:

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