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The US Navy detected the Titanic sub’s implosion days ago, US jobless claims held steady at a 20-month high, Meta is ending access to news on Facebook and Instagram in Canada, Japanese inflation is above the BoJ’s target, shares of startups are dirt cheap, TikTok’s COO quit, and Warren Buffett has given away $50B+ to charity.

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Let’s dive in.

Before The Bell

Markets

• Stocks rebounded after a wave of central bank hikes and Fed Chair Jerome Powell's second day of testimony to Congress took center stage in the financial world

• The Bank of England raised rates by an aggressive 50 bps to 5%

• Norway and Switzerland hiked rates to levels not seen in more than a decade

Earnings

• Accenture missed Q1 revenue expectations after citing concerns about dwindling IT spending and weakness in its business catering to the tech, media and communications industries (RT)

• Darden Restaurants beat Q1 earnings thanks to strong LongHorn Steakhouse sales, but saw weaker-than-expected performance from Olive Garden and provided lackluster guidance (CNBC) 

• What we're watching this week:

  • Today: CarMax

• Full calendar here

Headline Roundup

• US Navy detected Titantic sub’s ‘catastrophic implosion’ days ago (BBG)

• US jobless claims held steady at 20-month high (RT)

• Warren Buffett's charitable giving tops $51B (RT)

• Canadian Senate passes bill requiring Google, Meta to pay for news (YF)

• Meta to end access to news on Facebook, Instagram in Canada (RT)

• Moderna files for FDA approval of updated Covid vaccine for fall (CNBC)

• AWS is investing $100M in generative AI center in race to keep up with Microsoft and Google (CNBC)

• Japan’s inflation stays above BoJ target, key guage hits 42 year high (RT)

• On Wall Street, lawyers make more than bankers now (WSJ)

• Shares of startups are turning dirt cheap, attracting venture funds (BBG)

• Larry Ellison scores $482M gain by cashing in expiring options (BBG)

• For EV batteries, lithium iron phosphate narrows the gap with nickel, cobalt (RT)

• 3M agrees to pay up to $12.5B to settle US 'forever chemicals' claims (WSJ)

• TikTok COO Pappas quits after five years in the role (RT)

• US banks push back as regulators prepare international capital hikes (RT)

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Deal Flow

M&A / Investments

• California, New York, Illinois, Minnesota, Washington and Wisconsin joined the FTC’s lawsuit to halt Amgen’s $27.8B acquisition of Horizon Therapeutics (RT)

• Telecom Italia has granted KKR a period of exclusive negotiations for the telecom's landline grid, which could be worth up to $25.2B according to KKR’s bid (RT)

• German plastics and chemicals maker Covestro rejected an $11B initial takeover proposal from Abu Dhabi National Oil Company (RT)

• MSC Mediterranean Shipping Company is in talks to acquire Italian high-speed train operator Italo from Global Infrastructure Partners for as much as $4.4B (BBG)

• Amazon’s $1.7B acquisition of robot vacuum iRobot faces a full-scale EU antitrust investigation (RT)

• Chinese colorant producer Global New Material International is in talks and has made a binding bid for Merck’s $1.1B pigments arm worth (BBG)

• Textron, the manufacturer of Bell helicopters and Cessna jets, has restarted efforts ended four years ago to sell its car fuel tank manufacturing unit worth over $1B (RT)

• Robinhood Markets is buying fintech firm X1 for ~$95M cash (RT)

• Ontario Municipal Employees Retirement System is nearing a deal to buy 20% of the private holding company of Canadian businessman Larry Tanenbaum, which has a 25% stake in Maple Leaf Sports & Entertainment, owner of the Toronto Maple Leafs of the NHL and Toronto Raptors of the NBA (BBG)

• Online supermarket and tech group Ocado Group reportedly had possible bid interest from US suitors including Amazon (RT)

VC

• Tagworks Pharmaceuticals, a startup developing click-release therapeutics, raised a $65M Series A led by Ysios Capital and Gilde Healthcare (PRN)

• Limble, a startup helping companies track and maintain “dumb” physical assets, raised a $58M Series B at a $450M valuation led by Goldman Sachs Growth Equity (TC)

• AltPep Corporation, a startup developing early disease-modifying treatments and detection tools for amyloid diseases, raised a $52.9M Series B led by Senator Investment Group (BW)

• NVision Imaging, a developer of MRI polarizers and hyperpolarized imaging agents, raised a $30M Series A led by Playground Global (BW)

• AI-powered creative studio Captions raised a $25M Series B led by Kleiner Perkins (FN)

• Acryl Data, a startup providing tools to help companies organize and ostensibly better manage their data, raised a $21M Series A led by 8VC (TC)

• Apex, a spacecraft mass manufacturing company, raised a $16M Series A led by a16z and Shield Capital (BW)

• Heard Technologies, a startup helping therapists balance patients and paperwork, raised $15M in new funding led by Headline (TC)

• evolvedMD, a behavioral health startup integrated into primary care, raised a $14M Series A led by Conductive Ventures (FN)

• Carbon removal marketplace Supercritical raised a $13M Series A led by Lightspeed Venture Partners (TC)

• Kanvas Biosciences, a microbiome mapping technology company, raised a $12M pre-Series A led by DCVC (PRN)

• Laser-based nuclear fusion startup Focused Energy raised an $11M Series A led by Prime Movers Lab (PRN)

• Digital health company DUOS raised a $10M round led by Primetime Partners, SJF Ventures, and the CEOC Aging Innovation Fund (PRN)

• Hyfé, a startup creating feedstocks for biomanufacturing, raised a $9M seed round led by Synthesis Capital (BW)

• Maverick Protocol, a DeFi infrastructure provider, raised $9M in funding led by Founders Fund (FN)

• SOS, a female-founded wellness startup, raised $7.6M in funding from Wasserman Ventures, Urban Us Capital, and more (PRN)

• Balloon-based weather data startup WindBorne Systems raised a $6M seed round led by Footwork (BW)

• Oliva, a London-based healthtech company offering on-demand mental health and wellbeing support for employees, raised a $5.5M round led by Molten Ventures (FN)

• Rhizocore Technologies, a startup producing special fungi to ensure trees survive and thrive, raised $4.5M in funding led by ReGen Ventures, Collaborative Fund, and Grok Ventures (FN)

• No-code computer vision platform Kibsi raised a $4M pre-seed round led by NTTVC and GTMfund (TC)

• Bitewell, a corporate food and health benefits provider, raised a $4M seed round led by Lake Nona Sports, Health Tech Fund, and Refinery Ventures (FN)

• Swave Photonics, a Leuven-based startup focused on holographic AR, raised a $3.3M seed extension round led by imec.xpand, Flanders Future Techfund, and more (FN)

• Highwood Emissions Management, a startup providing emissions management software, raised a $3M seed round led by Energy Capital Ventures (FN)

• Earn Network, a community-driven marketplace for liquid investments, raised a $2.7M seed round led by Shima Capital (FN)

• Rubber Ducky Labs, a startup helping build operational analytics for recommender systems, raised a $1.5M seed round led by Bain Capital Ventures (BW)

IPO / Direct Listings / Issuances / Block Trades

• Romania's financial regulator approved a share sale of up to 17.34% of state-owned hydropower producer Hidroelectrica at a valuation of $9.3B-$11.1B (RT)

• Virgin Galactic raised $300M in an at-the-market offering of common stock (CNBC)

• German multinational glass company Schott is planning an IPO of its medical-glassware division as soon as September (BBG)

• Abu Dhabi National Oil Company and Abu Dhabi artificial intelligence company Group 42 are holding early discussions on a possible listing of their joint venture AI tech firm AIQ (RT)

• Electric aviation and regional air travel company Surf Air Mobility expects to IPO on the NYSE on July 11 (RT)

SPAC

• Tastemaker Acquisition Corp terminated its planned $989M merger with jewelry distributor Quality Gold due to challenging market conditions (RT)

• Sustainable bioplastics maker Verde Bioresins is merging with TLGY Acquisition Corp. in a $433M deal (BW)

Debt

• Zambia and its government creditors including China reached a deal to restructure $6.3B in loans (VOA)

Bankruptcy / Restructuring

• A group of buyers including Fortress Investment Group may take over bankrupt Vice Media after the consortium’s $225M offer emerged as the only qualified bid (RT)

• Overstock.com is buying bankrupt retailer Bed Bath & Beyond’s intellectual property and digital assets for $21.5M (BBG)

Fundraising

• Asset manager Wellington Management raised $2.6B for a late-stage PE fund (CW)

• VC Andreessen Horowitz registered a new evergreen fund a16z Perennial Venture Capital Fund as well as a new Perennial Management advisory firm with $105M AUM (TC)

• Indian gaming-focused venture capital fund Lumikai launched a $50M fund to invest in pre-seed to series A investments in India’s interactive media and gaming markets (RT)

• Robin Haak is launching a new Solo GP VC Robin Capital, which raised $3.3M with a $11M-$21.9M target to invest in angel, pre-seed, and seed startups (TC)

Crypto Corner

• Bankrupt crypto exchange FTX sued a former aide to Hillary Clinton, seeking to claw back $700M in investments made with misappropriated FTX funds (RT)

• Credit Agricole and Santander’s asset servicing business CACEIS has registered with France’s markets regulator to provide custody services for digital assets (RT)

• Cryptocurrency custodian BitGo terminated its acquisition of rival Prime Trust (CD)

• Three Arrows co-founders are back with a new VC fund (DC)

• Binance is facing scrutiny in Brazil, and its execs have been requested to be summoned (CT)

Exec’s Picks

• Bain Capital Ventures shared their field notes on the state of generative AI in financial services.

• This Founders podcast episode had a cool breakdown of some of the world’s dynastic families: Rothschild, Morgan, Toyoda, and Rockefeller.

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