Good Morning,

Apollo's CEO called out competitors that won't trade private assets, Scott Bessent doesn't want to be nominated for Fed chair, top-rated firms are avoiding debt in M&A deals, and BofA is joining peers in cracking down on early PE recruitment (it won't work).

Also in today’s newsletter is an exciting opportunity to get paid $140/hr to train AI models and $1,000 per referral. Scroll down to learn more if you’re in IB / PE and looking for some part time side income.

Let's dive in.

Before The Bell

Click here to learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• US stocks fell as tariff fears, poor economic data, and mixed earnings weighed

  • Trade school stocks are soaring as demand for skilled labor rises

• EM stocks index rose for a second-straight day to claw back all of last Friday’s losses

  • EM stocks rose every month this year with YTD gains at 16% 

Earnings

• Apollo reported record Q2 fee-related earnings fueled by strong lending activity and rising AUM, boosted by an affiliate's acquisition of CLO manager Irradiant Partners, while realized performance fees surged 25% YoY on several large PE exits (BBG)

• Yum Brands missed Q2 earnings and revenue estimates as US same-store sales declined at both Pizza Hut and KFC amid competition from rivals and consumers dining out less, though Taco Bell posted a 4% same-store sales increase, continuing to outperform as the firm's strongest brand (CNBC)

• Pfizer beat Q2 earnings and revenue estimates on growth in non-Covid products like Abrysvo and Seagen's oncology portfolio; the company expanded its cost-cutting program and raised FY guidance despite projecting $150M in tariff costs (CNBC)

• AMD beat Q2 revenue estimates but missed on earnings as US export controls on high-end AI chips hurt margins; Big Tech giants are increasingly looking to AMD as an alternative to Nvidia's chips (CNBC)

• Supermicro missed Q4 earnings and revenue estimates as stiff competition offset strong demand for AI servers and liquid cooling; the firm also issued disappointing guidance after narrowly avoiding a delisting (CNBC)

• BP beat Q2 earnings and revenue estimates with a surprise profit as higher refining margins and oil trading offset weaker gas results; the firm highlighted 'tremendous exploration success' and record operational efficiency, while launching a fresh business review and layoffs amid activist pressure from Elliott (CNBC)

• Rivian reported a worse-than-expected Q2 loss as higher material costs and lower credit income weighed amid supply disruptions from China's rare earth export curbs despite ongoing delivery growth (RT)

• Snap posted a Q2 loss and missed revenue estimates with its slowest growth in over a year, as ARPU fell short and monetization remained weak, though the firm issued strong guidance with global DAU topping forecasts (CNBC)

• What we're watching this week:  

  • Today: Uber, McDonald's, AppLovin, Shopify, Novo Nordisk, DraftKings

  • Thursday: Eli Lilly, Celsius, Vistra, Sony

• Full calendar here

Prediction Markets

• 10% chance that Head of Macro actually becomes Head of Macro. We're cooked 🤦

• Trade your predictions on a range of events, only on Kalshi. Sign up with code LIT and get a $20 bonus when you trade $100.

Headline Roundup

• Bank of America IB analysts face reassignment if they accept PE offers (BBG)

• Wall Street bonuses are set to rise (BBG)

• Scott Bessent doesn't want to be nominated for Fed chair (BBG)

• Trump will decide on Fed governor replacement by end of week (BBG)

• Two ex-Treasury Secretaries warned on risks to US Treasuries (BBG)

• US is planning a record $100B bill sale as borrowing needs mount (BBG)

• US will hike India's tariffs above 25% (BBG)

• US announce tariffs on chips and pharma soon (BBG)

• Trump said JPMorgan and BofA rejected him as a customer (CNBC)

• US consumer debt delinquencies rose to highest level since Covid (BBG)

• US trade gap narrowed to tightest since 2023 on scaled back imports (BBG)

• Top-rated firms are financing M&A with more equity and cash, less debt (RT)

• US companies announced record-level of buybacks in July (BBG)

• Apollo CEO called out competitors that won't trade private assets (BBG)

• Norway's $2T SWF will review investments in Israeli firms (FT)

• KKR named Goldman's Ken Murata as first Japan private credit hire (BBG)

• US is exploring ways to equip chips with location-tracking capabilities (BBG)

• Congress subpoenaed Clintons over Epstein files investigation (BBG)

• NYC was rattled by second earthquake this week (BBG)

• Tesla's brand loyalty collapsed after Musk backed Trump (RT)

• Tech hiring is shrinking due to AI (CNBC)

A Message from Litquidity

With tariffs announcements and deal flow making for an unusually busy summer, I wanted to take a step back and remind you guys of ways the Litquidity network can help make your lives easier and more rewarding as we continue to chip away.

We're here to deliver memes, news, jobs, and deals and we're always exploring ways to connect and work with you all.

Advertising & Partnerships

Exec Sum would not be possible without the continued support from our sponsors. As such, we’re always looking to partner with exciting brands looking to reach a highly-engaged and lucrative professional audience.

Interested in advertising across the Litquidity brand portfolio that reaches over 2M unique individuals? Fill out our partnership form here.

Litquidity Ventures

We've been on an absolute tear securing primary allocations into high-profile funding rounds led by Tier 1 VCs, as well as allocations into late stage secondaries with incredible demand.

If you're an accredited investor or qualified purchaser and want to gain access to the deal flow, pls fill out this quick form.

If you are a startup currently raising capital and are interested in an investment from Litquidity, pls send an email to [email protected]

Litney Partners

If your firm is currently seeking experienced investment bankers & institutional investors (private equity, hedge fund, credit, etc), shoot me an email at [email protected] so we can find a way to work together!

If you are a candidate looking for a job across IB, PE, VC, hedge funds, credit, family offices, and Corp Dev, drop your resume at our portal and we'll be in touch with relevant opportunities!

Palm & Park

If you're looking to organize exclusive happy hours, private dinners, padel & wellness events to build community and network with elite founders, investors, and dealmakers, check out Palm & Park, a new events business I co-founded earlier this year to connect with our vast network in the real world. Learn more here.

Deal Flow

M&A / Investments

• AI cloud computing firm CoreWeave's proposed $9B acquisition of data center landlord Core Scientific is facing significant backlash from the Core's top shareholders

• KKR submitted a sweetened offer for UK scientific instrument maker Spectris valuing it at $6.4B, which was ultimately accepted over a rival proposal from Advent

• Brookfield agreed to acquire a 19.7% stake in Duke Energy's Florida utility in a $6B all-cash deal

• Blackstone plans to take-private major Japanese engineering staffing firm TechnoPro for $3.4B

• Disney's ESPN will acquire NFL Network, NFL Fantasy and rights to distribute the NFL RedZone TV channel to its cable and satellite customers, and other media assets from NFL in exchange for a 10% equity stake in ESPN in a deal worth reportedly billions of dollars

• Australia's Macquarie agreed to acquire a 40% stake in Portuguese hospital operator Luz Saude at an over $1.2B valuation, outbidding CVC and KKR

• Abu Dhabi's state-owned energy firm Masdar, Norway's SWF Norges Bank, and Australian miner Fortescue are among bidders shortlisted to buy a Spanish solar power portfolio owned by Iberdrola, which could fetch over $1B

• Argentina's state-run O&G producer YPF is nearing an agreement to acquire shale oil assets from France's TotalEnergies in a deal that could fetch $400M-$500M

• German airline Lufthansa abandoned negotiations to take a stake in Spain's Air Europa, leaving Turkish Airlines and Air France as the remaining bidders

VC

• OpenAI is in early talks with existing backers including Thrive Capital for a secondary share sale at a ~$500B valuation

• First Due, a software platform for public safety agencies, raised a $355M strategic minority growth investment led by JMI Equity

• GenAI tax research platform Blue J raised a $122M Series D led by Oak HC/FT and Sapphire Ventures

• Sales automation startup Clay raised a $100M round at a $3.1B valuation led by CapitalG

• Indonesian crypto exchange Triv received a strategic equity investment from MEXC Ventures at a $200M valuation

• AI-powered loan servicing platform Salient raised $60M from a16z, Y Combinator, and others 

• Alaan, a UAE-based AI-powered fintech, raised a $48M Series A led by Peak XV

• Lyric, an AI-powered platform transforming supply chain decision making, raised a $43.5M Series B led by Insight Partners

• ketteQ, a provider of adaptive supply chain planning, raised a $20M Series B led by Vocap Partners

• German environmental management and compliance platform Tanso raised a $14M Series A led by henQ and Fortino Capital

• Indian aerospace startup Jeh Aerospace raised an $11M Series A led by Elevation Capital

• OLarry, a startup using AI to streamline tax planning, raised a $10M Series A led by TTV Capital

• August, an AI startup catering to midsize law firms, raised a $7M seed round led by NEA and Pear VC

• TurboHire, an Indian enterprise recruitment automation startup, raised a $6M Series A led by IvyCap Ventures 

IPOs / Direct Listings / Issuances / Block Trades

• Malaysia's largest fintech unicorn TNG Digital is weighing an IPO

• Chinese drug developer Innogen Pharma is seeking to raise $100M in its Hong Kong IPO

SPAC

• Modular building startup Boxabl will merge with FG Merger II in a $3.5B deal

• O&G infrastructure firm Presidio agreed to merge with EQV Ventures Acquisition Corp. in a $660M deal

Debt 

• Philippines sold $3.65B of treasury bonds to retail investors 

• UBS sold $2.3B of HoldCo euro debt due and $2B of perpetual callable notes in US after posting strong earnings

• Coinbase plans to raise $2B in a convertible bond sale

• Real estate-focused investment firm Rithm Capital committed to buying $1B in home-improvement loans originated by fintech Upgrade

• Indian state-run renewables firm NTPC Green Energy is mulling its first local bond sale to raise $228M

• Hong Kong developer Tai Hung Fai raised $115M in private credit from Asia's Dignari Capital Partners

Bankruptcy / Restructuring / Distressed

• Budget jewelry retailer Claire's is inching closer to filing for bankruptcy after missing June and July rent payments on some stores,

• Saudi's Al Ittefaq Steel Products Co. is sounding out restructuring advisers ahead of expected talks with creditors including Davidson Kempner

Fundraising / Secondaries

• Abu Dhabi's AI fund MGX is considering raising $25B in external capital to continue investing in AI infrastructure

• Private credit firm Aperture Investors is seeking to raise $1B for its latest ABF-focused fund, with seed backing from Generali

• BlackRock investment advisers agreed to place $1B in online private credit firm LendingClub's marketplace programs

• Food-focused PE firm Butterfly raised a $532M continuation fund for Mexican fast-food chain QDOBA led by Apollo

• VC secondaries firm OnePrime raised $305M for its third flagship fund to make direct secondary purchases from founders, employees and early investors in data infrastructure, cybersecurity, fintech, robotics and next-gen gaming startups

• UK alternative investment firm Fedaia Partners is seeking to raise $290M for European asset-based special situations

Crypto Sum Snapshot

• Small public companies snap up ether in new crypto gold rush

• CFTC will allow listed spot crypto trading on registered exchanges

Check out our Crypto Sum newsletter for the full stories on everything crypto!

Exec’s Picks

• The stablecoin industry has reached a tipping point. After the June IPO of stablecoin provider Circle saw the stock surge as much as 600% – it's clear that the technology is moving from the margins to the mainstream.

  Learn more.

• With Bank of America also cracking down on early PE recruiting, see how the new recruiting policies for junior bankers at major banks compare. Follow our Instagram for the most timely, relevant, and insider scoops of everything Wall Street!

• "Banks are not afraid of anything but a regulator…the regulators and their wives. They're more afraid of their wives than the regulators." –Trump

  Just one of Trump's quotes in his interview with CNBC. Listen to it here.

• Get paid $140/hr to train AI models in financial topics for a leading AI lab. Mercor is looking for IB / PE / Equity Research professionals with 2+ years of experience to help train AI models in excel, complex valuation methodologies and more. The work is async, part time, and remote. There is also a $1,000 referral if you refer someone who is accepted to train AI models. Learn more here.

Finance & Startup Recruiting 💼

Litney Partners

If you're a junior banker looking for your next career move, check out our recruiting firm, Litney Partners. Established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm), Litney Partners has placed strong candidates across leading firms spanning private equity, hedge funds, venture capital, growth equity, private credit, investment banking, and fintech. Head over to our website to drop your resume / create your profile and we'd love to get in touch!

We are able to move faster than most firms due to our paralleled reach, decades of industry expertise, and ability to attract top caliber candidates.

Next Play

If you're down bad, realizing finance isn't for you, and/or are curious to explore the world of startups (BizOps, chief of staff, strategic finance, etc.), fill out this form. Next Play reviews every submission and will reach out to schedule a 1:1 video call if they think they can be helpful as your own, personal startup matchmaker. They've grown their community to over 50k talented individuals and have strong relationships across the tech ecosystem.

Meme Cleanser

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*DISCLAIMER: Investment advice provided by Autopilot Advisers, LLC ("Autopilot"), an SEC-registered investment adviser. Past performance does not guarantee future results. Investing carries risks, including loss of principal. As always, be smart out there. Litquidity is compensated to promote AutoPilot. Compensation details available upon request.