• Exec Sum
  • Posts
  • The Big Debate 🇺🇸

The Big Debate 🇺🇸

Investors see AI hype masking broader tech weakness, allocators are planning new hedge fund investments, crypto fraud is up big this year, and Trump will go head-to-head vs. Kamala Harris on the debate stage tonight (which will certainly produce some hilarious memes)!

Together with

Good Morning,

Investors see AI hype masking broader tech weakness, allocators are planning new hedge fund investments, crypto fraud is up big this year, and Trump will go head-to-head vs. Kamala Harris on the debate stage tonight (which will certainly produce some hilarious memes)!

A reminder to submit your interest in Chicago Atlantic's Digital Mining investing strategy, now open to all accredited investors.

Let's dive in.

Before The Bell

As of 09/09/2024 market close.

Markets

  • US stocks gained yesterday as markets took a breather from the recent selloff 

    • S&P snapped a four-day losing streak

  • Europe's Stoxx 600 rallied 0.8% after its worst day in a year on Friday

  • Bitcoin rebounded from its worst week in over a year, jumping above $57k

Earnings

  • Oracle jumped 9% after beating Q1 EPS and revenue estimates on strong growth in cloud infrastructure demand (CNBC

  • What we're watching this week:  

    • Today: GameStop, Dave & Buster's

    • Thursday: Adobe, Kroger 

  • Full calendar here

Headline Roundup

  • Allocators are seeking new hedge fund equity strategies (RT)

  • Hedge funds flock to Japan as market heats up (RT)

  • AI exuberance masks broad weakness in tech sector (FT)

  • Boom in 0DTE options is coming to individual stocks (WSJ)

  • Goldman is projecting a slide in Q3 trading revenue (BBG)

  • SEC approved new audit quality benchmarks on bipartisan lines  (RT)

  • UK fintech warns of Europe’s over-reliance on US payment systems (FT)

  • US House passed a bill to blacklist some China biotech firms (BBG)

  • HSBC is weighing merging its commercial and investment bank (RT)

  • Apple's launch event was all about AI (WSJ

  • BofA named JPMorgan's Tim Carpenter as co-head of software IB (RT)

  • Big Tech workers overwhelmingly support Kamala Harris (RT)

A Message From Chicago Atlantic

Profitable Bitcoin Mining Investing Starts Here

U.S. power developers boosted generation capacity in the first half of 2024 by the most in 21 years, according to Bloomberg. Capacity is expected to double yet again by year's end as the market responds to surging AI demand.

The Chicago Atlantic Digital Mining strategy is leveraging bitcoin mining to deliver attractive, risk-adjusted returns.

  • We invest in advanced servers without the burden of outdated or costly equipment.

  • We commit to industrial-scale, multi-state operations that harness low-cost, stable energy from U.S. utility partners.

  • We provide an opportunity to engage with the digital currency landscape through a sustainable and financially sound platform.

Reach out via the link below to receive more information or meet with the team.

Deal Flow

M&A / Investments

  • CVC sweetened its $15.4B bid for Deutsche Bahn's logistics unit Schenker (RT

  • PE firm Permira increased its offer price for website-design SaaS firm Squarespace to $7.2B (RT

  • AI software firm Progress Software will acquire Cloud Software Group unit ShareFile for $875M (RT

  • EQT agreed to acquire a controlling stake in global healthcare outsourcing firm GeBBS Healthcare Solutions for over $850M (RT

  • PE firm THL Partners agreed to acquire a majority stake in semiconductor software provider AMI at a $600M valuation (RT

  • Canada's Pembina Pipeline will buy some infrastructure assets in Alberta Montney from oil producer Veren for $295M (RT

  • UK fintech Pockit is in talks to take control of UK challenger bank Monese's consumer arm (RT

  • Troubled investment bank B. Riley Financial is in talks to sell assets including a majority stake in Great American (BBG)

VC

  • Fiber-to-the-home provider Race Communications raised $500M including $375M in equity from Oak Hill Capital (PRN)

  • AI bookkeeping startup Finally raised $200M including a $50M Series B (TC)

  • Workplace operations tech firm SafetyCulture raised a $110M round at a $1.7B valuation led by Airtree Ventures (AFR)

  • MirrorWeb, a regulatory and compliance scale-up software, raised a $63M round from Mainsail Partners (EU)

  • Odigos, a startup for firms to monitor complex cloud-native systems, raised a $13M seed round led by Venture Guides (TC)

IPO / Direct Listings / Issuances / Block Trades

  • Oman's OQ plans to sell a 25% stake in its OQEP exploration and production business in a $2B IPO (RT

  • Indian lender Bajaj Housing Finance's $782M IPO was oversubscribed by 2x on the first day of bidding (RT

  • Malaysia's 99 Speed Mart Retail rose 12% after its $543M IPO, the country’s largest in seven years (RT

  • Indian EV bike maker Ather Energy filed for a $536M IPO at a $2.5B valuation (RT

  • MBX Biosciences is seeking a $483M valuation in its US IPO (RT

Debt 

  • Regional lender KeyCorp sold ~$7B of low-yielding investments at a loss (RT)

  • Alternative asset manager Balbec Capital Management acquired a $4.4B portfolio of soured Portuguese loans from LX Partners (BBG)

  • CD&R-backed snack maker Shearer sold $450M in bonds to fund a dividend recap (BBG)

Bankruptcy / Restructuring / Distressed

  • Discount retailer Big Lots filed for Chapter 11 with intentions to sell itself to PE firm Nexus Capital (RT

  • Apollo-backed software maker Edgio filed for Chapter 11 bankruptcy (BBG)

Fundraising

  • FitzWalter Capital raised $1.4B for its second global distressed assets fund (BBG

  • PE firm Five Point Energy raised ~$1.4B for a fund to invest in infrastructure development (WSJ

  • Asset manager Schroders’ private markets arm raised $444M for its third European buyout fund (BBG

  • Alpha Partners raised $153M for a third fund to make pro-rata VC investments (TC)

Crypto Corner

  • Crypto fraud increased 45% last year to $5.6B, per FBI (BBG

  • Creators of crypto social network Friend.tech walked away with $44M as project shuts down (DC)

  • Kamala Harris releases policy positions with no mention of crypto (DC)

Exec’s Picks

New Opportunity - Investment Banking

Cascadia Capital - Experienced Investment Banking Analysts & Associates

  • Top-tier middle market investment bank is hiring experienced IB associates and analysts in Austin, Minneapolis and Seattle

  • The firm is expanding after a significant investment from ex-Barclays CEO Bob Diamond and several senior banker hires.

  • Seeking associates and analysts across four coverage groups, and analysts in capital markets and generalist roles

  • Immediate start

  • Competitive comp packages

  • If interested in applying for these roles, hit the button below:

Meme Cleanser

Reply

or to participate.