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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)!
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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
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)
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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
Bankruptcy / Restructuring / Distressed
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
Exec’s Picks
Joachim Klement wrote an insightful essay on how the rise of index funds have changed demand for mega cap stocks.
Amid the high-profile arrest of Pavel Durov, WSJ published a piece detailing how Telegram became criminals' favorite marketplace.
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