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Nvidia’s 200% revenue growth was priced in, CZ is stepping down as Binance was fined billions, Tiger Global’s Scott Shleifer stepped down as head of private investing, McKinsey is facing wide-ranging headwinds, Warren Buffett donated more Berkshire stock, OpenAI is still courting Sam Altman, and Argentina’s Milei has been greeted by a mix of hostility and support.

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Let’s dive in.

Before The Bell

Markets

• US stocks fell as investors digested the latest Fed minutes, where officials gave no indication of rate cuts

  • The Nasdaq led indices with a 0.59% decline

Earnings

• Nvidia beat Q3 earnings and revenue expectations, reporting 206% YoY revenue growth; the chipmaker forecasted a negative impact in the next quarter due to chip export restrictions; its stock declined slightly AH (CNBC)

• Lowe’s shares fell ~3% after missing Q3 sales expectations and lowering its full-year sales outlook as homeowners take on fewer projects (CNBC)

• What we're watching this week:  

  • Today: Deere

  • Thursday: Royal Bank of Canada

• Full calendar here

Headline Roundup

• Nvidia failed to satisfy lofty investor expectations for AI boom (BBG)

• Fed wants more evidence before changing rate stance (WSJ)

• Tiger Global’s Scott Shleifer stepped down as head of private investing (BBG)

• McKinsey and its peers are facing the wildest headwinds in years (BBG)

• Home sales fell to a new 13-year low in October (WSJ)

• Warren Buffett, 93, donates more Berkshire stock, assures ‘I feel good’ (RT)

• OpenAI talks continue as Sam Altman, company push to reunite (WSJ)

• Argentina election winner Milei greeted globally by mix of hostility and support (RT)

• Hulu for $1, Max for $3: Streaming services slash prices this Black Friday (BBG)

• FDIC Chairman Martin Gruenberg won’t oversee misconduct probe (WSJ)

• JPMorgan says ‘The Golden Year’ for carry trades is near its end (BBG)

• Ford to scale back plans for $3.5B Michigan battery plant as EV demand disappoints, labor costs rise (CNBC)

• Oklahoma sued over Anti-ESG law targeting BlackRock (BBG)

• Oil spill off Louisiana coast shuts output from seven drillers (BBG)

• A $3.6B carbon bill is six weeks away for global shipping (BBG)

• US gunship stuck Iran-backed militia in retaliation for attack (BBG)

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Deal Flow

M&A / Investments

• Broadcom’s $61B acquisition of software maker VMware won conditional approval from Chinese regulators (BBG)

• A PE consortium led by Blackstone and Permira offered to buy European online classifieds company Adevinta at a ~$15B valuation, including debt (BBG)

• US FTC is investigating Roark Capital's $10B acquisition of Subway and its legality under antitrust law; the PE firm already owns Jimmy John's and Arby's (RT) 

• Blackstone is nearing a $2.5B deal to acquire UK-based software developer Civica (WSJ)

• Australasian pharmaceutical manufacturer EBOS Group will not proceed with its $2.4B acquisition of TPG Capital-backed pets and vets business Greencross (RT)

• CRH agreed to buy a portfolio of cement and ready-mixed concrete assets in Texas from Martin Marietta Materials for $2.1B (BBG)

• China’s MMG, which is controlled by state-owned China Minmetals, will acquire Cuprous Capital, the owner of a copper mine in southern Africa, in a $1.9B deal (BBG)

• Engineering consultant Jacobs Solutions will spin off and merge its government consulting businesses with rival contractor Amentum Services for $1B cash; Jacobs expects to own up to a 63% stake in the combined company (RT)

• Forbes’ parent company called off its acquisition by Luminar Technologies CEO Austin Russell, which valued the business news publisher at ~$800M; the billionaire could not come up with the financing (RT)

• Pharmaceutical giant Merck will acquire neurological and rare disease drug developer Caraway Therapeutics for up to $610M (BBG)

• Morgan Stanley Infrastructure Partners acquired a 70% stake in Altice France’s data center business for $586M (BBG)

• South Africa’s Telkom SA is in advanced talks to sell its tower assets, Swiftnet, to a PE firm (BBG)

• Dubai-based OSN+ and Anghami will merge to create one of the Middle East’s largest streaming services (BBG)

• Citadel founder Ken Griffin is in talks to acquire minority stakes in NFL team Miami Dolphins, Hard Rock Stadium, and the F1 Miami Grand Prix from owner Stephen Ross (BBG)

• Kim Kardashian’s buyout firm Skky Partners acquired a significant minority stake in luxury condiment maker Truff, its first acquisition (BBG)

VC

• Viva Biotech, a Hong Kong-based provider of services ranging from early-stage structure-based drug R&D to commercial drug delivery, raised $210M in funding led by Temasek, Highlight Capital, and True Light (FN)

• AI21, a leader in AI systems for enterprises, raised a $208M Series C at a $1.4B valuation led by Intel Capital and Comcast Ventures (PRN)

• EACON Mining Technology, a startup developing autonomous haulage solutions, raised $55.2M in funding led by Richen Capital (PRN)

• Alto Neuroscience, a precision psychiatry startup, raised a $45M Series C led by InVivium Capital (BW)

• Texray, a radiation protection solutions startup, raised a $45M round led by Industrifonden (FN)

• Tax and paperwork-centric freelancer management platform Indy raised $44M led by BlackFin Capital (TC)

• Supira Medical, a pVAD provider, raised a $40M Series D led by Cormorant Asset Management and The Capital Partnership (PRN)

• Privy, a startup building APIs to onboard users to consumer crypto products, raised an $18M Series A led by Paradigm (FN)

• Vendelux, a startup using AI to tell event marketers which important people will be at which event, raised a $14M Series A led by FirstMark Capital (TC)

• Bioxodes, a biopharmaceutical startup focused on the development of novel therapies for the prevention and treatment of thrombotic and inflammatory diseases, raised a $13M Series A led by Wallonia Region (FN)

• Eliq, a Swedish software startup providing a home energy platform, raised $10.6M in funding from Inven Capital, Axpo, and Valkea (FN)

• Visual recognition startup SeeChange Technologies raised a $10M seed round led by TriplePoint (FN)

• Expanso, a startup helping enterprises manage data, raised a $7.5M seed round led by General Catalyst and Hetz Ventures (BW)

• AI-powered automation startup for social media Munch raised a $7.2M seed round led by A* Capital (PRN)

• Floreon, a startup building bioplastics made from plants, raised a $2.5M Series A led by Northern Gritstone (EU)

• Avarni, a startup helping large enterprises hit net-zero goals through carbon reporting, raised a ~$1.6M extension round from Main Sequence and Sprint Ventures (TC)

IPO / Direct Listings / Issuances / Block Trades

• Dubai Taxi’s $315M IPO received enough orders to cover the deal within an hour of opening (BBG)

• Saudi Arabian media giant MBC Group will proceed with an IPO offering within the coming months (RT)

• United Arab Emirates-based healthcare platform PureHealth Holding aims to list on the Abu Dhabi stock exchange in December (RT)

SPAC

• Lithium refiner Stardust Power plans to merge with Global Partner Acquisition Corp. II in a $490M deal (BBG)

Debt

• Private credit funds, including Blackstone’s credit unit, Singapore’s GIC, and the Canada Pension Plan Investment Board, will provide a record $4.9B loan to back the buyout of Adevinta (BBG)

• Uber Technologies boosted the size of its planned convertible bond issuance to $1.5B, signaling strong demand from investors (BBG) 

• South African platinum-group metals miner Sibanye Stillwater will raise $500M through a sale of convertible bonds; its shares sank as much as 25% (BBG)

• Sunac China Holdings secured a three-year loan of up to $490M for one of its property units from government-backed asset manager Shanghai Haolong (BBG)

Bankruptcy / Restructuring

• Scandinavian airline SAS received US bankruptcy court approval for a $1.3B investment agreement with a consortium of Castlelake, Air France-KLM, Lind Invest and the Danish state (RT)

• A key unit of Dalian Wanda Group is seeking to extend the maturity date for a $600M dollar bond by almost a year due to the conglomerate’s liquidity crunch (BBG)

• Bankrupt pharmacy chain Rite Aid has until March 1 to complete its turnaround under a timeline approved by a US bankruptcy judge (BBG)

Fundraising

• Avenue Capital Group, which is best known for its bets in distressed assets, plans to launch a $600M-$800M fund early next year to invest in so-called environmental impact private credit investments (RT)

• Canadian PE firm Kinterra Capital closed its debut $565M fund, which will focus on investing in infrastructure for mining and processing minerals for EV technology (AX)

• Athena Capital is seeking to raise $500M for a debt and equity capital fund, which will invest in both public and private mission-driven companies (BBG) 

• Material Impact, a deep-tech VC, closed its third fund at $352M (FN)

Crypto Corner

• Binance Holdings and CEO Changpeng Zhao pleaded guilty to anti-money laundering and US sanctions violations under a settlement with the US; Binance will pay $4.3B, while Zhao will step down as CEO (BBG) 

• Crypto lender Celsius Network scaled back its post-bankruptcy business plans and will focus only on bitcoin mining (RT)

Exec’s Picks

• The Wall Street Journal published a behind-the-scenes look at the weekend’s OpenAI situation, pulling from interviews from more than a dozen insiders.

• Nate Silver wrote about why President Biden is polling so poorly with young voters.

• Michael Grothaus explained why everyone should be using Apple’s “hide my email” feature to avoid spam mail and hackers.

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