US stocks rose yesterday as investors digested hawkish Fed minutes and braced for bellwether Nvidia's earnings

Pakistan's KSE-100 index is up 40% YTD, making it one of Asia's best-performing markets

China-Japan 10Y spread is set to turn negative for the first-time ever as China's economy sputters

Dollar gained 0.5% in its best day since September on hawkish Fed sentiment

Nvidia beat Q3 earnings and revenue estimates and issued optimistic Q4 guidance as data-center revenue surged 66% on 'off the charts' GPU demand, with CEO Jensen Huang rejecting 'AI bubble' concerns for 'something very different' (CNBC)

Palo Alto Networks beat Q1 earnings and revenue estimates and announced a $3.35B acquisition of Chronosphere, though the firm reported CapEx running well above expectations (CNBC)

Target beat Q3 earnings estimates but missed on revenue and cut its FY profit outlook as its sales decline continues amid weak store traffic and deal-seeking consumers; the firm is focused on new investments to revive growth under its new CEO (CNBC)

TJX issued a Q3 beat-and-raise as sales rose 7% and wealthier shoppers continued trading down, though holiday guidance came in soft despite a strong start to Q4 (CNBC)

Bullish beat Q3 earnings and revenue estimates with record adjusted results and a swing to profit after adding options and US spot trading (CD)

What we're watching this week:  

Full calendar here

Traders slashed odds of a December rate cut on hawkish Fed minutes.

Track and trade real-time odds on Polymarket, the world's largest prediction market.

Trump signed bill forcing release of Epstein files (CNBC)

Larry Summers stepped down from everywhere after Epstein emails (CNBC)

Trump said he would 'love to fire J Pow's ass' (RT)

Fed minutes show 'many' officials hawkish on December cut (BBG)

BLS canceled release of October jobs report (BBG)

US trade deficit narrowed sharply in August (RT)

US secured a $1T investment commitment from Saudi Arabia (RT)

Wall Street banks say buy the dip (BBG)

SEC's post-shutdown filing backlog risks stalling IPOs (BBG)

Fed's Miran called for exempting Treasuries from bank leverage rule (RT)

Market stress is expected to divide private credit firms (BBG)

PE megafund fundraises suggest LP re-engagement with Asia PE (ION)

GIC and Franklin Templeton keep faith on dollar dominance (BBG)

Temasek warns weak US dollar is hitting returns (FT)

UK investors pull out of London stock market at record pace (FT)

Hong Kong IPO boom offers lifeline to China PE market (CNBC)

Musk and Jensen Huang discussed AI at US-Saudi investment forum (CNBC)

BlackRock's global CIO of fundamental equities will depart in shake-up (BBG)

B. Riley stays listed on Nasdaq after winning another extension (BBG)

Meta chief AI scientist Yann LeCun will depart for own startup (CNBC)

David Beckham signed a sports partnership deal with BofA (RT)

Companies begin confessing that AI is reason for job cuts (BBG)

AI-focused developers are fueling NYC life (RT)

US and Russian officials drafted a new Ukraine peace plan (FT)

JPMorgan and Deutsche Bank were subpoenaed for Epstein records (BBG)

Kalshi and StockX will offer prediction markets on resale prices (BBG)

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Netflix's $57B bid for Warner Bros. Discovery will allow WBD to keep releasing films in theaters

Medtech giant Abbott is nearing an acquisition of $16B-listed cancer screening company Exact Sciences

Palo Alto Networks agreed to acquire cloud management and monitoring company Chronosphere in a $3.35B cash and stock deal

Mexican airport operator ASUR agreed to buy the airport portfolio of Brazilian infrastructure operator Motiva for $2.16B, including debt

Adobe agreed to acquire marketing software company Semrush for $1.9B cash

PE firms EQT, PAG, Blackstone, and CVC are among suitors in talks to acquire a majority stake in Indian software services firm ValueLabs at a $1B valuation

Electronics manufacturer Foxconn is in talk to acquire Thai energy giant PTT's 40% stake in their EV JV; the partnership was formed in 2021 in a $1B deal

UK healthcare REIT Primary Health Properties is seeking a JV partner for a $980M portfolio of private hospitals to reduce debt following its merger with Assura

Blackstone is seeking to acquire a majority stake in Indian school operator Globetrotters Educational Innoventions in what could be a $700M platform investment

UK's Lloyds Banking Group agreed to acquire UK fintech Curve

UK hired bankers to prepare for the sale of British Steel

Blue Owl called off a merger of two private credit funds

Musk's xAI in advanced talks to raise $15B at $230B valuation

AI cloud infrastructure startup Lambda raised a $1.5B Series E round led by TWG Global 

Identity verification platform Incode Technologies is in preliminary talks to raise $150M-$300M at a $3B valuation

AI music startup Suno raised a $250M Series C at a 2.45B post-money valuation led by Menlo Ventures 

Solar manufacturing startup Holosolis raised a $255M funding round from Cales Technologie, InnoEnergy, and others 

Federato, an AI-native insurance software startup, raised a $100M Series D led by Goldman Sachs Alternatives  

Advanced manufacturing platform The Partner Companies secured a $100M minority equity investment from Tensile Capital Management  

Amperesand, a medium-voltage SST provider for AI data centers, raised an $80M Series A co-led by Walden Catalyst Ventures and Temasek

Energy-storage startup Nanoramic raised a $54M Series 1 round from PEP Capital, Samsung Ventures, GM Ventures, and more

Obex, a stablecoin incubator focused on RWA-backed tokens, raised a $37M funding round led by Framework Ventures

AI chargeback automation startup Chargeflow raised a $35 million Series A round led by Viola Growth

Sphere, an AI-native tax compliance platform, raised a $21M Series A led by a16z

OpenHands, a platform for open-source cloud coding agents, raised an $18.8M Series A round led by Madrona

Smart mattress startup Orion raised a $17.5M seed round led by Mucker Capital

Infracost, a cloud FinOps platform embedded in developer workflows, raised a $15M Series A led by Pruven Capital 

AI-native manufacturing platform Jiga raised a $12M Series A led by Aleph

Hammerhead AI, a power-aware RL orchestration platform for AI factories, raised a $10M seed round led by Buoyant Ventures

Femtech startup Emm raised a $9M seed round led by Lunar Ventures

UK AI financial-automation startup Dost raised a $7.8M Series A led by Octopus Ventures 

AI recruitment startup OptimHire raised a $6M round led by Mucker Capital

Bill Ackman's hedge fund Pershing Square pitched a proposal to re-list Fannie Mae and Freddie Mac without an IPO

Crypto exchange Kraken filed for an IPO seeking a potential $20B valuation

Regional lender Central Bancompany raised $373M at a $5B valuation in its IPO

Christian-focused tech platform Gloo raised $73M at a $586M valuation in its IPO

Data center operator Blockfusion will merge with Blue Acquisition Corp in a $450M deal

China received a record $235B in bids for its $8.6B dollar and euro bond raise which sold at virtually no premium to US Treasuries 

The Magnum Ice Cream Company raised $3.4B in a debut bond sale ahead of its spinoff from UK consumers goods giant Unilever

Indonesian SWF Danantara secured a $1B multi-currency syndicated credit facility

Argentina's capital Buenos Aires raised $600M in its first dollar bond sale in a decade

Deutsche Bank refinanced part of a $350M loan originally extended by Mizuho to fund OYO Hotels founder Ritesh Agarwal's purchase of shares in the company

United Airlines shelved two munis sales worth $250M

German soccer team FC Schalke 04 is raising $86M in a private placement that includes an interest rate sweetener if the club is promoted

Spanish lender Santander's exposure to the First Brands and its founder Patrick James is ~$300M, more than previously known

Collapsed Chinese developer Evergrande's iconic Chateau Montebello log-cabin hotel in Canada was placed in receivership after the firm failed to make payments on its debt

Italian auto part maker CLN-Coils Lamiere Nastri, a key supplier of automotive group Stellantis, is nearing an agreement with lenders to restructure liabilities that will see banks recover ~50% of their original exposure

Fortress-backed Florida high-speed rail Brightline's junior munis is trading at 29¢

Brookfield launched a $100B global AI Infrastructure program in partnership with Nvidia and SWF KIA, targeting $10B in equity commitments

Blackstone raised over $10B for a targeted $13B third Asia buyout fund 

Blackstone and Neuberger Berman committed $600M to a deeply discounted multi-asset continuation fund of Trilantic Capital Partners's sixth flagship vintage from 2017

Consumer-focused PE firm Monogram Capital Partners raised $350M for its third fund

UK PE firm ICG and French asset manager Amundi partnered to roll out two Europe-focused evergreen funds focused on private credit and LP secondaries; Amundi will take a 9.9% stake in $8B-listed ICG

Investors pulled a record $523M from BlackRock's flagship Bitcoin ETF

Bitcoin daredevils leave market on edge as levered bets misfire

Crypto leverage hit a record high in Q3

Crypto world wipes out $1T as Bitcoin plunges anew

Basel chair says global crypto rules for banks need reworking

TechCrunch recently brought together VC GPs and LPs as part of its Disrupt 2025 to discuss the state of VC markets. The key takeaways are not very optimistic.

With PE struggling for cash and exits, its ordinary Americans whose keeping the industry afloat. Check out Bloomberg's deep dive into how retirees are fueling much of the PE secondaries boom.

Also, Nvidia Earnings (The Film): A two-minute banger produced by @bearlyai.

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