Together with
Good Morning,
Quant hedge funds suffered their worst day in two years, Josh Kushner tripled his wealth in one year to $17B, Ray Dalio revived his doomio warnings, Citadel offloaded almost all stakes it acquired from Situational Awareness, and Trump suggested military intervention to bring down yields and interest rates.
Your tax extension ends in 52 days. Have you talked strategy with your CPA since April? If you've outgrown yours, OLarry does year-round tax advisory and filing for complex returns. One flat fee. No hourly bills.
Let's dive in.
Before The Bell

As of 8/21/2026 market close.
Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*
Markets
US stocks rose on Friday on upbeat economic data
Nasdaq-100 snapped a five-day losing streak
Gold rallied to a three-month high
Earnings
What we're watching this week:
Tuesday: DICK'S Sporting Goods, Zoom
Wednesday: Nvidia, Salesforce, CrowdStrike, Kohl's
Thursday: Marvell Technology, Workday, Best Buy, Dollar General, Ulta Beauty
Full calendar here
Prediction Markets
Canelo won't be the goat until he KOs Jake Paul himself
Deposit $10 and get a $20 bonus with code LIT on signup, only on the Polymarket US app
Headline Roundup
Trump floats military operation to lower interest rates (ES)
US business activity grew at the fastest pace in four years (BBG)
US hit Canada with 50% tariffs after trade talks failed (RT)
US long bonds risk deeper selloff without clear Warsh guidance (BBG)
Trump did not direct Bessent to intervene in bond market (RT)
Bessent's bond maneuvers give global debasement trade new life (BBG)
EM trade notches longest run since 2008 (BBG)
Private credit makes big pivot as direct lending funds shrink (BBG)
Corporate AI debt surge tests investor limits as fatigue emerges (RT)
Juicy yields draw junk bond 'tourists' to high-grade AI debt (BBG)
Quant hedge funds suffer worst day since 2024 on Bessent intervention (FT)
US buyers snap up Europe asset managers at fastest rate in decades (FT)
Goldman and JPMorgan are among the most bullish on Europe (BBG)
Apollo reveals data breach after hackers target financial firms (RT)
JPMorgan poached BofA's David Fishman as head of technology M&A (RT)
Anthropic's best model struggles to attract users as cheaper tools thrive (FT)
OpenAI cut developer pricing for GPT-5.6 by 20% (RT)
TikTok settled for $400M with US over child privacy concerns (NYT)
SEC charged ex-BofA senior banker with $18M insider trading (RT)
Josh Kushner tripled his wealth in one year to $17B (FRB)
Brands are 'maxxing' and 'mogging' as they adopt controversial trend (WSJ)
A Message from OLarry
K-1s from multiple funds. A rental in a state you don't live in. Trusts for your kids. Your extension ends October 15. Has your CPA called since April?
OLarry was built for this. OLarry offers year-round Private Client service for individuals and businesses with complex taxes, all for one flat fee.
Go beyond traditional tax filing with:
Unlimited strategy: Year-round access, never billed hourly
Built for complexity: K-1s, carry and profit interests, multi-state compliance, trusts and corporate entities (S-Corp, C-Corp, Partnerships)
U.S. cross-border filings: PFICs, FBAR, Form 5471, and foreign pensions on your U.S. return
Zero cross-selling: Never a pitch for annuities, insurance or other financial products
Proven track record: Trusted by thousands of high net worth individuals, families and businesses
Book a free consultation and get 10% off with code Execsum.
Deal Flow
M&A / Strategic
Italian lender BMPS launched separate all-stocks bids totaling $40B for rival Banco BPM and wealth manager Banca Generali to repel a hostile takeover by Intesa Sanpaolo
Nvidia will acqui-hire AI startup Poolside for $6B and also invest $1B at a $12B pre-money valuation
A consortium backed KKR agreed to takeover Aussie insurance broker Steadfast Group for $5.5B for a 50% premium, which will include specialty insurance distributor Amwins acquiring Steadfast's underwriting agency unit and Dragoneer Investment Group buying its broking unit
Indonesian telecom tower company Dayamitra Telekomunikasi is set to revive a ~$5B merger with rival Tower Bersama Infrastructure
Vista Equity Partners is weighing a sale of private markets software firm Allvue Systems at a $3B valuation, including debt
Malaysia ruled out a $1.9B acquisition of ID and passport supplier Datasonic Technologies
Dutch PE firm Waterland Private Equity is in early talks to takeover $1.2B-listed UK telecom services provider Gamma Communications
Nvidia is in early talks to acquire Korean AI chip designer Rebellions
African conglomerate Dangote Group offered East African countries a 30% equity stake in a planned $5B refinery for the region
VC
Perplexity is in talks to raise funding from Nvidia at an over $30B valuation
Alibaba-backed Chinese robotics startup Dexmal is in talks to raise a round at a $3B valuation
Starcloud, an orbital data center and in-orbit AI inference startup, raised a $250M Series A extension at a $2.3B valuation led by Manhattan West
MarginEdge, a restaurant management and finance platform, raised an $80M Series D led by Schooner Capital and Ten Coves Capital
VC-backed coffee chain Blank Street raised a $75M round at a $650M valuation from investors including General Atlantic
Multiplier, an AI-powered data platform and coding agent infrastructure for the asset management industry, raised a $6M seed round led by Lux Capital
Nvidia invested in data center power developer Cloverleaf Infrastructure
Access the complete VC deal flow and data on Fundable
IPOs / Listings / Issuances / Block Trades
Alibaba is seeking to raise 10.2B in a share sale
Chinese chipmaker YMTC plans to raise $4.9B in a China IPO following in the footsteps of rival CXMT's record listing
Samsung's battery unit Samsung SDI will sell $3.2B worth of Samsung Display shares back to display maker
UK AI cloud firm Nscale is seeking to raise $3B in a US IPO
SHEIN is seeking to raise $1.8B at a ~$27B valuation in its Hong Kong IPO
SPAC / SPV
Bitcoin treasury firm BSTR terminated a $1.5B merger with Cantor Equity Partners I amid market woes
Debt
India's HDFC Bank raised a record $1.75B in an overseas bond sale
Singapore-based DayOne Data Centers is seeking a $237M loan
Bankruptcy / Restructuring / Distressed
Creditors to collapsed property developer China Evergrande are likely to recover only 2% of $45B owed
Funds / Secondaries
Citadel offloaded over 80% of all stakes it acquired from Situational Awareness last month
Crypto Sum Snapshot
Binance is facing new scrutiny in crypto-friendly UAE haven
Crypto exec goes missing four years after predecessor went missing
Ray Dalio recommends gold and Bitcoin as debt crisis gets closer
Crypto Sum compiles the most important stories on everything crypto. Read it here.
Exec’s Picks
NinjaTrader is offering CME single stock futures on Nvidia, Tesla, Apple, Amazon, and more. Into derivatives but not a pro? You can learn to trade them risk-free on the NinjaTrader SIM platform.*
@RealNickMugalli shared a rare interview clip of Scott Bessent, where he discusses his career path and market philosophy. Highly insightful if you want to understand how he thinks and the logic behind his recent policy decisions.
*Security futures are not suitable for everyone. Leverage amplifies gains and losses. ninjatrader.com/ssf-risk
Financial Services Recruiting 💼
If you're a junior banker looking for your next career move, check out Litney Partners, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).
We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking.
We're currently seeking talent for some incredible roles. Head over to Litney Partners to drop your resume / create your profile and we'd love to get in touch!
Meme Cleanser



🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more.
💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.
☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.
📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend beehiiv to get started.
*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.







