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Activist Elliott is escalating its battle with a PE firm, AI startup valuations are raising bubble fears, Altman embarked on a global fundraising campaign, Italy called on US to reconsider pasta tariffs, and Centerview will face trial over a junior banker's long hours.

Mizuho recently hosted an insightful conference with industry leaders to discuss the state of the industrials sector amid all the political and market uncertainty. Check out some key opinions from the event.

Let's dive in.

Before The Bell

As of 10/3/2025 market close.

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Markets

  • US stocks closed mixed on Friday as a government shutdown dragged into a third day

    • All four major indexes hit intra-day ATHs

    • S&P and Nasdaq gained for a fourth week in five

    • Dow rose for a third week in four

  • Europe's Stoxx 600 rose for a fifth-straight day to a fresh ATH

  • UK's FTSE 100 hit a fresh ATH

  • Japan's Nikkei 225 index surged 4.5% to a new ATH on news of a new PM

  • Canada's TSX index hit a fresh ATH

    • The index is up 22% YTD

  • Korea's KOSPI index rallied 2.7% to a fresh ATH on the back of AI 

    • The index is up 48% YTD

  • Momentum funds are having their best run in three years 

  • Gold rose for a seventh-straight week

  • Bitcoin hit a new ATH

Earnings

  • What we're watching this week:  

    • Today: Constellation Brands

    • Thursday: Delta, PepsiCo, Levi's

  • Full calendar here

Prediction Markets

  • Where's Vanderbilt?

  • Trade your predictions on a range of events, only on Kalshi. Sign up with code LIT and get a $20 bonus when you trade $100.

Headline Roundup

  • Centerview Partners will face trial over junior banker's long hours (FT)

  • US business activity shrank for the first time since Covid (BBG)

  • Sweden is Europe's hottest IPO market this year (BBG)

  • VCs poured $192B into AI startups YTD (BBG)

  • AI startup valuations raise bubble fears as funding surges (RT)

  • Options risk premium is rising despite drop in implied volatility (BBG)

  • DoubleLine sees shutdown adding fuel to steepener trade (BBG)

  • Bulls are piling into EM as momentum returns (BBG)

  • Goldman clients are most bullish in 10 months on AI FOMO (BBG)

  • European banks' growing LevFin appetite boosts revenue prospects (BBG)

  • Investors are avoiding Europe's junkiest debt amid brutal restructurings (BBG)

  • Europe's junk borrowers are flocking to Nordic bond markets (FT)

  • Japan's $8T bond market wakes up as yields climb (BBG)

  • Activist Elliott escalates battle with a Texas PE firm (BBG)

  • Multinational firms race ahead as dollar slump divides US stock market (FT)

  • Sam Altman has embarked on a global fundraising campaign (WSJ) 

  • Delays to US-UAE chips deal is frustrating Jensen Huang (WSJ)

  • Sports-betting stocks face growing threat from prediction rivals (BBG)

  • Hackers are extorting Oracle's customers (RT)

  • UK fintech Monzo will re-try for a US banking license (FT)

  • Italy called on US to reconsider tariffs on pasta (RT)

  • Japan named Sanae Takaichi as country's first ever female PM (CNBC)

A Message from Mizuho

Amid geopolitical uncertainty and rapid technological change, the industrials and chemicals sectors stand at a crossroads – with their next moves set to shape the trajectory of the industries for years to come.

That reality was front and center at Mizuho's second annual Industrials & Chemicals Conference, held at the Mandarin Oriental in New York. Executives and investors from across the sectors gathered for a wide-ranging program, representing companies spanning electronic chemicals and fertilizers to industrial markets including electrification, automation, and energy. The agenda was anchored by a keynote fireside chat with Chris Musso of McKinsey, who has led the firm's global chemicals practice for the past three years.

Deal Flow

M&A / Investments

  • BlackRock-owned Global Infrastructure Partners is in talks to acquire Macquarie-backed Aligned Data Centers at a $40B valuation

  • O&G giant Chevron is selling Colorado pipeline assets for $2B

  • European PE firm CVC agreed to acquire insurance distribution platform Bamboo from White Mountains Insurance for $1.75B

  • Manufacturing conglomerate 3M is considering a multibillion-dollar carve-out of its industrials arm

  • Oaktree Capital Management is seeking to sell a 20%-40% stake in UK data center developer Pure Data Centres at a $5.4B-$6.7B valuation

  • Space tech firm Firefly Aerospace will acquire national security tech firm SciTec in a $855M cash-and-stock deal

  • Brazilian utility Sabesp agreed to acquire a 75% stake ion water and energy giant EMAE from Phoenix Água e Energia and Centrais Elétricas Brasileiras for $212M

  • Taiwanese electronics manufacturer Yageo succeeded in its $740M tender offer for Japanese temperature sensor manufacturer Shibaura Electronics

  • Media conglomerate Paramount Skydance is seeking to acquire startup news outlet the Free Press

VC

  • AI hardware startup Unconventional raised a $1B round at a $5B valuation led by a16z 

  • Open source database service Supabase raised a $100M Series E at a $5B valuation led by Accel and Peak XV

  • DualEntry, an AI-native ERP platform, raised a $90M Series A led by Lightspeed Venture Partners and Khosla Ventures

  • SaaS startup PostHog raised a $75M Series E at a $1.4B valuation led by Peak XV Partners

  • Axiom Math, a startup building an AI mathematician for complex math problems, raised a $6.4M seed round at a $300M valuation led by B Capital

  • Cloud-native inventory management platform Katana raised a $16.5M Series B extension led by Cogito Capital Partners

  • PEAK:AIO, a startup developing storage infrastructure for AI, raised $6.7M in funding led by Pembroke VCT

  • Car dealership AI startup Flai raised a $4.5M seed round led by First Round Capital

IPO / Direct Listings / Issuances / Block Trades

  • Indian conglomerate Reliance Industries is in talks with banks for a potential $6B IPO of its Reliance Jio Infocomm unit

  • UK packaged food company Princes Group is considering raising $540M at a $2.2B valuation in a London IPO

  • Indian data center firm Sify Infinit Spaces will file for a $500M India IPO

  • Dubai developer Binghatti is in talks with banks for an IPO

  • AI chip startup Cerebras Systems withdrew its IPO filing

Debt

  • Private credit firms are weighing a $1.8B debt package to back Warburg Pincus and Permira's potential LBO of UK fund solutions firm JTC

  • Jaguar Land Rover Automotive is preparing a $675M loan to support its suppliers amid a cyberattack

  • Malaysian financial services firm MBSB agreed to provide $310M through a syndicated Islamic facility for Weststar Aviation Services, the aviation arm of The Weststar Group

  • EQT-backed data center operator EdgeConnex tapped Morgan Stanley to explore ABS or private credit financing

Bankruptcy / Restructuring / Distressed

  • UAE conglomerate IFFCO Group tapped Rothschild to restructure $2B in debt owed to banks including HSBC

  • Troubled Brazilian chemical giant Braskem tapped its entire $1B credit facility

  • Bankrupt pharmacy chain Rite Aid closed all remaining stores

  • An initial review of bankrupt subprime auto lender Tricolor' revealed 40% of loan collateral as double counted

Fundraising / Secondaries

  • UK lower MM PE firm August Equity raised $470M for its sixth flagship fund

  • PE firm Blue Sage Capital raised $287M for its first credit fund

  • B2B investor Photon Capital announced a first close for its second fund

  • Investment firm Hamilton Lane launched a new evergreen growth and VC fund for both individual and institutional investors

Crypto Sum Snapshot

  • Crypto market cap hit $4.1T as as 'Uptober' narrative takes hold

  • Boomers and global wealth seen boosting crypto until 2100

  • UK retail investors face delays in buying regulated crypto assets

  • Coinbase is seeking OCC trust charter to grow payments business

Crypto Sum summarizes the most important stories on crypto daily. Read it here.

Exec’s Picks

Finance & Startup Recruiting 💼

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Next Play

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*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.

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