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Good Morning,

The US GDP grew by 3.3% last quarter, Jamie Dimon is shaking up JPM’s leadership team, Tesla erased $80B in market cap after Musk’s sales warning, Microsoft cut 1,900 jobs in gaming, China may have more stimulus coming, and Aramco is searching for deals in Asia.

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Let’s dive in.

Before The Bell

Markets

• US stocks rose thanks to faster-than-expected GDP growth of 2.5% for the full year

  • The Dow led indices with a 0.64%

• Asian stocks mostly rose, led by Chinese stocks amid Chinese stimulus

Earnings

• Intel shares fell ~11% despite beating Q4 earnings and revenue expectations due to an underwhelming Q1 forecast (CNBC) 

• Blackstone reported 4% growth in its Q4 distributable earnings, while net profit from asset sales rose 16% (RT)  

• American Airlines shares jumped 10% after beating Q4 earnings and revenue expectations and forecasting 2024 profit largely above expectations (RT)  

• Comcast beat Q4 earnings and revenue expectations and lost fewer broadband subscribers than expected (CNBC) 

• What we're watching this week:  

  • Today: American Express

• Full calendar here

Headline Roundup

• US GDP grew 3.3% last quarter, capping unexpectedly strong year (BBG)

• Jamie Dimon shakes up JPMorgan’s leadership once again (WSJ)

• Alphabet, Microsoft and Meta close at all-time highs (CNBC)

• Tesla erases $80B in valuation after Musk’s sales warning (RT)

• US extends lead over China in race for world’s biggest economy (BBG)

• Microsoft cuts 1,900 jobs in gaming, including at Activision (BBG)

• Salesforce laying off 700 workers in latest tech industry downsizing (WSJ)

• ECB holds rates and signals cuts are still some way off (BBG)

• Singapore home rents fall for the first time in over three years (BBG)

• China signals more targeted stimulus to come (BBG)

• Dubai’s property boom shows signs of fizzling out (RT)

• Hedge fund demands $100M from its compliance team after SEC probe (BBG)

• Starbucks, Coke boycotts over Gaza War are boosting Middle East rivals (BBG)

• Riot Games shuts down effort to build a streaming rival to Twitch (BBG)

• US is investigating GM’s driverless car’s collision with pedestrian (WSJ)

• Trump’s momentum has world leaders bracing for Round Two (WSJ)

• Aramco hunts for Asia deals to boost refining and chemicals (BBG)

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Deal Flow

M&A / Investments

• Bain Capital and Parthenon Capital, the PE owners of Zelis, are weighing options for the healthcare tech company, including a sale or IPO, at a valuation of at least $15B (BBG) 

• PE firm EnCap Investments is exploring a sale of Grayson Mill Energy that could value the Bakken shale-focused oil and gas producer at ~$5B, including debt (RT) 

• Hitachi and NEC are seeking to raise $2.1B by selling their stakes in Japanese chipmaker Renesas Electronics (BBG)

• Software company Roper Technologies will acquire child-care management software provider Procare Solutions for $1.9B, including debt (BBG) 

• Global investment firm Hillhouse is one of the final few bidders for Everlife Holdings in a deal that could value the Asian healthcare services company at up to $1B (RT) 

• Suave Brands, which is owned by PE firm Yellow Wood Partners, will acquire lip balm brand Chapstick from Haleon in a ~$510M deal (BBG) 

• US natural gas developer Tellurian, which has a $364M market cap, is exploring commercial opportunities, including a potential sale of the company (BBG) 

• The FTC sued to block Novant Health’s $320M acquisition of two North Carolina hospitals from Community Health Systems (MW)

VC

• Mycelium startup Infinite Roots raised a $58M Series B led by Dr. Hans Riegel Holding (TC)

• Wireless threat intelligence technology supplier Bastille Networks raised a $44M Series C led by Goldman Sachs Asset Management (BW)

• Digital asset banking group Sygnum raised a $40M+ round at a $900M valuation led by Azimut Holding (FN)

• AVLA, a global insurance group, raised $25M in funding from Creation Investments (PRN)

• Doppel, an AI-native digital risk protection startup, raised a $14M Series A led by a16z (FN)

• Ceezer, a carbon credits startup, raised an $11.2M Series A led by HV Capital (TC)

• Swift Medical, a digital health technology company serving wound care providers, raised an $8M round led by BDC Capital and Virgo Investment Group (BW)

• Digital investment and wealth planning firm Marstone raised an $8M Series B led by Mendon Venture Partners and South Rose Capital (BW)

• Dupr, a provider of a pickleball international rating system (lol), raised $8M in funding from David Kass, Andre Agassi, Raine Ventures, and more (FN)

• Plant-based whole cuts startup Chunk Foods raised a $7.5M seed extension round led by Cheyenne Ventures (TC)

• Tynt Technologies, the developer of the first-ever blackout dynamic ultra-energy-efficient window, raised a $7.1M seed II round led by KOMPAS (VC)

• Digs, a collaboration platform for home builders, closed a $7M seed extension round led by Oregon Venture Fund and Legacy Capital Ventures (TC)

• AI automation startup bluesheets raised a $6.5M Series A led by Illuminate Financial (FN)

• Isaac Health, a digital health startup focused on brain health, raised a $5.7M seed round led by Meridian Street Capital and B Capital (BW)

• Being Health, a mental health practice, raised $5.4M in funding from 18 Park and HDS Capital (BW)

• Prompt Security, a platform for enterprise generative AI security, raised a $5M seed round led by Hetz Ventures (FN)

• Edge AI platform OctaiPipe raised a $4.5M pre-Series A led by SuperSeed (FN)

• Axyon AI, an Italian fintech startup, raised a $4.2M round led by Montage Ventures (FN)

• UAE-based conversational AI startup DXwand raised a $4M Series A led by Shorooq Partners and Algebra Ventures (TC)

• Krepling, an e-commerce channel management platform, raised a $3.3M seed round led by LAUNCH, Brickyard, Front Porch Ventures, and more (PRN)

• Birdwatch, a Washington D.C.-based home maintenance tech and services company, raised a $3.2M seed round led by Social Leverage, Starting Line, and more (FN)

• ViralMoment, a startup using AI to analyze social videos, raised a $2.5M seed round led by Supernode Global (PRN)

• Banking customer engagement platform Attune raised a $2.2M seed round led by Tribeca Early Stage Partners (PRN)

• Bitflow Labs, a decentralized exchange company, raised a $1.3M pre-seed round led by Portal Ventures (FN)

IPO / Direct Listings / Issuances / Block Trades

• KKR-backed BrightSpring Health Services raised $693M in its IPO after pricing shares below a marketed range (BBG) 

• Indian tech company Perfios Software Solutions, which is backed by Warburg Pincus, is considering an IPO in India that could raise as much as $500M (BBG)

• Chinese EV charging equipment provider StarCharge is considering a Hong Kong IPO that could raise ~$500M (BBG)

• Shares in CG Oncology soared 96% on its debut day of trading after the US biotech raised $380M (BBG)

Debt

• Brookfield Asset Management is planning to raise ~$1.2B of debt to fund its acquisition of American Tower’s Indian assets (BBG) 

• Blackstone is seeking ~$250M of private debt from direct lenders to help finance its $2.3B acquisition of Rover Group (BBG)

Bankruptcy / Restructuring

• Struggling telecom Lumen Technologies, which is struggling with $20B of debt, reached an agreement with creditors to receive fresh financing and extend its debt (BBG) 

• Lenders to Byju’s Alpha filed an insolvency petition after the Indian edtech missed a payment on a $1.2B loan (BBG) 

• Brazilian low-cost airline Gol Linhas Aereas Inteligentes filed for Chapter 11 bankruptcy in the US (BBG)

Fundraising

• Blackstone is set to launch its Capital Opportunities Fund V, its newest $10B opportunistic credit fund (BBG) 

• Asset manager TCW Group launched a new private credit asset-backed finance strategy anchored with $1B of investor commitments (BBG)

Crypto Corner

• The SEC delayed its decision on BlackRock and Grayscale Investments’ spot Ethereum ETFs (RT) 

• The UK began design work for a digital version of the pound (BBG)

Exec’s Picks

• Anon Twitter account High Yield Harry joined the Odd Lots podcast to discuss credit markets, banking bonuses, and more.

• Lulu Cheng Meservey wrote an excellent piece on Anduril’s comms strategy.

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