US stocks fell as investors digested major Big Tech earnings

Japan stocks hit a fresh ATH

China stocks snapped a five-month rally

MSCI EM stocks index is set to rise for a tenth-straight month for its longest win streak in over two decades

Dollar rallied to its highest since August

Amazon beat Q3 earnings and revenue estimates driven by 20% growth in AWS, the fastest in three years, and better-than-expected performance in its ads unit (CNBC)

Apple issued a Q4 beat-and-raise on 'off the chart' iPhone 17 demand and Macs, iPads, and services exceeding forecasts despite a 4% sales decline in China (CNBC)

Coinbase beat revenue estimates on 55% growth driven by a crypto market rally and growing adoption following the first US stablecoin regulation (BBG)

Eli Lilly issued a Q3 beat-and-raise on surging global demand for its Zepbound weight-loss drug and Mounjaro diabetes treatment, solidifying its lead in the fast-growing GLP-1 market (CNBC)

Comcast missed Q3 estimates as broadband subscriber losses extended for a tenth-straight quarter, though Xfinity mobile added 414k despite intensifying competition from fiber and 5G home internet providers (BBG)

Reddit issued a Q3 beat-and-raise on a 68% sale increase and 7% rise in DAUq and strength in its AI-powered ad tools (CNBC)

Blue Owl beat Q3 revenue estimates and reported in-line earnings as AUM rose 26% YoY and the firm raised $14.4B in new capital commitments (YF)

Strategy beat Q3 earnings and revenue estimates returning to profitability on unrealized gains from its $69B crypto holdings and reaffirming ambitious FY guidance (BBG)

Mastercard beat Q3 earnings and revenue estimates driven by healthy consumer and business spending and continued robust performance of differentiated services (BBG)

Roblox beat Q3 revenue and bookings estimates and posted a smaller-than-expected loss, though it warned higher CapEx and developer payments could pressure FY margins (CNBC)

What we're watching this week:  

Full calendar here

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Snowflake exec shared unauthorized guidance in street interview (CNBC)

Trump pushes for US-led digital economy that's free of tariffs (BBG)

US and China struck a one-year truce on trade (BBG)

DOGE wrapped up work at SEC (RT)

Fed's plans to cut 30% of banking supervision staff (BBG)

Private credit enters the equity business as borrowers struggle (BBG)

JPMorgan will keep 40% of fees for $20B debt backing EA's LBO (BBG) 

JPMorgan's top Europe banker predicts 'big M&A' next year (BBG)

AI boom drives trillion-dollar valuations and record bets on chip firms (RT)

Big Tech tests investors' patience with $80B Q3 AI CapEx spree (FT)

AI dominance risks are bigger in Asia with fewer stocks in play (BBG)

SPACs are booming again (BBG)

China approved the TikTok US deal (RT)

Cinven execs face risk of UK boardroom ban after drug price gouging (FT)

State Street pulled its US fund manager from global climate coalition (RT)

UK firms in critical distress have risen by 78% (BBG)

US fired Fannie Mae's ethics team (WSJ)

Delaware AG will take legal action if OpenAI fails to act in public interest (FT)

Warren Buffett hands off annual letter to successor Abel (WSJ)

Zuckerberg dropped two spots in billionaire ranks amid Meta stock tank (BBG)

Palantir sued two ex-engineers for stealing company secrets (WSJ)

FBI searched investment firm linked to bad loans disclosed by Zions and Western Alliance (RT)

World power demand is set to rise by one-third by 2035 (BBG)

Netflix is exploring a bid for $53B-listed Warner Bros. Discovery's studio and streaming businesses

European PE firm EQT is exploring an $11.5B takeover of Blackstone-backed German car marketplace Mobile.de, which is currently exploring a Germany IPO

Data center firm Core Scientific shareholders rejected a $9B takeover bid by AI cloud computing firm CoreWeave's $9B takeover bid over valuation concerns

Pharma giant Novo Nordisk launched a bidding war against Pfizer for US obesity biotech firm Metsera with an $8.5B bid, including milestones

Insurance giant AIG and Canadian investment firm Onex agreed to acquire specialty insurer Convex in a $7B deal

Intel is in talks to acquire AI chip startup SambaNova Systems; the startup was last valued at $5B in 2021

Mubadala-backed insurance and asset management firm Aquarian Holdings is in advanced talks to take-private US life insurer Brighthouse Financial in a $4B cash deal

Activist hedge fund Engaged Capital is pushing $3.5B-listed software company BlackLine to pursue a sale

Italian lender UniCredit increased its stake in Greek lender Alpha Bank to 29.5%, worth $2.8B

Broadband giants Nexfibre Networks and CityFibre are among bidders seeking to acquire UK fibre company Netomnia, which could fetch an over $2.6B valuation

AIG agreed to acquire a 9.9% stake in Onex for $646M and invest $2B over three years in Onex funds

Warburg Pincus, Carlyle, KKR, Blackstone, and TPG considering bids for Asian corporate services firm Acclime at a $1B valuation

UK telecom Vodafone agreed to buy German cloud specialist Skaylink from PE firm Waterland for $204M

SpaceX is among bidders interested in acquiring $6.5B-listed low-earth orbit satellite maker Globalstar

AI coding startup Poolside is in talks to raise $2B at a $12B pre-money valuation led by Nvidia

Italian app investor Bending Spoons raised $710M in equity at an $11B valuation led by T. Rowe Price

Synthesia, an AI startup helping companies build engaging videos, raised a $200M round at a $4B valuation led by GV

Swedish legaltech Legora raised a $150M Series C at a $1.8B valuation led by Bessemer Venture Partners

Proactive wildfire defense startup Frontline Wildfire Defense raised a $48M Series A led by Norwest

IntrCity SmartBus, a tech-enabled intercity bus platform in India, raised a $30M Series D at a $140M valuation led by A91 Partners

Snabbit, an Indian on-demand home-help startup, raised a $30M Series C at a $180M valuation led by Bertelsmann India Investments

Shippio, a Japanese digital trade and logistics platform, raised a $21M Series C led by DNX Ventures

BluWave, a market network platform for the PE ecosystem, raised a $14M growth round led by Highmount Capital

The Mobile-First Company, a mobile AI suite for SMB teams, raised a $12M seed round led by Base10 Partners and Lightspeed Venture Partners

AI health companion Bevel raised a $10M Series A from General Catalyst

Hercle, an institutional infrastructure company bridging stablecoins, digital assets, and cross-border settlement raised a $10M round led by F-Prime

Lyzr, an enterprise agentic AI infrastructure company, raised an $8M Series A led by Rocketship.vc

Lula Commerce, an AI-powered digital commerce technology for convenience retailers, raised an $8M Series A led by SEMCAP AI

AI product discovery startup The Prompting Company raised a $6.5M seed round from Peak XV Partners, Base10, Y Combinator, and more

CustoMED, a startup using AI to create personalized surgical tools and implants, raised a $6M seed round led by Longevity Venture Partners, Varana Capital, and more

Catalyx Space, a space infrastructure startup, raised a $5.4M seed round led by Outlander VC

Autonomous underwater drone startup Tethys Robotics raised a $4M pre-seed round led by Redstone

Enterprise travel software company Navan fell 20% after raising $923M in its US IPO

UK specialty lender Shawbrook raised $460M in its London IPO

Gloo Holdings, a tech platform connecting the faith ecosystem, is seeking to raise $110M at a $875M valuation in an IPO

Indian online education platform Physicswallah is planning an India IPO at a $430M valuation

BlackRock-backed tokenization firm Securitize will merge with Cantor Equity Partners II at a $1.25B pre-money equity valuation and will tokenize its equity

AI and energy-focused SPAC Dynamix Corporation III raised $175M in an IPO and tapped Nvidia and Prologis execs as advisors to hunt for deals

Meta raised $30B in a bond sale that drew a record $125B of orders

Private credit lenders led by General Atlantic are in talks to provide $2B of debt to Apollo-owned custom photo company Shutterfly to refinance some high-yield bonds and leveraged loans

Thoma Bravo-owned intelligence solutions company Ping Identity is seeking $1.8B in bank debt to fund a $1B dividend recap and refinance private credit

Fuel cell developer Bloom Energy is seeking to raise $1.75B in a zero-coupon convertible bond sale

Unprofitable carrier Air India is seeking $1.1B in financing from its owners Tata and Singapore Airlines

Texas is providing a $1.1B low-interest loan to power plant operator Competitive Power Ventures

Tobacco products supplier Tobacco Rag Processors raised $675M in private credit in a sale led by Stifel

BlackRock and other creditors are suing bankrupt Broadband Telecom and Bridgevoice for fraud, alleging the firms fabricated A/R

Hedge fund titan Millennium is raising $5B for a new fund to invest in private market opportunities

JPMorgan tokenized a PE fund on its own blockchain

BNY Mellon launched a tokenized CLO fund on Ethereum following success of Goldman's tokenized money market funds

Battle brews over what Bitcoin can and should be used for

Decentralized crypto exchange dYdX plans to enter US markets 

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FT published an interesting piece on how sports gambling took over prediction markets in US.