US stocks rose yesterday on tech optimism and a historic Cerebras IPO

Japan 30Y yield climbed 10 bps to 3.915% to the highest since 1999

Pound tumbled 1% in its worst day in three months amid UK's political crisis

Offshore yuan gained for an 11th-straight day versus dollar in its best streak in a decade

Brookfield's Q1 distributable earnings rose to $1.4B and announced plans to merge its shares with its insurance business to transform into an investment-led insurer and improve its overall capital structure (BBG)

Klarna swung to a Q1 profit as it shifts focus towards new offerings that cater to big-ticket purchases, with results already paying off (WSJ)

Figma beat Q1 revenue estimates and raised FY guidance as it leverages AI to win more customers and customer spending on its platform (SN)

Honda posted its first FY loss ever on a $10B EV writedown as it gives up on EV ambitions in US and severely struggles with competition in China (WSJ) 

Full calendar here

The world is watching the high-stakes meetings between Trump and Xi but our friends across the pond are on a whole another planet

Trade event contracts on Polymarket, the world's largest prediction market

Stephen Miran resigned as Fed governor (CNBC)

US import and export prices jumped by the most since 2022 (BBG)

Trump and Xi discussed range of issues on second day of summit (WSJ)

Pentagon's 'Deal Team Six' aims to weaken China's grip on rare earths (BBG)

PE LPs slam 'runaway' legal costs from top law firms (FT)

PE cools on India amid lofty prices and economic jitters (FT)

Megafunds are bullish on the Middle East despite the Iran war (BBG)

Megafunds dig deep to address problems in private credit funds (BBG)

Private credit redemptions topped fundraising for the first time (BBG)

Hedge funds are making a killing in the 'golden age' of AI hardware (WSJ)

Mutual funds are getting crushed amid a concentrated AI rally (BBG)

Red hot demand for risky dollar loans brings bigger deals (BBG)

JPMorgan's bet on startups pays off in leading global tech IB (RT)

Revolut is preparing to launch a private bank to woo wealthy (FT)

Cerebras founders secure ~$5B fortune from historic IPO (BBG)

Benchmark and Eclipse see massive windfall from Cerebras IPO (BBG)

OpenAI is exploring legal options against Apple (BBG)

Ford will pivot from EVs to powering data centers (CNBC)

MBA programs are offering 50% tuition discounts (WSJ)

Trump grows frustrated with lack of progress in Cuba talks (BBG)

Food ingredients firm Ingredion offered to acquire UK peer Tate & Lyle for $3.7B cash at a 65% premium

Japanese refiner ENEOS agreed to purchase some of Chevron's APAC assets, including its 50% stake in a Singapore refinery, for $2.2B cash

Qatar-linked Investment firm Irth Capital partnered with and Papa John's largest US franchisee Bajco Group for its $1.5B take-private bid for pizza chain Papa John's at a 44% premium

Brookfield agreed to acquire air cargo specialist World Freight Co. from EQT and PAI Partners for $1.2B

A consortium led by Silver Lake exec Egon Durban will acquire a 25% stake in NFL team Las Vegas Raiders from another ministry shareholder to boost its stake to 40%

UAE defense group EDGE will acquire an 80% stake in Italian marine engine maker Costruzioni Motori Diesel 

Comcast's Sky unit is in active talks to acquire the media and entertainment division of UK broadcaster ITV for $2.2B

Major ​shareholder Toscafund Asset Management offered to buyout UK hospital group Spire Healthcare for $1.35B at a 66% premium

Mining-focused PE firm Appian Capital Advisory acquired the Omitiomire copper project in Namibia and will invest $400M

Jensen Huang's Jen-Hsun and Lori Huang Foundation bought $110M of AI compute from CoreWeave and donated it to researchers

AT&T, T-Mobile, and Verizon announced a rare JV to boost satellite capabilities in remote areas

Cristiano Ronaldo bought a stake in LiveModeTV, the global sports streaming channel linked to Brazil's CazéTV

Japanese trading house Itochu will take a 40% stake in character licensing startup Octas

Brookfield merged shares of its insurance unit into its parent company

Anthropic is set to raise a $30B round at a $900B pre-money valuation led by Dragoneer, Greenoaks, Sequoia, and Altimeter Capital

DayOne Data Centers is considering raising an upsized $4B Series C

Brookfield built a $2B stake in SpaceX ahead of its $75B IPO

Brookfield invested $500M in AI humanoid robotics startup Figure and also invested in personal AI startup Hark Labs

Photonic, a distributed quantum computing company, raised a $200M round at a $2B valuation led by Planet First Partners

GridCARE, an AI power-infrastructure startup, raised a $64M Series A led by Sutter Hill Ventures

Fasset, a stablecoin-backed neobank, raised a $51M Series B from SBI Group, Investcorp, and Arz Portföy 

equipifi, a fintech platform enabling banks and credit unions to offer flexible payment solutions, raised a $34M Series B led by Left Lane Capital

Nectar Social, an agentic social OS for modern marketing, raised a $30M Series A led by Menlo Ventures

Iceotope, a precision liquid cooling solutions provider, raised a $26M Series B led by Two Seas Capital and Barclays Climate Ventures

GovWell, an AI startup focused on modernizing local government, raised a $25M Series A round 

AI bookkeeping startup Synthetic raised a $10M seed round led by Khosla Ventures  

Frontier AI lab for defense and security Twin Prime raised a $10M pre-seed round led by Expeditions

Graphon AI, a developer of a pre-model intelligence and relational representation layer for enterprise AI, raised an $8.3M seed round led by Novera Ventures

Flick, an AI-native filmmaking platform, raised a $6M seed round from True Ventures, GV, Y Combinator, Lightspeed, and others

AI chipmaker Cerebras Systems soared 70% in its trading debut after raising $5.5B for a $66B valuation in an upsized IPO priced above a marketed range in the largest tech IPO this decade

Blackstone Digital Infrastructure Trust raised $1.75B in an IPO to acquire data centers

TPG and Temasek-backed Indian hospital operator Manipal Health will begin marketing its India IPO to raise $1B at a $12B valuation

Oman India Fertiliser is seeking to IPO in Oman at a $2.5B valuation

Chinese data center equipment supplier Adtek Technology is considering raising $500M at a $3B-$4B valuation in a Hong Kong IPO

Blackstone-backed Bagmane Prime Office REIT raised $360M for a $3.7B market cap in an India IPO

Permian Basin landowner EagleRock Land rose 24% in its trading debut after raising $320M for a $3B market cap in its IPO

Mexican industrial property developer Vesta raised $240M in a follow-on share sale in Mexico and US

Founding Winklevoss twins invested $100M into crypto exchange Gemini

Banks including Morgan Stanley are providing a $5B financing package to back hospitality billionaire Tilman Fertitta's $30B LBO of casino giant Caesars Entertainment

Data center operator IREN sold $2.6B of 1% convertible senior notes following an investment from Nvidia

Brookfield is close to securing a $935M loan to back its $1.2B LBO of air cargo specialist World Freight Co. from EQT and PAI Partners

Venezuela will begin a process of restructuring its $170B of debt

Private credit lenders Blackstone and KKR are set to take control of Harvest Partners and Berkshire Partners-backed dental business Affordable Care in a restructuring that will slash 70% of debt, including a $1.7B private credit loan

SK Capital Partners-backed Swiss specialty chemicals firm Archroma secured a debt extension for $1B of junk loans

Omnicare, the bankrupt pharmacy services provider of ​CVS, won ‌bankruptcy court approval to sell its business to PE-backed GenieRx for $250M cash

New Abu Dhabi SWF L'imad Holding formed a $30B infrastructure investing JV with BlackRock's GIP, Singapore SWF Temasek, and Abu Dhabi's oil giant ADNOC

Canada's BCI will close two global stock-picking strategies managing a combined $3B

Real estate investor Core Spaces raised $1.64B for its fourth flagship fund to invest in university housing

Perbak Capital Partners, a $1.1B short-focused UK hedge fund backed by Schonfeld, will wind down following unsatisfactory AUM growth

UK OCIO Eighteen48 Partners raised $200M for a targeted $410M debut European MM PE fund

UK hedge fund Lansdowne Partners raised $150M for a targeted $200M VC fund to back UK startups

Crypto Clarity bill advanced in Senate with bipartisan support

Senator Elizabeth Warren said the Clarity Act will 'blow up the economy'

BoE will water down stablecoin rules amid industry pressure

In honor of the Dow hitting 50,000, we're dusting off the dust from our merch collection and bringing back the good ol' DOW 50,000 Dad Hat. Snag one today and consider gifting one to Pam Bondi too…IYKYK🤷‍♂️

Chris Hughes shared an interesting take on the structural decline of UK's capital markets. This one from the perspective of the on-going takeover battle for Intertek.

Larry Swedroe gave an interesting explanation for why stocks fall for no apparent reason.