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Citigroup joined Goldman in requiring junior bankers to disclose accepted job offers, Polymarket is set to re-enter US markets, India regulators allowed Jane Street to resume trading, and PE is increasingly by-passing banks in leveraged loan markets, which on a related note, had its second-busiest day ever.

Plaid's latest report dives into how AI is changing the fraud landscape and how smarter tools and industry collaboration can help firms fight back. Read it here.

Let's dive in.

Before The Bell

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Markets

• US stocks inched slightly upwards yesterday on broad earnings optimism 

  • S&P and Nasdaq closed at fresh ATHs

• Chile sovereign dollar bond spreads are on track to hit a 15-year low as elections loom

• Gold rose to to a one-month high

Earnings

• Verizon issued a Q2 beat-and-raise boosted by strong demand for premium plans and benefits from new tax legislation, though the firm saw a surprise loss of 9k monthly wireless subscribers amid post-price-hike churn (CNBC)

• Domino's Pizza met Q2 revenue estimates but missed on earnings due to a $27M charge from its China licensee investment; the firm posted 3.4% US same-store sales growth gaining market share across all incomes (CNBC)

• What we're watching this week:  

  • Today: Lockheed Martin, Coca-Cola, General Motors, Capital One, RTX, Texas Instruments

  • Wednesday: Tesla, Alphabet, AT&T, IBM, Chipotle, General Dynamics

  • Thursday: American Airlines, Intel, Blackstone, Honeywell

  • Friday: Booz Allen Hamilton

• Full calendar here

Prediction Markets

• Surely, this vote will not create any further controversy.

• 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

• Bessent called for review of 'the entire' Fed (CNBC)

• Bank CEOs are coming out fighting for Fed independence (WSJ)

• DoubleLine's deputy CIO preps for 'shadow Fed' to drive rates down (BBG)

• Citi is also requiring junior bankers to disclose accepted job offers (BBG)

• McKinsey changed leadership election to avoid succession dramas (WSJ)

• CBO estimates 'Big Beautiful Bill' will add $3.4T to deficit (BBG)

• Geopolitical volatility has wiped $320B off global profits since 2017 (FT)

• China says Wells Fargo banker blocked from leaving country was involved in criminal case (BBG)

• PE is cutting leveraged loan banks out of M&A and fees (BBG)

• Activist investors are targeting $30B tied up in biotech stocks (BBG)

• US leveraged loan market had its second-busiest day ever (BBG)

• Europe high-yield funds saw the highest weekly inflows YTD (BBG)

• SEC will set up guardrails for private investments in retirement plans (RT)

• US regulators reveal plans to replace the 'pattern day trading' rule (BBG)

• Chamath's SPAC-merged Opendoor is the newest meme stock (BBG)

• India allowed Jane Street to resume trading in India (BBG)

• BP named Albert Manifold as new chair amid activist pressure (FT)

• SoftBank and OpenAI's $500B AI project struggles to get off ground (WSJ)

• X will resist 'politically motivated' French probe (BBG)

• Citi poached JPMorgan's Vargas to lead North America ECM (RT)

• PE-backed ​​Subway named ex-Burger King exec as CEO (RT)

• Clear Street plans to cut UK jobs less than a year after launch (BBG)

• Number of US shipping container imports fell for a second month (BBG)

A Message from Plaid

Financial fraud is on the rise

Sophisticated tools – like generative AI – combined with outdated fraud prevention platforms means criminals are having more luck than ever when it comes to their fraud efforts. That's bad news for you. 

The good news is, Plaid and MIT Technology Review have your back in this latest report.

Download your free copy of "Battling Next-Gen Financial Fraud" right here.

Inside is everything you and your business need to know about the advanced methods criminals are taking to defraud you, how AI-enhanced security can help, and what tools you can put in place today to keep your information safe. 

You can get your copy right here, but don't forget (as always) to say "thanks Plaid!"

Deal Flow

M&A / Investments

• KKR agreed to acquire a significant minority stake in CVC-backed Swedish travel tech firm Etraveli at a $3.1B valuation

• South Korean fashion retailer F&F hired Goldman Sachs to advise on a potential $3.5B acquisition of golf products maker TaylorMade and will take legal action if the firm proceeds with a separate sale process

• PE firm L Catterton led an $800M equity investment at a $4B valuation in Flexjet, the world's second-largest private jet company

• Financial software firm SS&C will buy Carlyle's British fund network Calastone for ~$1B

• UK PE firm Apax Global Alpha unveiled a $1B plan to take itself private

• Polymarket is set to re-enter the US market after acquiring QCX, a small derivatives exchange and clearinghouse

• GE Vernova, the an energy equipment manufacturing and services firm spun off from GE, agreed to acquire French AI software firm Alteia

VC

• Xelix, an AI-powered platform that integrates with existing systems to detect payment errors and fraud while automating statement reconciliations, raised a $160M Series B led by Insight Partners

• Radical AI, a startup transforming materials science and advanced manufacturing through AI, raised a $55M seed+ round led by RTX Ventures

• Lucidya, an AI-powered platform for customer experience management, raised a $30M Series B led by Impact46

• Qlub, a dining payments platform, raised a $30M round led by Shorooq Partners and Cherry Ventures

• Rune Technologies, a startup bringing AI-enabled software to military logistics, raised a $24M Series A led by Human Capital

• Fortuna Health, a consumer Medicaid navigation platform, raised an $18M Series A led by a16z

• Hyper, an AI voice company automating 911 calls, raised a $6.3M seed round led by Eniac Ventures

• Nexxa.ai, an AI-native company transforming how industrial engineers operate, raised a $4.4M pre-seed round led by a16z

IPO / Direct Listings / Issuances / Block Trades

• Hellman & Friedman-backed security and alarm company Verisure is targeting a $3.5B-$4.7B Stockholm IPO in what could be Europe's largest listing in three years

• Household products conglomerate Ibex plans to sell its 28% stake in Africa's largest clothing retailer Pepkor for ~$1.6B

• Advent and KKR-backed consumer market research firm NIQ Global Intelligence is set to raise up to $1.2B in the largest PE IPO exit since February

• Designer software firm Figma plans to raise $1B at a $16.4B valuation in a US IPO; Figma was valued at $12.5B one year ago after its $20B sale to Adobe collapsed in 2023

• Italian gear maker Bonfiglioli's India unit is planning a $250M Mumbai IPO

• Arm-backed ultra-low power AI semiconductors maker Ambiq Micro filed for a US IPO seeking to raise ~$85M at a $425M valuation

• Vista Equity-backed tax software company Avalara confidentially filed for an IPO

• Crypto custody and trading platform BitGo confidentially filed for an IPO

• Activist hedge fund Elliott raised its stake in data center REIT Equinix to ~0.2%

• Businessman Dr. Soon-Shiong plans to list newspaper Los Angeles Times by next year

SPAC

• Ethereum treasury firm Ether Machine plans to merge with Dynamix Corp in a $1.5B deal backed by crypto and stock financing

• SPAC TLGY Acquisition Corp. will merge with a smaller firm to buy alternative cryptocurrency ENA after raising $360M 

Debt 

• Citigroup and Barclays are among banks backing PE firm Advent's $4.8B LBO of UK consumer goods giant Reckitt's homecare unit with a ~$2.9B debt package

• Retailer Saks Global Enterprises launched a $2.2B debt exchange following weeks of negotiations with creditors as its $600M fresh financing takes shape

• AI cloud computing firm CoreWeave launched a $1.5B senior notes sale to refinance debt

• Hong Kong's transit system MTR is negotiating with banks for a loan to finance its Northern Link rail project

Fundraising / Secondaries

• EQT raised $11.4B for its latest Asia-focused PE fund

• Reverence Capital Partners is targeting ~$2.8B for its largest PE fund to date, focusing on financial services investments

• Blue Owl Capital raised $850M from private wealth investors for an alternative credit vehicle

• Biotech VC Omega Funds raised a $647M fund to invest in drug startups

• Consulting firm Booz Allen Hamilton plans to commit $200M to its VC arm to invest in defense tech startups focused on drones, AI, and related technologies

Crypto Sum Snapshot

• Apollo and Securitize partnered to offer crypto-native investors blockchain-based access to a private credit strategy

• Strategy now owns 3% of Bitcoin in circulation

• Trump Media bought $2B Bitcoin for its crypto treasury plan

Check out our Crypto Sum newsletter for the full stories on everything crypto!

Exec’s Picks

• Demand for fiber to support the technology boom will continue to grow and companies are moving quickly to scoop up existing networks. AT&T has been actively working towards expanding its network through organic build, acquisitions and partnerships.

  Here from AT&T.

• Franklin Templeton's Jake Williams and Arthur Thomson authored an insightful perspective on the importance of PE secondaries in an evergreen PE portfolio.

• WSJ sat down with famed restaurateur and chef Nobu Matsuhisa to discuss the qualities that makes for a good chef.

Finance & Startup Recruiting 💼

Litney Partners

If you're a junior banker looking for your next career move, check out our recruiting firm, Litney Partners. Established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm), Litney Partners has placed strong candidates across leading firms spanning private equity, hedge funds, venture capital, growth equity, private credit, investment banking, and fintech. Head over to our website to drop your resume / create your profile and we'd love to get in touch!

We are able to move faster than most firms due to our paralleled reach, decades of industry expertise, and ability to attract top caliber candidates.

Next Play

If you're down bad, realizing finance isn't for you, and/or are curious to explore the world of startups (BizOps, chief of staff, strategic finance, etc.), fill out this form. Next Play reviews every submission and will reach out to schedule a 1:1 video call if they think they can be helpful as your own, personal startup matchmaker. They’ve grown their community to over 50k talented individuals and have strong relationships across the tech ecosystem.

Meme Cleanser

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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.