US stocks rallied yesterday after Democrats swept the midterms

China's stock market has wiped out $3T in value after falling into a bear market to reverse a year of gains

Hong Kong's Hang Seng index soared 3.5%

Oil fell for a fourth day 

Qualcomm beat Q4 earnings and revenue estimates but issued a weak forecast as the memory shortage weighs on smartphone sales (CNBC)

Uber beat Q3 revenue estimates but missed on earnings on slight weakness in its core mobility segment attributed to rising fuel costs and lower driver availability (CNBC)

Novo issued a Q3 beat-and-raise as sales of its Wegovy pill blew past estimates amid continued GLP-1 volume growth globally (CNBC)

McDonald's beat Q3 earnings estimates but missed on revenue as its US business fell short on execution, particularly on implementation of its value offerings (CNBC)

CAVA missed Q3 earnings and revenue estimates on a hit from the explosive diarrhea outbreak as well as higher costs tied to labor and capex (WSJ)

CVS beat Q3 earnings estimates and announced plans to split into two to separate its pharmacies from its insurance business (RT)

What we're watching this week:  

Full calendar here

JD Vance is suddenly no longer the favorite to win the 2028 presidential election. Looks like the Democrats have found their candidate following a blowout midterms

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PE likely to face investigations following Democrat sweep (WSJ)

Musk's Texas gamble becomes liability after flipping blue (BBG)

Blue wave keeps wealth taxes on agenda despite California setback (FT)

Prediction markets got election outcomes right (RT)

JD Vance blamed Iran war for Republican election defeat (AX)

OpenAI is already trying to shape the 2028 election (TC)

Europe will invest $600M in chip startups to catch up with US and China (RT)

Treasury tweaked debt sale guidance (BBG)

China boosted stock market stimulus (BBG)

Hedge funds flag growing private credit risks amid rising rates (BBG)

China robot funding slowed to $1.6B last month (BBG)

HRT began trading in prediction markets (BBG)

Sequoia hits rewind, undoing 20 years of expansion (TC)

Oracle canceled a $7B chip deal with Tencent under Trump pressure (FT)

Majority of OpenAI revenue is enterprise sales (RT)

Apple cut daily AI spending for ⁠engineers from $300 to $200 (BBG)

Accenture published an AI paper littered with AI hallucinations (FT)

Google extends voluntary employee buyout offers to several countries (RT)

Activist DGB ousts Ethan Allen chairman to win board control (BBG)

Caitlin Clark inks deal to become face of DICK'S (BBG)

US diesel deal with Russia falters as US fuel supplies hit 20-year low (FT)

US private payrolls rose by 86k (CNBC)

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Biotech AstraZeneca made a $10B offer for obesity drugmaker Rhythm

Mitsui Chemicals plans to acquire chipmaking materials ‌maker JSR from Japanese SWF JIC for $8.2B

German pharma company Boehringer Ingelheim signed a licensing deal worth $7B with China's Sino Biopharmaceutical for experimental cancer treatments

China blocked SoftBank's $5.4B acquisition of Swiss industrial company ABB's robotics division 

EnCap Investments is exploring a sale of oil producer Enduring Resources IV at a $4B valuation, including debt

Multiple investors are interested in acquiring Italian bike maker Ducati from Volkswagen for potentially $1.4B 

Solar tech supplier Shoals Technologies agreed to merge with ARRAY Technologies in a $1.32B all-stock deal ‌at a 7% discount

Agri-commodities group Andersons agreed to buy low-carbon ethanol producer Harvestone from Bridgepoint Group's Energy Capital Partners for $915M

Empower Brands Holdings, the Oaktree-backed home and personal care business of Spectrum Brands, made a hostile cash bid for consumer products firm Helen of Troy offering a $1.6B valuation, including debt, at a 30% premium after numerous approaches were rejected

One Rock Capital Partners will acquire 70% of the North America coffee business of Kraft Heinz at a $650M valuation, including debt

China General Technology is considering acquiring Kellenberger, a Swiss maker of high-precision grinding, milling and turning machines, from Centre Lane Partners for $400M

Merger talks between $13B-listed UK medtech Smith+Nephew and Johnson & Johnson's orthopedics ​unit collapsed

Indonesia's state energy firm Pertamina agreed to acquire the Algerian assets of Mubadala-owned Spanish energy firm Moeve

Sales automation startup Nooks raised $500M from General Catalyst

AI-powered robotic imaging startup Laza Medical raised a $160M Series B led by GE HealthCare 

Sentra, a data security company, raised a $150M Series C led by Capital One Ventures 

Pliant, a German B2B payments platform, raised an $80M Series C led by Seaya Nova and Speedinvest

bit.bio, a human cell programming company, raised a $25M Series D with participation from M&G Investments and Dr Jonathan Milner 

Brava Security, an AI security startup that simulates attacks to test detections, raised a $15M seed round led by Pitango and F2 VC

Finpilot, an AI-native OS for institutional capital, raised a $10M Series A led by Lobby Capital

Phaze, a high-performance remote access company for people and AI agents, raised an $8.75M seed round led by a16z

Capybobo, a Web3 IP project focused on community culture and digital outfits, raised an $8M funding round led by Pluto Studio

Chinese memory chipmaker YMTC paused its $5B China IPO amid regional market struggles

Semight Instruments, a Chinese maker of test instruments for semiconductors, picked banks for a $1B Hong Kong listing

Temasek-backed real estate firm Mapletree Investments picked banks for a $780M Singapore IPO

Quadria Capital-backed Indian contract drug manufacturer Encube Ethicals plans to raise $315M in an India IPO

Vietnamese tech company VNG Group is considering reviving its US listing to raise $300M at a $3B valuation

Czech unicorn online supermarket Rohlik Group is weighing a Czech IPO

A venture between Goodman Group and Digital Realty Trust offered to buy 9.9% of Aussie data center peer Nextdc at a 45% premium

Bulgarian cargo drone developer Dronamics will merge with GP-Act III Acquisition Corp. in a $500M deal

Goldman Sachs and Apollo are in talks to sell portions of a $40B chip financing deal for SpaceX

Meta raised $10.1B in a debut euro debt bond sale that drew a record $60B of orders one day after selling $15B in dollar bonds

Bank of America and JPMorgan are preparing to launch a $2.4B debt financing to back CVC's $4.3B acquisition of International Flavors and Fragrances's food ingredients business

Benefit Street Partners closed a $1.1B CRE CLO backed by Surfhouse apartments in New Jersey

Canada's First Nations Finance Authority issued its largest-ever bond, adding $600M to a 2032 bond

Indonesia kicked off its first dollar bond sale since the MSCI fallout

Apollo-backed broadband provider Brightspeed may file for bankruptcy by December 

Anchorage Capital Partners-backed legendary Aussie department store David Jones fell into administration after failing to strike a deal with landlords over a restructuring plan

Gibson Dunn is in talks to hire 120 lawyers from Weil as the firm dissolves

Sequoia raised $10B in new funds and announced a massive overhaul that includes undoing 20 years of expansion

Churchill Asset Management, an alternative credit specialist affiliate of ​​TIAA's Nuveen, raised $1.55B for its third junior capital opportunities fund to finance PE-backed firms

Private markets investor Hamilton Lane raised $430M for a debut GP-led secondaries strategy

Haya Hanna, a former investor at Belgian VC Hummingbird Ventures, is in early talks to raise her own fund

Crypto's midterm spending spree stumbles on Democrats sweep

Democrats are preparing to investigate Trump's crypto ventures

Binance detected and prevented 57 cyberthreats linked to North Korea this year

FT shared some interesting maps and charts highlighting the change in tide this midterms, i.e. the blue wave.

JD Vance had some thoughts about the Republican blowout in the midterms. One of the hottest posts on X regarding the elections. Read it here.

Also, if you're so smart, why do you make poor decisions? Turns out you're actually just dumb.