US stocks sank further yesterday as tech shares continued to retreat 

UK's FTSE 100 slumped to a one-month low in its worst day since April and longest losing streak since August 

Europe's Stoxx 600 slid to a one-month low 

Japan's Nikkei 225 plunged 3% to a one-month low

Korea's KOSPI index also lost over 3%

US bond risk premiums rose to multi-week highs 

Home Depot beat Q3 revenue estimates but missed on earnings and cut its FY outlook as weak home improvement demand, soft consumer spending, and a sluggish housing market weighed (CNBC)

PDD beat Q3 earnings and revenue estimates with a 14% jump in profit, but warned of a slowdown amid intensifying competition in China's consumer market and lingering uncertainty around Temu's global outlook (RT)

Baidu missed Q3 earnings and revenue estimates as sales fell a record 7% and the company swung to a loss, highlighting mounting pressure on its core ads business and its uphill battle in China's crowded AI landscape (BBG)

Klarna beat Q3 revenue estimates in its first public earnings on strong US growth and no material shifts in consumer spending behavior, though the firm booked a loss as a push into conventional lending weighed (CNBC)

What we're watching this week:  

Full calendar here

Is the AI bubble bursting? Or will Nancy Pelosi out-trade Wall Street once again?

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Congress passed bill to force release of Epstein files (WSJ)

Ex-investment banker was charged with leading an insider trading ring (BBG)

Trump talked up economy at McDonald's summit (AX)

Trump hosted Saudi's crown prince at White House (BBG)

Google CEO says no firm is immune if AI bubble bursts (RT)

Fund managers warn AI investment boom has gone too far (FT)

Investors raise risk bets but cash flashes 'sell signal' (RT)

AI Bubble and growth gears creep into US credit markets (BBG)

Record reverse splits expose growing strain on small caps (RT)

Foreigners turned net buyers of Asian bonds (RT)

Hedge funds reap gains on Argentina bets as US steps in (BBG)

Meta won FTC antitrust trial over Instagram and WhatsApp (CNBC)

Meta CRO John Hegeman will depart to launch his own startup (RT)

Google released Gemini 3 AI model (CNBC)

Big Tech's AI-linked emissions are squeezing carbon credit markets (RT)

Cloudflare resolved global outage that disrupted major websites (BBG)

Kering CEO is seeking to downsize and reduce Gucci exposure (RT)

Finance body paused rule changes for $1T Islamic bond market (BBG)

US firms shed 10k jobs in October (BBG)

US SMBs expect stronger 2026 (RT)

US is the biggest recipient of Chinese loans (RT)

US firms are missing out on millions due to cash allocation strategies (RT)

A consortium of Paramount Skydance and Gulf SWFs PIF, QIA, and ADIA are preparing a $71B cash-and-stock bid for Warner Bros. Discovery

Paint makers AkzoNobel and Axalta Coating Systems agreed to merge in an all-stock deal that would create a $25B global paint giant

ExxonMobil, Chevron, and Abu Dhabi's ADNOC are among suitors interested in acquiring global assets from sanctioned Russian oil giant Lukoil for $20B

French PE firm Ardian-backed German laboratory services provider GBA Group is exploring a sale at a $1.7B valuation

German PE firm Capiton-backed German quantum computing supplier Raith is considering a sale at a $1.2B valuation

PE firm Leonard Green agreed to acquire a 60% stake in recreational golf chain Topgolf from Topgolf Callaway Brands at a $1.1B valuation

Beer giant AB InBev is in advanced talk to acquire boxed punch maker BeatBox for $700M

ING Bank Slaski, the Polish unit of Dutch lender ING Group, agreed to acquire the remaining 55% stake it doesn't already own in Polish asset manager Goldman Sachs TFI from Goldman Sachs Asset Management for $108M

AI startup Anthropic raised a $15B strategic investment at a $350B valuation from Microsoft and Nvidia

Data analytics software platform Databricks is in talks to raise a new round at an over $130B valuation

Crypto exchange Kraken raised an $800M round at a $20B valuation led by Jane Street, HSG, Tribe Capital, and others

Enterprise banking fintech Ramp raised a $300M round at a $32B valuation led by Lightspeed

AI accounting startup Maxima raised a $41M seed and Series A round at a $143M valuation from Redpoint Ventures and Kleiner Perkins

Ursa Major, an aerospace and defense company, raised a $100M Series E led by Eclipse

Agentio, a startup that connects brands with YouTube creators for sponsored videos, raised a $40M Series B led by Forerunner

TMT ID, a Romanian mobile data and identity intelligence company, raised a $39M round from BGF

Cloud identity security startup Apono raised a $34M Series B led by USVP

AI customer support agent startup GetVocal raised a $26M Series A led by Creandum

Nudge Security, a SaaS and AI security governance startup, raised a $22.5M Series A led by Cerberus Ventures

Peec AI, a startup helping brands optimize their presence in AI search results, raised a $21M Series A led by Singular

Infracost, a platform that brings cost visibility to engineering workflows, raised a $15M Series A led by Pruven Capital

Albatross, a Swiss AI company focused on product and content discovery, raised a $12M round led by MMC Ventures

Condukt, a next-generation compliance platform for financial services, raised a $10M seed round led by Lightspeed Venture Partners and MMC Ventures

Hammerhead AI, a startup building software to optimize power usage for AI workloads, raised a $10M seed round led by Buoyant Ventures

Voltrac, a Spanish startup building an autonomous EV tractor, raised an $8M seed round led by Extantia

Shipday, a global delivery and logistics platform for SMBs, raised a $7M Series A led by ECP Growth and Ibex Investor

Lumia, a startup building smart earrings to measure real-time blood flow, raised a $7M round from J2 Ventures, BonAngels Venture Partners, and angels

Hedge fund tycoon Bill Ackman said Fannie Mae and Freddie Mac IPOs are 'not feasible or desirable' right now

Activist hedge fund Elliott built a $1B stake in $64B-listed Canadian gold mining giant Barrick

Amazon and Samara Capital-backed Indian food and grocery chain More Retail is preparing for a $300M India IPO

Glencore cut its stake in aluminum producer Century Aluminum from 43% to 33% amid a share rally

ByteDance-backed Chinese coffee chain Manner Coffee is considering a Hong Kong IPO

Uzbekistan is planning a London IPO of its SWF UzNIF as IPO work on its mining unit Navoi has slowed

Elliott agreed to acquire $6.5B of longer-term BNPL loans from Swedish BNPL giant Klarna in a forward-flow agreement 

Pharma giant Pfizer sold $6B of bonds to help fund its $10B acquisition of weight-loss startup Metsera

China drew a record $120B in orders for its $4.6B euro-denominated bond sale

Danish biotech Genmab raised $4.5B in a junk bond and leveraged loan sale in America's biggest M&A leveraged loan deal since April

Turkey's state energy company Turkiye Petrolleri plans to raise $4B in Islamic debt 

US provided Constellation Energy a $1B loan to restart a Pennsylvania nuclear power plant

United Airlines is selling $522M of junk munis to fund projects in Houston's George Bush Intercontinental Airport

A judge overseeing auto parts supplier First Brands' bankruptcy approved an external examiner appointment to investigate claims of potential financial irregularities

A bankruptcy judge approved opioid giant Purdue Pharma's Chapter 11 reorganization into a PBC that will require the Sackler family owners to pay $7B to creditors, government, and families, ending six-years of legal battles

UK hedge fund Marshall Wace will return $3B to LPs to curb AUM growth 

MM PE firm Wind Point Partners is seeking $2.5B for its eleventh flagship fund

KKR plans to raise $2B for its second Asia-focused credit fund by December

Schonfeld-backed Hong Kong quant hedge fund Y-Intercept raised $1.7B from Blackstone, CPPIB, a Morgan Stanley FOF, and others for its latest fund

Power-focused PE firm Rockland Capital raised $1.2B for its fifth flagship fund

Central bank Hong Kong Monetary Authority and Saudi's PIF formed a $1B fund to help Hong Kong companies expand into Saudi Arabia

Saudi state-backed developer King Salman Park Foundation started a $1B fund targeting urban park investments

Secondaries specialist Coller Capital's evergreen PE secondaries fund surpassed $1B AUM

UK VC Kester Capital raised $558M for its fourth fund targeting tech and healthcare

Asian credit investor Ascertis Credit raised $520M for a targeted $1B fourth private credit fund to back high-growth businesses in India and Southeast Asia

Early-stage VC nvp capital raised $80M for its sophomore fund to back seed-stage enterprise software and vertical AI startups

Crypto market shed $1.2T as traders shun speculative assets

Bitcoin is now lagging bonds, gold, stocks, and everything else YTD

Retail traders get schooled on market timing as new crypto bets sink

Morgan Stanley's complex Bitcoin bet drew $100M inflows amid rout

Crypto plunge adds to angst as markets extend broad retreat

El Salvador boosted Bitcoin holdings by over $100M this week

AI is speeding up fraud. It's also helping Plaid stop it. Plaid's latest release gives you unmatched visibility into fraud patterns – drawing on billions of interactions across 7k+ apps to spot the threats others miss. See smarter fraud detection in action.

Harvard Business Review published an interesting article on how AI is reshaping VC.

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