Together with
Good Morning,
The Palmer Luckey vs Paul Graham conflict has entered day 3. The general consensus is that the American is winning🇺🇸🇬🇧🤷♂️
In other important news, the US-Iran conflict reignited with fresh strikes, EY is setting aside a special bonus pool for staff who showcase 'human' skills, Sequoia's Doug Leone claims he was homeless when he made partner, and Trump called out data center critics for wanting to stay 'backwards and poor.'
It's September. The kids are back in school. Your extension is coming up. And you're still chasing tax conversations you should have had before summer. OLarry clients aren't scrambling, they're already planning 2026. Outgrown your CPA? Book a call to see if they're a fit. All for one flat fee.
Let's dive in.
Before The Bell
As of 8/31/2026 market close.
Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*
Markets
Stocks fell yesterday after US and Iran traded fire for the first time in a month
Dow rose for a fifth-straight month
S&P and Nasdaq posted their first monthly gain since May
S&P and Dow hit ATHs earlier in August
Europe's Stoxx 600 rose for a fifth-straight month with YTD gains at 9%
EM stocks gained 3.2% for their best August since 2004 on a boost from commodities
US 10Y yield topped 4.75% for the first time since January 2025
Japan 10Y yield rose to 2.95% to a three-decade high
Crop price index rose 13% in its biggest monthly jump since 2012 due to war and weather
Earnings
What we're watching this week:
Today: Dell
Wednesday: Broadcom, Hewlett Packard Enterprise
Thursday: lululemon, Victoria's Secret, DocuSign
Full calendar here
Prediction Markets
No Sinner and Djokovic out in the first round. An eventful US Open already
Deposit $10 and get a $20 bonus with code LIT on signup, only on the Polymarket US app
Headline Roundup
Palmer Luckey and Paul Graham are still going at it (X)
Ex-Sequoia boss claims he was homeless when he made partner (ES)
EY creates $100M bonus pool for staff who demonstrate 'human' skills (WSJ)
Trump says data center critics want to stay 'backwards and poor' (NYT)
Trump says Exxon is 'going in' to Venezuela as US takes over their oil (RT)
Citadel accused Marshall Wace of 'stonewalling' in poaching lawsuit (BBG)
S&P 500 profits boom with more growth expected ahead (WSJ)
PE-backed software companies are racing to extend debit amid AI threat (FT)
SEC asks investment firms to prove they have access to startup shares (WSJ)
Consultants face AI dilemma as clients look to cut costs with AI (FT)
Anthropic's IPO plan looms over packed listing calendar (BBG)
OpenAI's ad business is set to hit a $1B ARR (RT)
Apple claims OpenAI is destroying evidence in trade secrets case (BBG)
John Ternus began his tenure as Apple CEO (BBG)
Mike Lyons will become CEO of Truist (BBG)
Cash-strapped colleges are draining their endowments to survive (BBG)
Messi retired from international soccer (ESPN)
A Message from OLarry
K-1s from multiple funds. A rental in a state you don't live in. Trusts for your kids. Your extension ends October 15. Has your CPA called since April?
OLarry was built for this. OLarry offers year-round Private Client service for individuals and businesses with complex taxes, all for one flat fee.
Go beyond traditional tax filing with:
Unlimited strategy: Year-round access, never billed hourly
Built for complexity: K-1s, carry and profit interests, multi-state compliance, trusts and corporate entities (S-Corp, C-Corp, Partnerships)
U.S. cross-border filings: PFICs, FBAR, Form 5471, and foreign pensions on your U.S. return
Zero cross-selling: Never a pitch for annuities, insurance or other financial products
Proven track record: Trusted by thousands of high net worth individuals, families and businesses
Deal Flow
M&A / Strategic
Aon agreed to acquire insurance brokerage USI Insurance Services from KKR for $17B, including debt
Oil field services provider SLB agreed to acquire German cooling equipment maker Kelvion from Apollo in a $3.4B cash deal, including debt
Eli Lilly plans to buy Merida Biosciences for $2.9B cash to expand in autoimmune and allergic diseases
Copenhagen Infrastructure Partners acquired full ownership of a major Australian wind and battery project from developer Windlab and secured a $1.2B facility from 10 banks
Japan's House Foods Group is considering a sale of $1.1B-listed iconic Japanese curry rice chain CoCo Ichibanya
ITC Infotech, the IT unit of Indian conglomerate ITC, will buy a 22% stake in digital engineering company Happiest Minds Technologies for $140M cash and list in India after the deal
India's GRT Jewellers will take a 74% stake in Indian jewelry retailer Tribhovandas Bhimji Zaveri for up to $110M followed by mandatory full ownership
Zambia's state-owned mining investor ZCCM Investments Holdings is considering a share sale to boost liquidity
Yorkville America, the asset manager behind Trump's Truth Social ETFs, is close to an acquisition of an institutional asset management firm in the SMA space
VC
Polymarket raised $1B at a $21B post-money valuation led by 1789 Capital
Scan.com, a medical imaging infrastructure platform, raised a $90M Series C led by Noteus Partners
Reframe Systems, a physical AI company for modular home construction, raised $40M in funding led by Energy Impact Partners
Clipto, a video search startup, raised $15M at a $250M valuation from HSG, GL Ventures, Palm Drive Capital, and others
Apate.AI, an Australian AI anti-scammer startup, raised an $11.4M seed round led by Lobby Capital
Diffraqtion, a quantum camera platforms company for defense and space sensing, raised a $10M pre-seed round led by Ground State Ventures
Molten Salt Solutions, an isotope-enrichment company, raised a $7M seed round led by Dolby Family Ventures
Hearvana, an auditory intelligence startup, raised a $6M pre-seed round co-led by Point72 Ventures and SCB 10X
Access the complete VC deal flow and data on Fundable
IPOs / Listings / Issuances / Block Trades
Activist Elliott built a stake in $125B-listed French industrial gas group Air Liquide
SHEIN raised $1.75B at a $26.5B valuation in a Hong Kong IPO priced below the top end of a marketed range
Tencent-backed Chinese chipmaker Enflame is seeking to raise $910M in its China IPO
$25B China-listed chipmaker Longsys is seeking to raise $800M in a Hong Kong listing
KKR-backed hair and nail care firm Wella filed for an IPO
Debt
Apollo is looking to turn its $9B stake in pipeline operator Oneok into investment grade debt it can sell to investors
Saudi Arabia is in early talks to raise $8B from a fresh loan to diversify funding amid the Iran war
Nvidia will buy $3.5B of convertibles in $200B-listed Taiwanese chipmaker MediaTek
Emergency household repairs provider HomeServe is in early talks for a $1.8B ABS bond sale to fund a dividend recap to owner Brookfield
Bankruptcy / Restructuring / Distressed
Brookfield-owned car dealership software provider CDK Global agreed to subordinate $675M of Brookfield's debt in exchange for a maturity extension
Saudi's PGA rival LIV Golf is set to file for bankruptcy after SWF PIF pulled funding and is in talks with BC Partners to help support its slimmed-down 2027 season
Funds / Secondaries
Ares raised $3.8B for a Japan-focused logistics fund
India's state-owned National Investment and Infrastructure Fund raised $2B for a targeted $3.2B infrastructure fund
Tech investor Dragoneer raised a $1B CV for specialty insurance distributor Amwins Group and health tech company PointClickCare; the fund includes stakes in OpenAI, SpaceX, Databricks, and Creative Planning
Carrick Capital Partners raised a $600M single-asset CV for identity security company Saviynt led by Coller Capital and HSBC Asset Management
India's Spark Capital raised $265M across a new late-stage PE and credit fund
Crypto Sum Snapshot
Crypto groups have spent a record $640M YTD buying back their own tokens
Hyperliquid is in talks with Kraken to enter US market
Strategy resumed Bitcoin buying after a ten-week pause
Crypto Sum compiles the most important stories on everything crypto. Read it here.
Exec’s Picks
NinjaTrader is offering CME single stock futures on Nvidia, Tesla, Apple, Amazon, and more. Into derivatives but not a pro? You can learn to trade them risk-free on the NinjaTrader SIM platform.*
WSJ published an interesting piece on the Midwestern burger chain that's going full MAGA.
Nick Nemeth published a super insightful investigation into Mark Walter's financial universe and the web of relationships between his holding company, his asset manager, eight life insurers, sports teams and more.
Tim Cook shared his final message with Apple staff on his last day as CEO. Read it here.
As per tradition, here's the LinkedIn profile of new Apple CEO John Ternus
*Security futures are not suitable for everyone. Leverage amplifies gains and losses. ninjatrader.com/ssf-risk
Financial Services Recruiting 💼
If you're a junior banker looking for your next career move, check out Litney Partners, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).
We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking.
We're currently seeking talent for some incredible roles. Head over to Litney Partners to drop your resume / create your profile and we'd love to get in touch!
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.