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Goldman will earn a record $110M fee for EA's $55B LBO, CEO economic worries are the lowest since 2007, Meta and Intel's top AI execs are leaving, BofA's CEO wants to meet with Mamdani, Anthropic is set to turn profitable much sooner than OpenAI, and SoftBank sold its entire stake in Nvidia.

Mizuho Clean Energy ER Analyst Maheep Mandloi authored an insightful analysis on the booming opportunities in engineering and construction, potentially the biggest unexpected winner in the AI boom.

Let's dive in.

Before The Bell

As of 11/11/2025 market close.

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Markets

  • US stocks closed mixed yesterday as investors rotated out of tech 

    • Dow hit an ATH

  • UK's FTSE 100 rallied to a fresh ATH

  • Europe's Stoxx 600 rallied 1.3% to a fresh ATH

  • Nigeria's NGX All-Share index fell 5% on plans to triple capital gains taxes

    • The index fell for a seventh day for its worst streak since 2024 and worst day since 2010

  • Risk premiums on a basket of AI hyperscaler bonds climbed to 78 bps to the highest since April and up 50 bps from September

  • Lithium prices have slumped to 2021-levels

  • Dollar is down 7% YTD on track for its worst year in eight

Earnings

  • SoftBank Q2 profits doubled to $17B on gains in OpenAI and other AI investments as it continues to plow into AI bets; the firm sold its entire $6B Nvidia stake to fund OpenAI investments (CNBC)

  • Sony issued a Q2 beat-and-raise as strength in its music and imaging divisions offset weaker gaming profits (CNBC)

  • Nebius missed Q3 earnings estimates but posted a 355% surge in revenue and raised FY ARR guidance on new AI infrastructure deals, including a $3B contract with Meta (RT)

  • Oklo reported a wider-than-expected Q3 loss as the pre-revenue nuclear startup advanced regulatory milestones and development progress on its Aurora reactor (YH)

  • Beyond Meat beat Q4 revenue estimates but missed on earnings and issued a weak Q4 outlook amid falling US demand (WSJ)

  • What we're watching this week:  

    • Today: Circle, Cisco, Tencent

    • Thursday: Alibaba, Walt Disney, Bitfarms, JD.com, Applied Materials

  • Full calendar here

Prediction Markets

  • Refuse to believe anyone genuinely supports Lando's championship bid (besides Goldman and Google and Dell and Salesforce).

Headline Roundup

  • Goldman Sachs will earn a record $110M fee for EA's $55B LBO (FT)

  • US firms shed $45k jobs in October (BBG)

  • US SMB optimism fell to a six-month low (BBG)

  • US bank regulators move to finalize Treasuries-linked capital plan (BBG)

  • CEO economic worries are the lowest since 2007 (BBG)

  • China will provide new investment opportunities to US companies (RT)

  • China will allow bigger private stakes in huge state-driven projects (BBG)

  • US profited from Argentina FX swap deal (RT)

  • 'Total Portfolio Approach' is shaking up $50T pensions/SWFs arena (BBG)

  • Foreign investors piled into EM stocks by the most since December 2023 (RT)

  • Nasdaq is 'staffing up' ahead of ETF share-class listing deluge (BBG)

  • Chinese mutual fund launches show no signs of slowing (BBG)

  • Point72's new AI-focused Turion Fund is up 30% YTD (BBG)

  • Morgan Stanley joined rivals in rolling out private company research (RT)

  • Three AI mega deals are breaking new ground on Wall Street (WSJ)

  • Anthropic is on track to turn profitable much sooner than OpenAI (WSJ)

  • AMD expects profit to triple by 2030 (RT)

  • Meta chief AI scientist Yann LeCun will exit to launch own startup (FT)

  • Intel CEO will oversee AI efforts after CTO left for OpenAI (RT)

  • One of Blackstone's top-ranking woman execs will depart (WSJ) 

  • BofA CEO Brian Moynihan wants to meet with Mamdani (RT)

  • UK banks push for looser capital rules to counter private credit surge (FT)

  • Trump called 50-year mortgages no 'big deal' (RT)

  • US college enrollment grew for third year in a row (BBG)

A Message from Mizuho

Many assumed the race for AI dominance would be decided by computing power, including faster chips, larger servers, and more data. But it's now clear that the real bottleneck lies outside the four walls – in the physical infrastructure that makes these facilities possible: substations, transmission lines, gas pipelines, and cooling systems.

Meeting this demand won't come cheap. By 2030, companies are expected to invest nearly $7 trillion in data center infrastructure, with over 40% of that spending in US. 

For the E&C (Engineering and Construction) industry, which is responsible for designing, engineering, and building large-scale infrastructure projects such as power plants, pipelines, and data centers – this buildout represents more than a short-term opportunity. It's the foundation of a multi-decade growth cycle as technology and industrial development converge.

Read More

Deal Flow

M&A / Investments

  • Mining giant Teck held on-and-off talks about a merger with Vale's base metals unit before agreeing to a $55B merger with Anglo American

  • Industrials manufacturer Parker-Hannifin agreed to acquire automotive and industrial filter manufacturer Filtration from Madison Industries for $9.25B, including debt

  • Toto Wolff, the co-owner and team principal of Mercedes-AMG F1 Team, is in advanced talks sell part of his 33% stake to an unnamed buyer at a $6B valuation

  • Norway's Public Property Invest agreed to acquire over 700 social infrastructure properties from Swedish landlord SBB for $3.4B

  • TPG is seeking to sell its stake in Southeast Asia school operator XCL Education at a $2B valuation

  • Coinbase cancelled its $2B acquisition of stablecoin infrastructure startup BVNK

  • Chinese PE firm Centurium Capital is considering a bid for Coca-Cola-owned UK coffee chain Costa Coffee at a potential $1.3B valuation

  • IG4 Capital is in advanced talks to acquire a controlling stake in $1.2B-listed petrochemical giant Braskem from Brazilian conglomerate Novonor

  • A consortium of investors led by Australia's Macquarie is seeking to acquire infrastructure services business Potters Industries from PE firm TJC for $1.1B

  • $1B-listed apartment landlord Centerspace is exploring a sale

  • PE firm Quadrum is exploring a sale of boutique lodging chain Arlo Hotels

Select VC Deals

  • H&M-backed Swedish textile startup Syre plans to raise $500M-$700M in fresh funding following a supply deal with Nike

  • Israeli enterprise AI agent startup Wonderful raised a $100M Series A led by Index Ventures

  • AI-focused engineering workflow startup CoLab raised a $72M Series C led by Intrepid Growth Partners

  • Crypto derivatives startup Lighter raised $68M at a $1.5B valuation from Founders Fund, Ribbit Capital, Haun Ventures, and Robinhood

  • Amenitiz, a startup building an AI-powered management platform for independent hotels, raised a $45M Series B led by Kfund

  • Delvitech, a startup building AI-native solutions for 3D-automated optical inspection, raised a $40M Series B led by EGS Beteiligungen

  • myTomorrows, a Dutch startup connecting patients, doctors, clinical trial sites, and pharma companies, raised $29M in funding from Avego

  • NextSense, a startup building EEG sensors into wireless earbuds, raised a $16M Series A led by Ascension Ventures

  • Uare.ai, an AI startup created personal AIs or HLMs, raised a $10.3M seed round led by Mayfield and Boldstart Ventures

  • Spectral Compute, a startup allowing CUDA-based applications to run on multiple GPU architectures, raised a $6M seed round led by Costanoa

  • Robyn, an empathetic AI companion, raised a $5.5M seed round led by M13

Powered by Fundable

IPO / Direct Listings / Issuances / Block Trades

  • Activist Elliott took a 3.3% stake in $36B-listed Toyota Industries, complicating Toyota Motor's planned take-private of the firm 

  • SoftBank sold its entire stake in Nvidia for $5.8B to fund other AI investments

  • Chinese aluminum smelter Chuangxin is seeking to raise $700M in a Hong Kong IPO

  • Singaporean agri-foods giant Wilmar agreed to acquire a 13% stake in Indian food and beverage conglomerate AWL Agri from Adani Commodities for $530M

  • Indian clinical laboratory-testing chain Neuberg Diagnostics plans to raise $350M in an India IPO

  • Warburg Pincus-backed Indian shadow lender Truhome Finance (fka Shriram Housing Finance) is considering raising $300M at a $1B valuation in an India IPO

  • Glencore sold its 9.6% stake in Century Aluminum for $276M

  • South Africa's biggest private-security company Fidelity Services Group is planning a South Africa IPO

  • Saudi fintech startup Lean Technologies is eyeing a Saudi IPO

Debt

  • Greece plans to raise ~$9B from bond markets next year

  • A consortium of KKR and Singapore Telecommunications are in talks with banks for a $3.8B loan to support its $3.9B acquisition of data center firm STT GDC

  • Blackstone, CVC, Singapore's GIC, Oak Hill Advisors, Blue Owl Capital, Canada's PSP, and Jefferies are providing a $2B private credit package to back UK PE firm Permira's $3B LBO of UK fund solutions provider JTC

  • JPMorgan, Sculptor Real Estate, and Morning Calm Management provided a $686M construction loan for a Four Seasons Private Residences property near Las Vegas

  • Real estate firm Global Holdings Management raised a $190M loan to refinance Central Park luxury condo building Anagram Columbus Circle

  • Indonesia is considering issuing its first panda bonds next year as China pushes de-dollarization

Bankruptcy / Restructuring / Distressed

  • Bankrupt auto parts supplier First Brands is seeking to new financing backed by AR invoices

  • KKR-backed cybersecurity firm Optiv entered confidential talks with junior lenders over a surge of debt maturing next year

  • Partisan lawmakers asked US to probe the proposed bankruptcy sale of nursing home chain Genesis Healthcare to insiders on concerns of Chapter 11 abuse aimed at wiping away liabilities to patients and families for alleged negligence

Fundraising / Secondaries

  • Investment firm Neuberger Berman raised $7.3B for its fifth private credit fund

  • Qatar's SWF QIA and Japanese financials services firm ORIX partnered to create a $2.5B PE fund targeting Japanese companies

  • Canadian insurer Manulife's credit arm CQS Investment Management raised $1.1B to invest in SRTs

  • Chinese hedge fund Monolith raised ~$500M across it second dollar VC fund and first yuan VC fund

  • Ex-Blackstone MD Dana Auslander's wealthtech startup/fund LUXUS raised $2M for its second hedge fund to invest in Hermès Birkin and Kelly handbags

  • EIB is in talks with EU over a potential investment in Brazil's Tropical Forests Forever Facility

Crypto Sum Snapshot

  • Russian crypto scammer and his wife were dismembered and murdered by investors in Dubai 

  • China accused US of orchestrating $13B Bitcoin hack

  • Chinese 'super villain' was sentenced to 12 years for $6B UK Bitcoin fraud

  • US want to retry two brothers accused of stealing $25M in crypto

  • Solana continues to dominate crypto investment space as institutional inflows surge

  • Fintech SoFi rolled out crypto trading for retail customers

  • Global securities watchdog says 'tokenization' creates new risks

  • BoE diluted planned rules for UK stablecoins

Crypto Sum compiles the most important stories on everything crypto. Read it here.

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