All three major US indexes fell for a second-straight day as rising yields continued to bite

US 30Y yield rose to 5.6% to its highest in 24 years

Munis are down 4.7% MTD on track for its worst month in 40 years

US 10Y-WTI correlation hit 65%, the strongest in 36 years

Euro fell to a 16-month low

CarMax beat Q2 earnings and revenue estimates as the firm sold more vehicles at higher prices in a positive sign for its turnaround efforts (WSJ)

What we're watching this week:  

Full calendar here

OpenAI delayed the launch of Astra 6.1 due to "safety concerns." Totally nothing to do with Anthropic's threat and falling behind right before IPO season

Deposit $10 and get a $20 bonus with code LIT on signup, only on the Polymarket US app

Trump hosted 30 tech leaders for his "Super Intelligence Luncheon" (ES)

Trump calls for 'tremendous self-regulation' as execs sign 'morally binding' pact at White House (NYP)

US consumer confidence is at a 12-year low on labor market fears (RT)

Battered bond market braces for a new era of interest rates (RT)

Two-thirds of investors plan to raise infrastructure and PE allocations (ALT)

Treasury threatens crackdown on Wall Street tax-avoidance strategies (FT)

SEC sends 'critical' reminder on hard-to-value private assets (BBG)

Oura joins wave of IPO delays as markets turn shaky (RT)

ExodusPoint joins hedge funds partnering with Anthropic (BBG)

European banks launch in-house ETFs to compete with US funds (FT)

Nvidia turns to insurers to spread the risk of AI build-out (FT)

Polymarket named ex-Goldman partner Lisa Mantil as head of institutional growth (BBG)

Anthropic's leaked IPO prospectus shows worrying financials (RT)

Anthropic warns of 'existential risks to humanity' in IPO prospectus

Anthropic's $520B AI buildout hinges on deals that cannot be canceled (RT)

OpenAI ARR nears $70B (RT)

OpenAI launched Dots AI agents at DevDay event (CNBC)

Barclays eased RTO mandate after staff backlash (FT)

SIG and Citadel will settle lawsuits against alleged insider traders (BBG)

Starbucks fired ESG team in reversal of climate commitments (FT)

Manchester City artificially inflated financials by $1B (FT)

Spain seeks to ban 'vulture funds' from housing market (FT)

Italian lender UniCredit is preparing to seize control and overhaul the board of $50B-listed German peer Commerzbank by January

French lender Credit Agricole is studying an acquisition of $28B-listed Italian lender Banco BPM, in which it already owns 30%

$4.75B-listed Piper Sandler is in talks to merge with $1.6B-listed Perella Weinberg Partners

Israel objected to the $4.2B sale of ZIM Integrated Shipping Services to Germany's Hapag-Lloyd because of Saudi and Qatari holdings in the firm

Novo Nordisk acquired rights to an experimental obesity pill from China's Jiangsu Hengrui Pharmaceuticals in a $2.6B deal

Salesforce will acquire AI market research firm Listen Labs for $2B

Pharma giant AstraZeneca is investing $2B in Summit Therapeutics to collaborate on a promising new cancer medicine

Danish pharma firm H Lundbeck expressed interest in acquiring $1.8B-listed commercial-stage drugmaker Xeris Biopharma

Shares in $1.5B UK-listed metallurgical engineering firm Vesuvius surged 32% after RHI Magnesita made a cash-and-stock takeover offer with backing from activist Cevian Capital

Activist Ancora Holdings raised its cash bid for H.B. Fuller's building adhesives unit to $1.4B

Bain Capital will take a 25% stake in AI enterprise construction platform Kahua at an over $1B valuation

Norwegian family office Stokke Industri is weighing a sale of Norwegian vacuum sanitation systems group Jets at a $530M valuation

Spanish PE firms Asterion Industrial Partners and Teras Capital are exploring strategic options for their Olin Telecom JV

Germany will block the sale of logistics firm Zippel to Chinese state-owned shipping giant COSCO 

Activist investor Flashlight Capital Partners urged Japan's Secom to double its interest in Korea's Samsung-backed building security firm S-1 Corp. and Taiwan Secom, roping in a new party after its earlier bid to acquire an S-1 stake was rejected

Power developer Exus Renewables acquired four large-scale solar projects in Louisiana and Wisconsin from ibV Energy Partners to supply data center customers 

OpenAI is looking to raise $30B at a $1.4T valuation in a fresh funding round

Kalshi is in advanced talks to raise $1B at a $40B valuation from Tiger Global and Dragoneer

KKR and Nvidia-backed Helix Digital Infrastructure, the AI data center firm of ex-AWS CEO Adam Selipsky, raised $1B from Samsung and affiliates 

Dutch defense startup Onodrim is in talks to raise a $230M round at a $1.1B valuation led by Lux Capital

Modal Labs, an AI inference infrastructure provider, raised $750M in a funding round at a $15.75B valuation led by Accel

Hertha Metals, a steel company producing high-purity iron and steel, raised a $133M Series A co-led by Khosla Ventures and Doerr Capital

Jeeves, a stablecoin-native banking platform for global enterprises, raised a $110M Series C led by CoinFund

Efficient Computer, an energy-efficient processor company, raised a $97M Series B at a $650M valuation led by TQ Ventures  

IPercept, a Swedish machine fitness tracker startup, raised a $16.5M Series A co-led by Isogon Ventures and 2150 

Atomic, a supply chain startup, raised a $12.5M Series A led by Klass Capital and Madrona

Rig Security, an identity protection platform, raised a $12M seed round led by Ten Eleven Ventures and Brightmind Partners 

$50B-listed Chinese printed circuit board maker Dongshan Precision Manufacturing is seeking to raise $2B-$3B in its Hong Kong listing

Swedish smart ring maker Oura delayed its $2.2B US IPO despite it being 4x oversubscribed 

RoboTechnik Intelligent Technology, Shenzhen Kinwong Electronic, Direct Drive Tech, and Red Avenue New Materials Group raised a combined $1.8B in Hong Kong listings 

Indian industrial machinery manufacturer Ace Designers begun talks for a $400M India IPO

Angola raised $225M from a 34% stake sale in Standard Bank's local unit; South Africa-based Standard Bank raised its stake in the Angolan unit from 51% to 75%

Paramount Skydance kicked off a $32B investment grade bond sale, the largest portion of a syndicated $52B debt package, for its $110B acquisition of Warner Bros. Discovery

Banks led by Citigroup attracted $11.5B of demand for the $7.5B loan sale meant to fund Paramount's acquisition of Warner Bros. Discovery

Bulgaria sold $2.5B of bonds to plug a budget deficit

India's Sun Pharmaceutical Industries plans to raise $1B in local bonds to partly fund a ‌bridge loan it took to acquire US healthcare firm Organon for $12B

Indian drugmaker Gujarat Themis Biosyn raised $60M in private credit from Orion Capital Asia to back its purchase of Japanese peer MicroBiopharm Japan

Policyholders of struggling life insurer PHL Variable Insurance sued PE owner Golden Gate Capital for self-dealing and mismanaging the firm to the point of possible liquidation amid a $2.2B shortfall 

Creditors owed $1B by bankrupt Florida high speed rail Brightline agreed to join a deal to restructure the firm's balance sheet

Carlyle raised $2.3B for its second infrastructure credit fund

UK investment firm Cheyne Capital raised $4B for its ninth European real estate credit strategy

Private markets investor Siguler Guff raised $3B for its US small buyout strategy

Schroders Capital raised $1.3B for its fourth flagship PE co-investment fund

Clearlake Capital raised $1B backed by stakes in its private market funds after rejigging the collateral mix

Volition Capital raised $950M for its sixth growth equity fund

UK's Crane Venture Partners raises $485M across four funds to build a global seed investment platform

Fidelity Investments raised $450M for its second real estate credit opportunities fund 

Lower MM PE firm Rising Point raised $330M for its debut fund

VC Firm Friends & Family raised $300M for its fourth fund

Infra-tech-focused VC Zero Infinity Partners raised $156M for its second fund

Israeli women-led defense tech VC Protego Ventures raised $125M for its debut fund

Investment firm Hamilton Lane plans to launch its third infrastructure secondaries fund

Muse is taking off with consumers, growing faster from launch than core competitors did. Including Google Play data, Muse has hit 1M+ DAUs

Average time spent per DAU is already in-line with ChatGPT

Japan's economy has entered a significant new phase and global investors continue to spend more time in the region. After 30 years, Japan has moved from experiencing deflation to inflation, and from stagnation to a booming economy. Wages are up, businesses are increasing returns on invested capital creating meaningful shareholder value, while Japanese households are shifting money from deposits to investments. Read how investors are taking notice.

In case you're bearish, watch this video of SpaceX's starship literally shooting satellites out of itself while in orbit.