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Good Morning,
JPMorgan fired a DEI exec who dumped and stole a NYC trashcan, Meta partnered with Kylie Jenner on new cheaper smart glasses, unemployed CS grads are embracing the 'founder' life, and the upcoming AI IPO wave is forcing bankers to form insulated internal teams in a rare dilemma for bulge bracket underwriters.
Columbia Business School Exec Ed and Wall Street Prep are back with their flagship certificate program on AI for Business & Finance, covering everything from GenAI foundations to advanced ML, all while offering access to a global network of industry veterans. Enroll today to save with our LITQUIDITY discount.
Let's dive in.
Before The Bell
As of 6/23/2026 market close.
Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*
Markets
US stocks slid yesterday as rate hike bets intensified
Korea's KOSPI index plunged 10%
Chinese stocks in Hong Kong entered a bear market
Dollar rose 0.4% to a one-year high
Euro fell to a one-year low
US gas prices tumbled for a sixth-straight week
Earnings
FedEx beat Q4 earnings and revenue estimates on rising domestic volume and US priority volume in its last quarter before FedEx Freight's spinoff (CNBC)
Cerebras posted a 92% revenue surge but forecast shrinking margins in its first public earnings (CNBC)
What we're watching this week:
Today: Micron, Jefferies
Thursday: McCormick, FedEx Freight
Full calendar here
Prediction Markets
Who will be spending our tax dollars next?
Trade event contracts on Polymarket, the world's largest prediction market
Headline Roundup
JPMorgan fired DEI exec who dumped and stole a Knicks trashcan (NYP)
IPO onslaught is forcing bankers to form internal teams (WSJ)
PE execs turn to carried interest loans as payouts stall (FT)
Quant traders expand push into FX options market (BBG)
Nomura, Sony, and NTT power big week for Japan bond sales (BBG)
Tesla holders bet on SpaceX merger as Musk's real endgame (BBG)
SpaceX short interest is at 5%-7% (RT)
GameStop CEO drops $35B bonus package to focus on eBay deal (RT)
Morgan Stanley expands in Dallas with $1.3B office building deal (WSJ)
Hedge fund Pentwater will pay Avis Budget $500M to settle claim over fueling stock volatility (WSJ)
Cboe revives binary options to compete with Polymarket (BBG)
Meta has created a prediction markets app (NYT)
Meta partnered with Kylie Jenner on cheap Meta-branded smart glasses (TC)
Welltower breaks Tesla's record with $167M CFO pay package (WSJ)
Oracle's total workforce declined 13% in FY 2026 (RT)
EV maker Lucid will cut 18% of US jobs (RT)
'Founder' is the new brass ring for CS grads (WSJ)
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Deal Flow
M&A / Strategic
CapVest Partners-backed German pharma firm STADA is in talks to acquire Cooper Consumer Health from CVC for $6.8B
Ari Emanuel's events platform MARI is in advanced talks to buy theater group ATG Entertainment from PE firm Providence for $6B
Platinum Equity is the last remaining bidder for a 50% stake in food giant Nestle's water business, which could fetch $5.8B
IFM Investors passed the 50% threshold in its holdings of Australia-listed toll road operator Atlas Arteria and extended its $5.2B takeover bid
Qualcomm is in advanced talks to acquire AI inference firm Modular for ~$4B
$2B-listed supply chain software maker SPS Commerce is exploring a sale amid activist pressure
Rare earths producer Energy Fuels will buy Germany's Vacuumschmelze in a $1.9B cash-and-stock deal
Reverence Capital Partners will take a majority stake in accounting firm Eide Bailly to transform it with AI in a $1.8B deal
Walmart agreed to acquire TV ads software firm Vibe.co for $1.4B
Schick razors maker Edgewell Personal Care rejected an unsolicited $1.4B takeover offer from PE firm Yellow Wood Partners
Self-storage operator Public Storage will buy Public Storage Canada, a separate company operating under the same brand, in a $1.2B stock-and-cash deal
KKR-owned sports PE firm Arctos Partners launched a $290M JV to develop a mixed-use entertainment district adjacent to University of Tennessee's Neyland Stadium
Aviation services provider Bristow Group agreed to buy Berry Aviation from PE firm Acorn Capital Management for $105M
Retired Welsh soccer star Gareth Bale is looking to buy a controlling stake in a soccer club as part of a sports investment vehicle with US PE firm Juggernaut Capital Partners
Apparel wholesaler SanMar acquired yoga clothing maker Alo's wholesale T-shirt division Bella+Canvas
Lending fintech SoFi acquired AI automated trading startup Composer
VC
AI inference startup Baseten raised a $1.5B round at a $13B valuation led by Sands Capital and Wellington Management
Peregrine Technologies, full-stack AI platform for government and enterprise, raised a $250M Series D at a $6.8B valuation led by Fifth Down Capital, Sequoia, XYZ Ventures, and others
AI memory startup Engram raised a $98M funding round at a $600M valuation led by Kleiner Perkins, General Catalyst, and Sequoia
Allium, a blockchain data platform for enterprises, raised a $40M Series B led by Amplify Partners
Tsuga, an observability startup that runs in customers' cloud accounts, raised a $35M Series A led by Singular
Probook, an AI OS for home service businesses, raised $40M in funding including a $34M Series A led by a16z and a $6M seed round led by Sequoia
Piers Morgan Uncensored, a talent-driven global media company, raised $27M at a $145M valuation led by Raine Ventures and Antenna Group
JustAI, an AI-native marketing platform, raised a $17M Series A led by Base10 Partners
Tetrix, an AI investment platform for alternative asset LPs, raised a $15M Series A co-led by White Star Capital and Innovation Endeavors
Lama AI, a fintech AI-agent platform for banking, raised a $12M Series A led by EJF Ventures
Access the complete VC deal flow and data on Fundable
IPOs / Listings / Issuances / Block Trades
China Resources New Energy Holdings raised $3.6B at a $20B valuation in China's biggest IPO which saw ~$1T in retail bids
Israel is considering US IPOs of state-owned defense giants Israel Aerospace Industries and Rafael Advanced Defense Systems, which are valued at an estimated $34B and $20B respectively
TDR Capital-backed gas station operator EG Group confidentially filed for a US IPO that could raise $1B at a $9B valuation
SoftBank-backed used-car marketplace Carro is considering filing confidentially for a $500M dual US and Singapore IPO
Vedanta Resources plans to raise ~$400M in an 11.9% IPO of its US unit CopperTech Metals to develop a Zambian copper mine
Debt
SpaceX saw over $90B in demand for its $25B debut bond sale
Bankruptcy / Restructuring / Distressed
A bankruptcy judge blocked a $100M shareholder lawsuit against Sorrento Therapeutics' advisers and insiders that alleges its Chapter 11 plan was a self-dealing fraud
Businesswoman Michele Kang and Ares will take control of struggling French soccer club Olympique Lyonnais from John Textor's bankrupt Eagle Football for $30M
OTB Hospitality, the operating company of On the Border Mexican Grill & Cantina, voluntarily filed for Chapter 7 liquidation
Pulp and paper maker Georgia-Pacific is exploring a second bankruptcy to resolve asbestos claims
Dallas car dealership Simple Auto sued bankrupt subprime auto lender PrimaLend Capital Partners for lending fraud
Funds / Secondaries
Abu Dhabi's AI investment fund MGX raised $50B from regional and global investors to accelerate spending on AI infrastructure and technology
UK investment firm Pantheon raised $4B for its fifth global infrastructure fund
VC giant Menlo Ventures raised $3B for a set of funds dedicated to backing AI startups
$1.5B AUM Hong Kong hedge fund Ovata will shut down as management joins multi-strat giant ExodusPoint
Allianz Global Investors raised $745M for its third APAC private credit fund
Morgan Stanley restricted redemptions at a private credit fund
Power trader e360 Power shut down its flagship hedge fund after volatility hit performance
Crypto Sum Snapshot
Ethereum Foundation cut 20% of staff amid a leadership shakeup
Minnesota banned crypto ATMs after scammers drain $1M
Crypto Sum compiles the most important stories on everything crypto. Read it here.
Exec’s Picks
Women's sports are no longer a niche investment. With global revenues on track to surpass $3B in 2026, Mizuho brought together three generations of elite female golfers to discuss the surge in growth and opportunity. Check out their insights.
WSJ shared some interesting trends on CEO pay which is slowly breaking a new threshold: $200M.
WSJ also published a rare look into the secretive Wall Street powerhouse that's seizing the AI spotlight: Jane Street.
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!
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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.