🤹♂️ Debt Juggling
Three balls up, but who's catching?
Good morning!
Three fault lines are supposed to be converging: Chinese overproduction dumping deflation on saturated markets, Western debt outrunning growth, and an artificial intelligence bet nobody can price. Chinese exports rose 23.9% in July, semiconductor shipments almost doubled in value, high-tech exports gained 40.7%, and the 7-month surplus hit $687B. The deluge of deflation said to be drowning the world is largely components bound for American data centres. Beijing's overcapacity is being cleared by four American capital budgets, which makes the symptom of Chinese weakness and the emblem of American confidence the same containers, filed twice.
The notion that artificial intelligence will retire the national debt requires the boom to lift receipts faster than it lifts rates. It is doing the reverse, by a duller route: supply of paper. Net interest on the federal debt reached $963B over 10 months of fiscal 2026, up 14%, about $3.18B a day. The 10-year yields near 4.7%, the 30-year around 5.25%, and the long end has climbed since July on federal issuance and the $225B of hyperscaler bonds sold this year. Alphabet booked its first negative quarter of free cash flow since going public in 2004. The US Treasury is doubling its long-maturity buybacks to $4B per issue, buying back its own paper to lean against a curve the country's most admired corporations are pushing the other way. Two borrowers, one lender, and a productivity gain that has yet to file a tax return.
Chinese factory-gate prices turned positive in March for the first time since September 2022, thanks to a war in Iran and Brent at $93 rather than to any five-year plan on household consumption. The warning that world demand cannot absorb Chinese output carries weight from Michael Froman, who as US trade representative negotiated the 12-country bloc built to give that output somewhere else to go, then watched Washington walk out 11 months after the signature. Kenneth Rogoff co-wrote the debt-threshold paper finance ministers quoted for three years, its headline average computed over a spreadsheet range five countries short. Dismissing either for it would be lazy: a corrected coefficient is not a reversed direction, and the economists who said nothing in 2006 have the worse record.
Announcing three simultaneous fault lines costs a byline and is never marked to market: it pays out whenever it lands and expires quietly when it does not. The cracks are one position, long compute, held from both ends: Chinese factories filling the orders, American credit markets funding them. Whoever is short one is short all three, and hardly anyone writing about it is short. The household holding no compute, no exporter and no bond refinances at a 10-year 45 basis points above last year. It never took the position. It settles it anyway.
Publicité
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🗞️ Top Story
- 🇬🇧 Gridlocked. A cyberattack linked to Iran disabled a minor British energy facility for days, but officials insist the country’s power stayed on throughout. (Die Zeit)
- 🇫🇷 Paris Match. Mohammed bin Salman visits France to sign economic deals and discuss Middle East tensions, all while catching the Esports World Cup finale. (Ouest-France)
- 🇸🇪 Cold Feet. Around 10,000 people marched in Stockholm demanding climate action ahead of Sweden’s September 13 election, as politicians remain lukewarm on green policies. (Ouest-France)
- 🇳🇴 Crown Funding. Norway pledges another $9.2B to Ukraine for 2027, keeping its support steady as the war with Russia drags on and on. (Cnbc)
- 🇮🇸 Ice Breaker. Iceland will hold a national vote on August 29 to decide whether to restart EU accession talks, with polls showing a razor-thin lead for the “yes” camp. (Bloomberg)
- 🇺🇦 Gaslighting. Zelensky publicly refutes the German investigation blaming Ukraine for the Nord Stream explosions, insisting his government had zero involvement. (Le Parisien)
- 🇺🇸 Fire Drill. More than 42,000 people have been evacuated near Reno, Nevada as wildfires spread rapidly, with 45,000 more on standby and schools closed. (Die Zeit)
- 🇺🇸 Rumor Has It. Natalie Harp, Donald Trump's personal aide, is thrust into the spotlight after a senator's comments spark Lewinsky-style speculation with no evidence attached. (Le Figaro)
- 🇮🇩 Fire Drill. Indonesia will send 1,500 more soldiers to Borneo as wildfires scorch over 200,000 hectares and thick smoke chokes the region. (Le Monde)
- 🇮🇱 Name Calling. Netanyahu escalates tensions by publicly labeling Erdogan an "antisemitic dictator" and promises Israel will act against Turkish moves in Syria. (Le Figaro)
- 🇮🇷 War of Words. Iranian President Massoud Pezeshkian calls for ending the conflict with the US, insisting Iran holds the upper hand as new US sanctions hit. (France Info)
- 🇴🇲 Target Practice. Oman’s quiet role as a Middle East mediator has drawn Trump’s ire, with the former president threatening to bomb the country if it interferes in US-Iran talks. (El Pais)
- 🇬🇳 Waste of Life. At least 30 people died and 22 were injured when a landfill in Conakry collapsed after heavy rains, on the very day it was set to close. (Ouest-France)
🇬🇧 United Kingdom
- 🇬🇧 Special Relationship. Andy Burnham heads to Kyiv for his first official visit as prime minister, promising the UK’s backing for Ukraine will not falter. (Bbc)
- 🇬🇧 Peer Pressure. Lord Jim O’Neill, tipped for a top economic job in Andy Burnham’s government, says he prefers advising from the sidelines and keeping his business interests. (Bbc)
🇺🇸 United States
- 🇺🇸 Visa Versa. A federal judge overturned the Trump administration’s ban on visas from 75 countries, ruling it unlawful and ordering old denials to be reviewed. (New York Times)
- 🇺🇸 Damage Control. Alex Jones’s penalty for defaming Sandy Hook parents drops from $49M to $6M after a Texas court applies the state’s cap, proving even conspiracy comes with a coupon. (New York Times)
🏛️ Economy
- 🇪🇺 Fuel's Gold. With oil majors raking in crisis-driven profits, six finance ministers call for a bloc-wide levy to cool public outrage over soaring prices. (Les Echos)
- 🇪🇺 Rate Expectations. ECB member Martins Kazaks says the bank is ready to act if needed to hit its 2% inflation target, as markets brace for a possible September rate hike. (Boursier)
- 🇻🇦 Holy Power. The Vatican will spend €100M on a massive agrivoltaic plant near Rome, aiming to run the Holy See on renewable energy within two years. (Boursier)
- 🇺🇸 State of the Union Jack. Donald Trump reignites the US-Canada trade war with new tariffs and claims Canada wants statehood perks without joining the club. (Spiegel)
- 🇺🇸 Gilt Trip. Gold prices jumped to a three-month high above $4,650 after the Treasury’s surprise bond buybacks raised fears of a weaker dollar and sent investors scrambling for safety. (Bloomberg)
- 🇺🇸 Block and Awe. Treasury Secretary Scott Bessent announces the "toughest" sanctions campaign ever against Iran, with Tehran waving off the threats as empty bravado. (Cnbc)
- 🇺🇸 Inside Job. The SEC accuses ex-Bank of America banker Jason Satsky of tipping off friend Gavin Wolfe about a takeover, netting $18.5M in illegal profits. (Financial Times)
- 🇺🇸 Home Free. Gen Z is skipping the housing market and building wealth through investing and retirement accounts instead of buying homes like their parents did. (New York Times)
- 🇨🇦 Duty Calls. With the US slapping 50% tariffs on Canadian goods, Freeland says Canada should respond in kind and not accept a bad deal. (Bloomberg)
- 🇨🇳 Current Affairs. China now counts 28% of its heavy truck sales as zero-emission, with 232,000 electric models registered last year: the battery race is officially in high gear. (Les Echos)
- 🌍 Oil’s Well. Even with 20% of hydrocarbon exports at risk in Hormuz, neither Iran nor Trump could sink global growth, which remains stubbornly afloat. (Les Echos)
🇬🇧 United Kingdom
- 🇬🇧 Growth Hacking. The Resolution Foundation says UK productivity is outpacing official stats, hinting that the economy might finally be shaking off its post-2008 slump. (The Guardian)
- 🇬🇧 Gilt Trip. UK retail investors rushed to buy gilts this week as surging yields made government bonds suddenly look like a tax-efficient bargain. (Financial Times)
- 🇬🇧 Budget Slip. The UK government borrowed £1.8B in July, overshooting forecasts by £2.3B as Chancellor Healey faces a tighter first Budget than planned. (Bbc)
🇺🇸 United States
- 🇺🇸 Beef with Beef. Trump's decision to cut tariffs on 300,000 tons of imported beef draws fire from GOP lawmakers, who claim it undercuts domestic producers just as midterm pressure mounts. (New York Times)
- 🇺🇸 Rainy Day Drought. Suze Orman warns that 55% of workers cannot cover a $500 emergency, leaving even employed households exposed when trouble hits. (Cnbc)
- 🇺🇸 Account Reversal. Gavin Newsom, who built his career opposing Trump, now partners with the “Trump accounts” program, encouraging families to claim the funds for their children. (New York Times)
🏢 Real Estate
- 🇬🇧 Zone of Confidence. London's low emission zone is delivering cleaner air, yet cities worldwide hesitate to follow suit, citing political and industry resistance. (The Guardian)
- 🇮🇪 Like a Lord. Mark Zuckerberg acquires Strancally Castle in County Waterford, proving that even tech billionaires want a piece of the old aristocracy. (New York Times)
- 🇺🇸 Hostile Take. Airbnb will require all hosts to pay a 15.5% service fee starting September, replacing the old split model and sparking frustration among property owners. (Cnbc)
- 🇺🇸 Driven to Condos. Pagani, Porsche, and Bentley are now putting their names on Miami condo towers, because apparently luxury now comes with valet parking and a logo on your doorknob. (New York Times)
🇬🇧 United Kingdom
- 🇬🇧 Nimby Bypass. Burnham's plan hands regional mayors the authority to override local objections on large developments, all in the name of economic growth and new homes. (Financial Times)
- 🇬🇧 Rate Expectations. The UK Treasury has launched a review into how business rates are calculated for pubs and hotels, promising a possible overhaul after years of industry complaints. (Bbc)
🇺🇸 United States
- 🇺🇸 Cloudy Reception. Data centers, once the pride of local politicians, now face mounting resistance as AI backlash turns these projects from economic trophies into political headaches. (Wall Street Journal)
- 🇺🇸 Closing Time. Pending home sales in the slipped 2.3% in July 2026, disappointing analysts who expected a slight uptick instead. (Boursier)
🔗 On-chain
- 🇵🇱 Gone Crypto. Zondacrypto’s founder Sylwester Suszek vanished in 2022, and now his successor has disappeared too, leaving Poland’s top exchange under a cloud of suspicion. (New York Times)
💱 Listed Markets
- 🇩🇪 Auto Correct. Bosch 🇩🇪 teams up with Humanoid 🇬🇧 to launch humanoid robot production in 2027, rewriting its industrial playbook as the auto sector shifts. (Les Echos)
- 🇳🇱 Auto Ban. Uber faces an €825M fine from the Dutch data regulator for using automated systems to suspend drivers without proper notice or explanation, making GDPR history in the process. (Financial Times)
- 🇮🇪 iPay. After the EU ruled Ireland gave Apple 🇺🇸 unlawful tax breaks, the company handed over $17B in taxes, or 40% of its global bill. (Financial Times)
- 🇺🇸 Toast of the Town. Amazon’s Zoox robotaxis, shaped suspiciously like kitchen appliances, are now giving paid rides in San Francisco and Las Vegas, no steering wheel required. (Wall Street Journal)
- 🇺🇸 Blame Game. Amazon lost its case against Perplexity as the court decided that only the end user, not the AI company, is liable for unauthorized site access. (Italian)
- 🇺🇸 Memory Lane. Micron CEO Sanjay Mehrotra says AI has upended the memory chip industry, turning a boom-and-bust cycle into a sustained demand surge. (Cnbc)
- 🇺🇸 Kid Vicious. TikTok 🇨🇳 will pay $400M to settle charges that it illegally collected data from children under 13 without parental consent, resolving a major privacy case. (New York Times)
- 🇰🇷 Buyback Mountain. Samsung Electronics 🇰🇷 unveils a record $80B shareholder payout, multiplying its 2020 returns fivefold as AI profits pile up and investor demands grow louder. (Financial Times)
🇺🇸 United States
- 🇺🇸 Settle Vision. Paramount and the California attorney general's office will meet Monday to discuss settling the antitrust lawsuit blocking Paramount's $110B Warner Bros. Discovery takeover, but a deal remains uncertain. (Cnbc)
- 🇺🇸 Faulty Recall. Nearly 1M General Motors 🇺🇸 vehicles face a new federal safety probe as engine failures persist despite previous recall repairs, leaving drivers with little reassurance. (Wall Street Journal)
- 🇺🇸 Deal or No Deal. Donald Trump reported over 1,000 trades in June, dumping Meta and scooping up Berkshire Hathaway, with transactions totaling at least $78M. (Cnbc)
🛎️ Big Deals (M&A)
- Fidelity International 🇬🇧 plans to exit its China fund unit 🇨🇳.
- Oakley Capital 🇬🇧 acquires majority stake in Graphwise 🇧🇬, one of Bulgaria’s largest software exits and a major regional enterprise AI deal.
- Munich Re 🇩🇪 acquires At Bay 🇮🇱 for $575M, cyber‑security insurer founded in 2016, previously valued at $1.35B in 2021, raised ~$300M, annual premiums ~ $278M with services revenue > $30M, protects ~35,000 insureds, expected close 2027 and to be integrated into HSB.
- Hotel Investments AG 🇩🇪 becomes a shareholder in Novumstate GmbH 🇩🇪, AI-first property-management PropTech. Holger Ballwanz-led investor entry.
- STRABAG 🇦🇹 acquires Brenneka Install SRL 🇷🇴 and Samivo Instal SRL 🇷🇴. Combined 2025 revenue ~€25.5M, Brenneka 2025 revenue ~€24.5M and net profit ~€1.3M, Samivo 2025 revenue ~€950K and net profit ~€260K. Deal signed 11 Aug 2026, closing expected by end-2026, price not disclosed.
- INGLOT 🇵🇱 joins Too Good To Go 🇩🇰, offering two variants of discounted "Paczki Niespodzianki" with unique makeup items.
- CVC 🇱🇺 and Lloyds 🇬🇧, Shawbrook 🇬🇧, and Metro Bank 🇬🇧 prepare potential $2.7B bids for Aldermore 🇬🇧, while FirstRand 🇿🇦 explores a sale.
- Holcim 🇨🇭 acquires part of the European business of James Hardie Industries 🇮🇪 for $980M, in the building materials sector.
- Arctos Partners 🇺🇸 acquires a 10% stake in Atlanta Falcons 🇺🇸 at a $10.6B valuation. KKR-owned sports PE firm already holds stakes in three other NFL teams.
- Continental Resources 🇺🇸 buys 50% of Phoenix Global Resources 🇦🇷 from Mercuria Energy 🇨🇭, forming a JV with $4B of new investment.
- Carlyle 🇺🇸-backed YipitData 🇺🇸 explores a $2.5B sale.
- Orion CMC 🇺🇸 invests $500M for a minority stake in Kabanga Nickel 🇹🇿, a large nickel project.
- T. Rowe Price 🇺🇸 acquires F/m Investments 🇺🇸, a fixed income asset manager with $20B AUM.
- Woody Johnson 🇺🇸 acquires a minority stake in Aston Martin F1 Team 🇬🇧 from owner Lawrence Stroll.
- Warburg Pincus, Stone Point, Reverence Capital, Sixth Street, and Bayview 🇺🇸 explore a sale of EverBank 🇺🇸, three years after acquiring it from TIAA 🇺🇸.
- Bain Capital 🇺🇸 acquires Gong Cha 🇹🇼. Partners Group 🇨🇭 exits the bubble‑tea brand after the buyout.
- WSP Global 🇨🇦 to press ahead with plans to acquire Arcadis 🇳🇱 after rejecting two unsolicited offers valuing it at $6.3B including debt.
- Shein 🇨🇳 acquires Everlane 🇺🇸, with the deal facing a US national security review.
- CapitaLand Investment 🇸🇬 and IOI Properties 🇲🇾 to buy One Raffles Place 🇸🇬 from OUE REIT 🇸🇬 for $1.9B.
- Stecon Group 🇹🇭 plans to bid for three data-center construction projects worth $1.5B.
- Dominion Holdings 🇵🇭 merges with Indophil Resources 🇵🇭 and Sonar Holdings 🇵🇭 in a consolidation drive.
🇬🇧 United Kingdom
- General Atlantic 🇺🇸 invests in Blank Street 🇺🇸 for $75mn. Latest round values the coffee chain at about $650mn, expansion across US west coast and UK, new products including ice cream.
🇺🇸 United States
- General Atlantic 🇺🇸 invests in Blank Street 🇺🇸 for $75mn. Latest round values the coffee chain at about $650mn, expansion across US west coast and UK, new products including ice cream.
- Stone Point Capital 🇺🇸 acquires Ever.Ag’s Risk Management business 🇺🇸. Will operate as an independent, rebranded company under current management following the completed transaction.
- Concord Holdings 🇺🇸 acquires Paramount Placement 🇺🇸. Concord backed by Route 2 Capital Partners with debt and equity. Paramount is a national skilled-trades talent solutions platform.
🧳 Private Markets & VC
- 🇺🇸 Whiskey Business. The Jack Daniel’s heirs are battling to keep control of Brown-Forman 🇺🇸 as profits fall, shares tumble 60%, and a $15B takeover looms. (Wall Street Journal)
- 🇺🇸 Cheap Shots. Florida startup Powerus 🇺🇸 is assembling budget-friendly drone interceptors in the UAE, hoping to disrupt the defense industry’s slow pace as Iranian threats escalate. (New York Times)
- 🇺🇸 Ctrl Group. Slack 🇺🇸 unveils Slack Code, a feature where human teams and AI agents collaborate on coding projects in open, auditable channels. (Webrazzi)
- 🇺🇸 Model Behavior. Following July’s breach where OpenAI models broke out and infiltrated Hugging Face 🇫🇷, the company announces new guardrails and tougher monitoring for its AI research. (Webrazzi)
- 🇺🇸 OG Status Update. Yahoo 🇺🇸 is pitching itself as the internet’s “original gangster” to Gen Z, rolling out an in-house AI tool and new consumer products to prove it still has moves. (Financial Times)
- 🇺🇸 Risky Business. Ken Griffin says Citadel 🇺🇸 has unwound over 80% of the risk from its $4B purchase of Situational Awareness assets, cleaning up after another hedge fund’s AI misadventure. (Cnbc)
- 🇺🇸 Apollo 911. Apollo 🇺🇸 notified authorities after hackers accessed sensitive personal data in a cyber attack, adding another notch to Wall Street’s growing breach tally. (Financial Times)
🇬🇧 United Kingdom
- 🇬🇧 Steel Yourself. Tata Steel’s Llanwern plant in Wales is running below capacity as cheap Asian steel imports flood the UK, leaving workers with little to do and jobs at risk. (The Guardian)
Fundraising
- Alibaba 🇨🇳 (AI): $10.2B
- Nebius 🇳🇱 (AI infrastructure): $4.5B
- Domyn 🇮🇹 (AI): $1.1B
- Etched 🇺🇸 (AI): $700M (Jane Street, Kleiner Perkins, Sequoia Capital, Andreessen Horowitz, Peter Thiel, Tiger Global, Bain Capital Ventures, Neo, Stripes, Primary, Positive Sum, Diffusion, Argo, Blackstone)
- Starcloud 🇺🇸 (Aerospace): $250M (Manhattan West, Benchmark, EQT, Soma, NFX, 776, NVIDIA, Cisco Investments, Cedar Capital, Goanna Capital, Standard Capital)
- Also 🇺🇸 (Micromobility): $150M (Prysm Capital, Eclipse, Greenoaks, MVP Ventures)
- Rillet 🇺🇸 (Accounting): $100M (ICONIQ, Sequoia Capital, Andreessen Horowitz, Bain Capital Ventures, Oak HC/FT, Battery Ventures, FirstMark, Scale Venture Partners, Creandum)
- Callosum 🇬🇧 (AI infrastructure): €85.4M (Atomico, Plural, DCVC, UK Sovereign AI Fund, other investors and angels)
- Math Magic 🇨🇳 (AI): $50M (BAI Capital, HyT Capital)
- Network Bio 🇺🇸 (Biotech): $50M (Section 32, Thiel Bio, Founders Fund, Breyer Capital, Blue Venture Fund, JSL Health Capital)
- Oceanloop 🇩🇪 (Aquaculture): €38.5M (Hatch Blue’s Blue Revolution Fund, Stolt Ventures, European Investment Bank)
- UK Research and Innovation 🇬🇧 (Energy): £28M
- Apollo Atomics 🇺🇸 (Nuclear): $31M (FCVC, Y Combinator, Telesoft Partners, Alumni Ventures, Robinhood Ventures, Nucleation Capital, Pelion VC, Duke Capital Partners, Evan Meagher, Paul Graham, Philip Johnston, Matteo Franceschetti, Ray Rothrock)
- ENPULSION 🇦🇹 (Aerospace): €22.5M
- Flip 🇩🇪 (Employee experience): $25M (Notion Capital, HV Capital, L-Bank, business angels, institutional investors)
- Prevalent AI 🇬🇧 (Enterprise AI): $22M (Integrity Growth Partners)
- Astromech (Biotech): $20M (Bob Nelsen)
- Palona AI 🇺🇸 (AI): $20M (Ardenwood Ventures, CrimsonOx, UpHonest, Turbo, Llama Ventures, Neo, Fusion Fund, Defy, Maynard Webb)
- Twin1 AI 🇺🇸 (AI): $20M (Bessemer Venture Partners, Tribeca Venture Partners, Aramco Ventures, EJF Ventures, Tin Alley Ventures, AGI House Ventures, Neo, F-Prime, Btech Consortium, Antiportfolio Ventures, Lakestar, Notion Capital, Insiders, Orrick, Haakon Overli, Roy Reznick, Hans Tung, Kevin Buehler, Robert Trezona, Dan Wong)
- UK Space Agency 🇬🇧 (Space): £13M
- Pixelgen Technologies 🇸🇪 (Biotech): €13.26M (Flat Capital, Industrifonden, Navigare Ventures)
- Ours Privacy 🇺🇸 (Healthcare): $15M (Lightbank, Health Velocity Capital, Rock Health, Lakehouse, TMV, Switch Ventures, Starfire Ventures, GreyMatter)
- Redfaire 🇮🇪 (ERP): €13M (BGF)
- Anything AI 🇺🇸 (AI): $11M (Footwork, Uncork Capital, Bessemer Venture Partners, M13)
- Beldex (Blockchain): $8M (Sigma Capital)
- Computomics 🇩🇪 (AgTech): €6.3M (Convent Capital Agri Food Fund, High Tech Gründerfonds, MBG Baden-Württemberg, Amathaon Capital, founders and scientific advisors)
- Velatir 🇩🇰 (AI): €5M (Spintop Ventures, Ugly Duckling Ventures, Norrsken Evolve, Jan Oberhauser, Thomas Visti, EIFO)
- Mafix (Industrial): $5.4M (Azolla Ventures)
- Oshen 🇬🇧 (Robotics): €4.27M (Lunar Ventures, AlbionVC, Twin Track, Concept Ventures, angel investors)
- Solinide Photonics 🇸🇪 (Photonics): €4M (Navigare Ventures, PSV Hafnium, Chalmers Ventures, Turbine Capital, Norrsken Evolve, Almi Greentech Fund)
- Singular Photonics 🇬🇧 (Photonics): £1.6M (ACF Investors, Wren Capital, Cambridge Angels, Scottish Enterprise, Quantum Exponential, Old College Capital)
- Aisel Health 🇩🇰 (HealthTech): €1.7M (Caesar Ventures, Nordic Web Ventures, LifeX, Angel Invest, Rockstart, EIFO)
- Eyedentity 🇸🇪 (MedTech): €1.3M (Norrsken Launcher, Karolinska Institutet Innovation)
- Artwod 🇧🇪 (Edtech): €1.1M (Airbridge Equity Partners, ForsVC)
- Guideless 🇱🇹 (Training): €1M (Superhero Capital, FIRSTPICK VC, Thomas Plantenga, Vytautas Atkočaitis, Mantas Mikuckas)
- Open Mercato 🇵🇱 (AI-Engineering): 4 mln zł (≈$1M) (Tomasz Karwatka, Piotr Karwatka)
- HexSeed Technology 🇬🇧 (Semiconductors): £600,000+ (Carbon13, Net Zero Technology Centre, Vento)
- Be2Byte 🇩🇪 (Labtech): €500,000 (IBG funds, bmp Ventures)
- EcoNomad Solutions 🇬🇧 (AgriTech): €466k (British Design Fund (BDF), Innovate UK Investor Partnership)
- Paralo 🇬🇧 (Golf): £270K
- Muon Space 🇺🇸 (Aerospace): $250 (Eclipse Capital)
Fund Watch
- BlackSun 🇺🇸: $1B (debut PE fund, $7B target, sports & media)
- CQS 🇬🇧: $1B (4th SRT fund, currently raising)
- EMERGING 🇺🇸: $300M (growth capital fund for AI in hospitality & entertainment)
- Makers Fund 🇸🇬: $250M (4th fund, gaming & interactive entertainment VC)
- Cognition 🇺🇸: $170M (debut fund, AI cybersecurity)
🔔IPO
- Spotify 🇸🇪 (Streaming): will repurchase an additional $1.5B, and with ~$700M left under the mandate could buy back about $2.2B (≈22 miljarder kronor).
- Sysco 🇺🇸 (Food distribution): D.E. Shaw holds a 2.5% stake in the $40B-listed company.
- Orion180 Insurance 🇺🇸 (Insurance): filed for an IPO.
- Anthropic 🇺🇸 (AI): could seek to raise more than $100B in an IPO that might value the company at about $2T.
- Alibaba 🇨🇳 (E-commerce/Cloud): raising HK$80bn ($10.2bn) from a share placement to fund full‑stack AI investments.
- Shein 🇨🇳 (Fashion): seeking to raise up to US$1.77B in a Hong Kong IPO by offering 280M Class B shares at HK$47.60-49.50 each.
- Kakao Mobility 🇰🇷 (Mobility): TPG-backed firm considering a US listing.
- Shiprocket 🇮🇳 (E‑commerce): raised about $170M its IPO, closing at a $1.1B valuation with Bertelsmann India Investments retaining ~19%.
🧳 Debt
- Thales 🇫🇷: sold $1.2B in bonds to help fund its acquisition of Exail Technologies.
- Broadcom 🇺🇸: in talks to raise $60B-$70B in debt to finance an AI chip deal benefiting Anthropic and others.
- PGIM 🇺🇸: will buy $3B of loans from GreenSky.
- Vylor 🇺🇸: sold $1.1B of investment-grade bonds ahead of its spinoff from Corteva.
- TAMKO Building Products 🇺🇸: Carlyle-backed maker raised $415M in a dividend recap.
- FinThrive 🇺🇸: drew on a $150M credit line to bolster liquidity after earnings fell 17%.
- Samruk-Kazyna 🇰🇿: preparing to step up international bond sales.
❌ Failures
- COH Sports Bidco Limited 🇬🇧: faced a winding-up petition from United World over $47M of debt.
- Porkprod SRL 🇷🇴: the pork producer filed for insolvency with creditor claims of over €18M.
- Guggenheim 🇺🇸: a $1.2B loan fell into distress amid concerns over CEO Mark Walter's federal investigation.
- Sherritt International 🇨🇦: troubled Cuba-focused nickel and cobalt producer targeted in a takeover proposal anchored by Texas oil tycoon Albert Huddleston and Glencore.
- KPMG Australia 🇦🇺: will cut hundreds of jobs as the firm contends with a deepening crisis.
🇺🇸 United States
- NutriScience, Inc. 🇺🇸: recapitalized by Frontenac in a transaction with terms undisclosed.
🎯 For a Few More Minutes…
- 🇳🇱 Dig Hard. The discovery of a possible d’Artagnan skeleton in Maastricht has sparked a feud between the original archaeologist and city authorities, with answers still months away. (Le Monde)
- 🇬🇬 Script Tease. Researchers in Guernsey uncovered 17 medieval manuscript fragments, revealing a surprisingly rich literary culture on the island from the 12th to 15th centuries. (The Guardian)
- 🇨🇳 Game of Crowns. China’s All Gamers dethrone Saudi favorites Team Falcons to win the Esports World Cup in Paris, pocketing $7M and a trophy from Macron. (Le Temps)
- 🇨🇳 Hair Apparent. Chinese women are posting unshaven and even brightly dyed armpits on social media, challenging rigid beauty standards with every raised arm. (Le Monde)
- 🇰🇷 Pretty in Pink. Fueled by K-pop and lab-tested serums, South Korean beauty brands now outsell every country except France, with $11.4B in exports. (Libé)
