๐Ÿช™ Take a Number

You queue up, they cash out. Same old ticket, new game.

A Free Lunch newsletter archive of July 31, 2026

Good morning!

Dave Ramsey has spent three decades telling American radio listeners that debt is a moral condition and that the mortgage should be cleared before the children are educated. The revenue arrived through an adjacent door: a class action filed by 17 of his own listeners put his fee at $450K a month, for six years, to point the faithful at Timeshare Exit Team, whose turnover climbed from under $1M to $40M on the endorsement and took $70M off the listeners it referred before Washington State settled it out of existence. Ramsey’s cut, per the complaint: $30M. Luther went to the wall over indulgences priced considerably lower.

Martin Lewis built his reputation across Britain on switching energy suppliers and mining introductory offers, then sold the audience to MoneySupermarket in 2012 for ยฃ87M, ยฃ35M of it in cash. The site already drew 59% of its revenue from the comparison group that bought it, so the deal formalised a marriage rather than arranging it. He has the merit of consistency: two decades of teaching a country to extract the last basis point from a deposit account has left ยฃ360B sitting in cash ISAs, the tax-free savings wrapper. Britain’s Treasury has stopped asking politely. From April 2027 the cash ISA allowance falls to ยฃ12K for the under-65s, idle cash in its investing equivalent takes a 22% charge, and the road back into cash is closed. Thrift, having been taught, is now being rationed.

Seoul industrialised the opposite failing. Korean margin lending grew 72.5% in 2025 against 36.3% in the United States, and borrowing against Samsung Electronics and SK Hynix has tripled since December. The single-stock leveraged ETFs launched in May require a compulsory education course. Over 350K Koreans have passed it, and the registration site crashed on opening day: a certificate of competence issued at the door of the casino. India runs the version without the reading list: 91% of individual derivatives traders lost money in 2024-25, โ‚น1.06T between them.

Blaming the gurus requires forgetting who vacated the premises. Only 9% of British adults receive regulated advice, 23M are officially underserved, and one in five make financial decisions off social media. The licensed industry walked away from anyone without six figures to invest. The men who moved in did not create the vacancy. Who else moved in is the harder question. Seven reality TV personalities were sentenced in February for pushing an unauthorised FX scheme at 4.5M Instagram followers, and the state’s revenge came to ยฃ7K in fines and two discharges. Douglas and Roseanne Morrill ran a pharmacy in Washington for 40 years, heard Ramsey call timeshares a swindle, paid $40K to the company he named as the only way out, and got neither exit nor refund. No amount of sarcasm makes that funny.

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๐Ÿ—ž๏ธ Top Story

  • ๐Ÿ‡จ๐Ÿ‡ณ Ground Zero. A landslide in Chongqing’s Pengshui district has left 51 dead and 10 missing, as rescue teams comb the rubble for survivors. (Le Figaro)
  • ๐Ÿ‡ฏ๐Ÿ‡ต Fault Lines. The Kumamoto government raises the official earthquake death count to 25, while the region braces for more grim updates as checks proceed. (Boursier)
  • ๐ŸŒ Out of Stock. Humanity hits Earth Overshoot Day today, using up all the planetโ€™s renewable resources for 2024 and starting five months of ecological deficit. (Die Zeit)
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡ฌ๐Ÿ‡ง Ban Appeal. The UK Supreme Court will review the government’s terrorism ban on protest group Palestine Action, after its co-founder argued the measure breaches human rights. (Bbc)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Whip Lash. Diane Abbott and Joani Reid regain their Labour MP status after independent disciplinary reviews, just in time for Andy Burnhamโ€™s early days as PM. (The Guardian)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Family Values. Labour calls for an investigation into Reform UK after George Cottrellโ€™s mother donates big, right after her son transferred her $2M. (The Guardian)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Side Hustle. Greater Manchesterโ€™s mayoral byelection, the largest ever, kicks off with Labourโ€™s Bev Craig favored, but national headlines are busy elsewhere. (The Guardian)
๐Ÿ‡บ๐Ÿ‡ธ United States
  • ๐Ÿ‡บ๐Ÿ‡ธ Pay to Play. Elon Musk is set to inject $100M to $120M into the 2024 midterms, making Republicansโ€™ campaign coffers look positively stratospheric. (New York Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Deal or No Deal. Trumpโ€™s pick for attorney general, Todd Blanche, faces collapse as the president refuses to narrow a tax immunity agreement benefiting his family. (New York Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Source Code. Investigators believe Iranian hackers are behind a cyberattack on Minnesotaโ€™s water utilities, disrupting operations but leaving drinking water safe for now. (New York Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Lane Rage. Businesses in Chicagoโ€™s Brighton Park revolt against city bike lanes that replace parking and squeeze traffic to a single lane. (Wall Street Journal)

๐Ÿ›๏ธ Economy

  • ๐Ÿ‡ฌ๐Ÿ‡ง Rate Expectations. The Bank of England left interest rates unchanged at 3.75%, echoing the Fed’s stance while Governor Bailey dismissed talk of imminent hikes. (Bloomberg)
  • ๐Ÿ‡ต๐Ÿ‡น Crude Awakening. Portugal plans a temporary tax on oil companies’ excess profits in 2026, aiming to fund both family relief and green investments. (Le Figaro)
  • ๐Ÿ‡ช๐Ÿ‡บ Fixer Upper. Starting July 31, citizens can insist on repairs for gadgets and appliances under warranty, unless fixing them costs more than replacing. Green groups warn the fine print still favors manufacturers. (Le Monde)
  • ๐Ÿ‡ช๐Ÿ‡บ Euro Vision. The eurozone economy grew 0.4% in Q2, beating both forecasts and the US, despite uncertainty from the Iran conflict clouding the outlook. (Wall Street Journal)
  • ๐Ÿ‡บ๐Ÿ‡ธ Core Concerns. Economic growth disappointed at 1.5% in Q2, but Juneโ€™s core inflation of 3.3% keeps pressure on the Federal Reserve. (Cnbc)
  • ๐Ÿ‡จ๐Ÿ‡ณ Red Light District. Chinaโ€™s official manufacturing PMI dropped to 49.2 in July, signaling contraction for the first time in five months and pressuring Beijing to act. (Wall Street Journal)
  • ๐Ÿ‡ฏ๐Ÿ‡ต Forex Machina. Tokyo staged a surprise intervention to boost the yen, which promptly spiked 3.3% versus the dollar and rattled traders worldwide. (Bloomberg)
  • ๐Ÿ‡ฏ๐Ÿ‡ต Food for Thought. Japan will slash its food sales tax from 8% to 1% for two years starting April, hoping a $61B revenue hole buys public goodwill against inflation. (Le Figaro)
  • ๐Ÿ‡ฎ๐Ÿ‡ท Mafia State of Mind. Decades after the 1979 revolution, Iran’s economy runs on factional loyalty and cronyism, with Torbati and Sharafedin calling it a ยซย mafia stateย ยป in their new book. (Bloomberg)
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡ฌ๐Ÿ‡ง Trading Places. The FCA launches a push to centralise UK share-trading data and boost transparency, betting that better numbers will bring companies and investors back to London. (Financial Times)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Taxing Matters. Andy Burnham announces that English mayors will receive a direct share of local income tax from 2028, replacing central government grants and shifting fiscal power out of Westminster. (Financial Times)
๐Ÿ‡บ๐Ÿ‡ธ United States
  • ๐Ÿ‡บ๐Ÿ‡ธ Priced Out. The Trump administration is weighing a $100K fee for foreign students wanting to work after graduation, testing just how much a dream job is worth. (Wall Street Journal)
  • ๐Ÿ‡บ๐Ÿ‡ธ Claim to Fame. jobless claims rose to 197,000 last week after five weeks of declines, breaking the streak and giving economists something new to watch. (Wall Street Journal)
  • ๐Ÿ‡บ๐Ÿ‡ธ Yield of Dreams. Treasury prices fall again as bond traders brace for a crucial inflation report that could reshape expectations on interest rates. (Bloomberg)

๐Ÿข Real Estate

  • ๐Ÿ‡ช๐Ÿ‡บ Compute Coup. The European Commission announces a โ‚ฌ30B push for AI supercenters, with Germany’s tech contenders now scrambling for a slice of the funding pie. (Die Zeit)
๐Ÿ‡บ๐Ÿ‡ธ United States
  • ๐Ÿ‡บ๐Ÿ‡ธ Home Alone. With 30-year mortgage rates climbing to 6.66%, the housing market finds itself even further from a much-needed revival. (Wall Street Journal)

๐Ÿ”— On-chain

  • ๐Ÿ‡ฌ๐Ÿ‡ง Stable Genius. MiFinity partners with BVNK to launch PayAnyCoin, letting merchants make global payouts in stablecoins using the same API as before. (FinExtra)
  • ๐Ÿ‡บ๐Ÿ‡ธ Coin Toss. Coinbase ๐Ÿ‡บ๐Ÿ‡ธ shares slid over 7% after the crypto exchange reported a $359M Q2 loss and missed Wall Street expectations for the third straight quarter. (Cnbc)

๐Ÿ’ฑ Listed Markets

  • ๐Ÿ‡ฌ๐Ÿ‡ง Barrel Proof. Shell ๐Ÿ‡ฌ๐Ÿ‡ง delivered record-beating profits of $9.8B, proving that global conflict is still the best friend of oil traders. (Financial Times)
  • ๐Ÿ‡ฉ๐Ÿ‡ช Auto Correct. BMW ๐Ÿ‡ฉ๐Ÿ‡ช saw profits fall by more than a third last quarter, as financial services overtook car sales in generating earnings. (Die Zeit)
  • ๐Ÿ‡ฉ๐Ÿ‡ช Kickback. Adidas ๐Ÿ‡ฉ๐Ÿ‡ช stock fell 18% as lavish World Cup spending failed to score with investors, leaving the brand nursing a financial bruise. (Wall Street Journal)
  • ๐Ÿ‡บ๐Ÿ‡ธ Upvote Downturn. Reddit ๐Ÿ‡บ๐Ÿ‡ธ shares fell 11% despite smashing earnings estimates, as investors fixate on ยซย choppyย ยป search referral traffic and Google dependency. (Cnbc)
  • ๐Ÿ‡บ๐Ÿ‡ธ Cloud Nine. Amazon stock hit a one-year high as Andy Jassy convinced Wall Street that massive AI investments and surging AWS growth are a match made in shareholder heaven. (Cnbc)
  • ๐Ÿ‡บ๐Ÿ‡ธ Slop Stop. LinkedIn is rolling out a โ€œseems like AI slopโ€ button so users can flag low-quality, AI-generated posts polluting the platformโ€™s feed. (TechCrunch)
  • ๐Ÿ‡บ๐Ÿ‡ธ Stream Team. NBCUniversal will bundle Peacock Premium into YouTube Premium subscriptions at no extra cost, signaling a new era of streaming platform alliances. (Cnbc)
  • ๐Ÿ‡บ๐Ÿ‡ธ Capex and the City. Microsoft ๐Ÿ‡บ๐Ÿ‡ธ delighted Wall Street with a blowout quarter, $100B in Azure sales, and no change to its ambitious AI investment guidance. (Boursier)
  • ๐Ÿ‡บ๐Ÿ‡ธ Riderโ€™s Digest. After half a million free trips, Amazonโ€™s ๐Ÿ‡บ๐Ÿ‡ธ Zoox is finally allowed to collect fares for its autonomous rides in Las Vegas and San Francisco. (Wall Street Journal)
  • ๐Ÿ‡จ๐Ÿ‡ณ Memory Lane. CXMTโ€™s Shanghai IPO soared 466%, but the real challenge is catching up to Samsung, SK Hynix, and Micron in advanced memory chips. (Cnbc)
  • ๐Ÿ‡จ๐Ÿ‡ณ Margin for Error. A wave of margin unwinding in Asia wipes out speculative froth, setting the stage for stocks to bounce back as risk resets. (Bloomberg)
  • ๐Ÿ‡ฏ๐Ÿ‡ต Profit Station. Sony ๐Ÿ‡ฏ๐Ÿ‡ต surprised analysts with a 32% jump in quarterly net profit to $2.15B, driven by strong music and image-sensor sales, prompting the company to raise its annual forecast. (Wall Street Journal)
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡ฌ๐Ÿ‡ง Artificially Lean. Lloyds ๐Ÿ‡ฌ๐Ÿ‡ง unveils a four-year, AI-focused strategy to slash ยฃ2B in costs, promising efficiency but dodging questions about layoffs. (The Guardian)
๐Ÿ‡บ๐Ÿ‡ธ United States
  • ๐Ÿ‡บ๐Ÿ‡ธ Ticket to Thrive. Live Nation ๐Ÿ‡บ๐Ÿ‡ธ posted a 9% jump in Q2 revenue, fueled by booming international demand for concerts and outperforming Wall Streetโ€™s expectations. (Wall Street Journal)
  • ๐Ÿ‡บ๐Ÿ‡ธ Value Meal Deal. Taco Bell launches $1 Mexican Pizzas and new menu items to lure customers back after a cyclospora outbreak left diners with more than just indigestion. (Wall Street Journal)

๐Ÿ›Ž๏ธ Big Deals (M&A)

  • Nscale ๐Ÿ‡ฌ๐Ÿ‡ง acquires Anyscale ๐Ÿ‡บ๐Ÿ‡ธ for $1.65B, an AI software startup for scaling LLM training, inference, observability and workload orchestration.
  • A consortium led by Amit Bhatia ๐Ÿ‡ฌ๐Ÿ‡ง is in talks to acquire a 30% stake in Liverpool FC ๐Ÿ‡ฌ๐Ÿ‡ง at a $6B valuation, from Fenway Sports Group ๐Ÿ‡บ๐Ÿ‡ธ.
  • Shell ๐Ÿ‡ฌ๐Ÿ‡ง and Phillips 66 ๐Ÿ‡บ๐Ÿ‡ธ look to sell their 61% stake in Explorer ๐Ÿ‡บ๐Ÿ‡ธ at a $3.5B valuation.
  • Apax ๐Ÿ‡ฌ๐Ÿ‡ง acquires Centor ๐Ÿ‡บ๐Ÿ‡ธ and Gerresheimer’s German plastic packaging unit ๐Ÿ‡ฉ๐Ÿ‡ช for $1.7B, including debt.
  • Schneider Electric ๐Ÿ‡ซ๐Ÿ‡ท is in talks to acquire Shelly Group ๐Ÿ‡ง๐Ÿ‡ฌ for $1.5B.
  • Meridiam ๐Ÿ‡ซ๐Ÿ‡ท is weighing a bid for Istanbul’s two Bosporus bridges ๐Ÿ‡น๐Ÿ‡ท.
  • Deepki ๐Ÿ‡ซ๐Ÿ‡ท acquires Camion ๐Ÿ‡ฌ๐Ÿ‡ง, a 2023 London startup using agentic AI and predictive financial models for property electrification and building energy-efficiency optimization. Deepki’s fourth acquisition since 2014.
  • Deutsche Lufthansa ๐Ÿ‡ฉ๐Ÿ‡ช offers for a 49.9% stake in TAP ๐Ÿ‡ต๐Ÿ‡น at a reported $1.7B valuation.
  • Azimut Holding ๐Ÿ‡ฎ๐Ÿ‡น acquires Yapi Kredi Portfoy Yonetimi ๐Ÿ‡น๐Ÿ‡ท for $350M, a portfolio management unit sold by lender Yapi Kredi ๐Ÿ‡น๐Ÿ‡ท.
  • Snam ๐Ÿ‡ฎ๐Ÿ‡น to shortlist bidders for its biomethane business. Bidders include Edison ๐Ÿ‡ฎ๐Ÿ‡น, Arcus Infrastructure Partners ๐Ÿ‡ฌ๐Ÿ‡ง and Vesper Infrastructure ๐Ÿ‡ฌ๐Ÿ‡ง.
  • EQT ๐Ÿ‡ธ๐Ÿ‡ช bids $1.8B for Perpetual ๐Ÿ‡ฆ๐Ÿ‡บ in a third takeover offer, rebuffed.
  • CVC ๐Ÿ‡ฑ๐Ÿ‡บ nรฉgocie une prise de participation minoritaire dans Roquette ๐Ÿ‡ซ๐Ÿ‡ท. Processus engagรฉ en dรฉbut d’annรฉe sous l’รฉgide de BNP Paribas et Rothschild & Co.
  • CVC ๐Ÿ‡ฑ๐Ÿ‡บ considers sale of Xi’an Yikang Pharmaceutical ๐Ÿ‡จ๐Ÿ‡ณ for $500Mโ€“$600M.
  • Intercontinental Exchange ๐Ÿ‡บ๐Ÿ‡ธ acquires MarketAxess ๐Ÿ‡บ๐Ÿ‡ธ for $6B, $167 a share in cash, 33% premium. Electronic trading platform for fixed-income markets.
  • Okta ๐Ÿ‡บ๐Ÿ‡ธ acquires Permiso ๐Ÿ‡บ๐Ÿ‡ธ for about $200M, almost all-cash. AI identity security startup. Expected to close in Q3 fiscal 2027.
  • NextEra Energy ๐Ÿ‡บ๐Ÿ‡ธ and Brookfield ๐Ÿ‡จ๐Ÿ‡ฆ plan to develop a $100B data center campus and power plant in Kentucky.
  • Grant Thornton US ๐Ÿ‡บ๐Ÿ‡ธ, backed by New Mountain Capital, acquires CBIZ ๐Ÿ‡บ๐Ÿ‡ธ for $5B cash at a 55% premium.
  • Sixth Street ๐Ÿ‡บ๐Ÿ‡ธ, SK Telecom ๐Ÿ‡ฐ๐Ÿ‡ท, GIC ๐Ÿ‡ธ๐Ÿ‡ฌ and La Caisse ๐Ÿ‡จ๐Ÿ‡ฆ bid to acquire a 50% stake in Bridge Data Centres ๐Ÿ‡ธ๐Ÿ‡ฌ from Bain Capital ๐Ÿ‡บ๐Ÿ‡ธ, potentially valuing the asset at $4B.
  • Vantage Data Centers ๐Ÿ‡บ๐Ÿ‡ธ considers selling its Malaysia assets ๐Ÿ‡ฒ๐Ÿ‡พ for $2B.
  • Bain Capital ๐Ÿ‡บ๐Ÿ‡ธ and Tillman Global ๐Ÿ‡บ๐Ÿ‡ธ announce a $1.5B investment in Eaton Fiber ๐Ÿ‡บ๐Ÿ‡ธ, a digital infrastructure/fiber deal.
  • Stonemont ๐Ÿ‡บ๐Ÿ‡ธ and PCCP ๐Ÿ‡บ๐Ÿ‡ธ acquire Link Logistics ๐Ÿ‡บ๐Ÿ‡ธ’s portfolio of 38 industrial buildings for $1B.
  • Processa Pharmaceuticals ๐Ÿ‡บ๐Ÿ‡ธ acquires Vidya Therapeutics ๐Ÿ‡บ๐Ÿ‡ธ in an all-stock deal and raises $200M in new equity.
  • Bloomberg ๐Ÿ‡บ๐Ÿ‡ธ acquires Canoe Intelligence ๐Ÿ‡บ๐Ÿ‡ธ, private markets data platform.
  • THEยทTEAM ๐Ÿ‡บ๐Ÿ‡ธ acquires the remaining 40% stake from Casey Wasserman ๐Ÿ‡บ๐Ÿ‡ธ, backed by owner Providence Equity Partners ๐Ÿ‡บ๐Ÿ‡ธ.
  • Tesla ๐Ÿ‡บ๐Ÿ‡ธ weighs sale of Tesla China ๐Ÿ‡จ๐Ÿ‡ณ, potentially to separate China operations from its U.S. business.
  • Zijin Gold ๐Ÿ‡จ๐Ÿ‡ณ scrapped a $3.9B merger with Allied Gold ๐Ÿ‡จ๐Ÿ‡ฆ.
  • Global Diamond Consortium ๐Ÿ‡ง๐Ÿ‡ผ in talks to acquire De Beers ๐Ÿ‡ฌ๐Ÿ‡ง from miner Anglo American ๐Ÿ‡ฌ๐Ÿ‡ง for $1B

๐Ÿงณ Private Markets & VC

  • ๐Ÿ‡ฌ๐Ÿ‡ง Go for Broke. Revolut ๐Ÿ‡ฌ๐Ÿ‡ง is giving its customers up to 12 months of free ChatGPT Go access, turning premium banking into a chatbot sampler platter. (FinExtra)
  • ๐Ÿ‡ซ๐Ÿ‡ท Cabin Fever. Truckly launches as the ยซย BlaBlaCar for trucks,ย ยป letting passengers book rides in lorry cabs across France for a bargain fare. (Les Echos)
  • ๐Ÿ‡ช๐Ÿ‡บ Armed and Funded. Blossom Capital has started investing in defense startups, joining the growing ranks of European VCs chasing military tech deals. (Sifted)
  • ๐Ÿ‡บ๐Ÿ‡ธ Claude Nine Lives. Anthropic found its AI slipped past test boundaries and hacked three firms, revealing that even sandboxed models can find the exit. (Bbc)
  • ๐Ÿ‡บ๐Ÿ‡ธ Model Behavior. Anthropic’s AI models were reportedly hacked and used by rival firms, raising new questions about security and intellectual property in the AI arms race. (Bloomberg)
  • ๐Ÿ‡บ๐Ÿ‡ธ Future Shocked. Leopold Aschenbrennerโ€™s $24B hedge fund, Situational Awareness, imploded after a debt-fueled AI bet went south, forcing a fire sale to Citadel and leaving Wall Street wondering how a 24-year-old novice got this far. (Financial Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Cut and Paste. OpenAI drops Terraโ€™s price by 20% and Lunaโ€™s by 80% after companies balk at AI costs and competitors offer bargain alternatives. (Cnbc)
  • ๐Ÿ‡บ๐Ÿ‡ธ Exit Strategy. After heavy losses and a $10B asset drop, Situational Awareness offloaded public holdings to Citadel but kept its prized Anthropic shares, betting the next jackpot is still private. (TechCrunch)
  • ๐Ÿ‡บ๐Ÿ‡ธ Thread Count. Vinted ๐Ÿ‡ฑ๐Ÿ‡น, fresh from shaking up Europeโ€™s resale scene, now aims to stitch itself into the fashion marketโ€™s fabric. (Bloomberg)
  • ๐Ÿ‡บ๐Ÿ‡ธ Owl Slow. Blue Owl Capitalโ€™s flagship private credit arm raised just $1.8B last quarter, its slowest pace in three years as investor appetite fades. (Financial Times)
  • ๐Ÿ‡ฆ๐Ÿ‡บ Loan Star. HSBC ๐Ÿ‡ฌ๐Ÿ‡ง is selling its $25B Australian mortgage book to Blackstone ๐Ÿ‡บ๐Ÿ‡ธ, marking the countryโ€™s biggest home loan portfolio deal ever and a sharp retreat from retail banking down under. (Financial Times)

Fundraising

  • Moonshot AI ๐Ÿ‡จ๐Ÿ‡ณ (AI): $3.5B
  • Commonwealth Fusion Systems ๐Ÿ‡บ๐Ÿ‡ธ (Fusion): $1B
  • Antora Energy ๐Ÿ‡บ๐Ÿ‡ธ (Energy): $550M (G2 Venture Partners, Eclipse, Ribbit Capital, Salesforce Ventures, Activate Capital, John Doerr, Westly Group, StepStone Group, Liberty Mutual Strategic Ventures, Decarbonization Partners, Impact Science Ventures, Trust Ventures, Breakthrough Energy Ventures, Lowercarbon Capital)
  • K2 Space ๐Ÿ‡บ๐Ÿ‡ธ (Aerospace): $500M (Kleiner Perkins, ICONIQ, CapitalG, Lightspeed, Altimeter, Spark Capital, Sands Capital, ARK Invest, T. Rowe Price Associates, Inc., other existing investors)
  • Xsight Labs ๐Ÿ‡ฎ๐Ÿ‡ฑ (Semiconductors): $300M+ (Fidelity Management & Research Company, Aliya Capital Partners, Atreides Management, Artisan Partners, Battery Ventures, Diagonal Capital, Intel Capital, Key1 Capital, Maverick Capital, Sienna, T. Rowe Price, Union Group, Valor Equity Partners)
  • Simile ๐Ÿ‡บ๐Ÿ‡ธ (AI): $200M (Greenoaks, Index, Hanabi, Bain Capital Ventures, A*, Factory, Definition, CVS Health Ventures)
  • ThreatLocker ๐Ÿ‡บ๐Ÿ‡ธ (Cybersecurity): $190M (Elephant)
  • Eliyan ๐Ÿ‡บ๐Ÿ‡ธ (Semiconductors): $145M (Seligman Ventures, Cisco Investments, Lumentum)
  • ChipAgents ๐Ÿ‡บ๐Ÿ‡ธ (Semiconductor): $134M (B Capital, Bessemer Venture Partners, Micron, MediaTek, Ericsson, ScOp)
  • Onyx Security ๐Ÿ‡ฎ๐Ÿ‡ฑ (AI): $113M (Bessemer Venture Partners, Cyberstarts, TCV, Conviction, FirstMark, Vintage, QuantumLight, G Squared)
  • groundcover ๐Ÿ‡บ๐Ÿ‡ธ (Observability): $100M (One Peak, Morgan Stanley Expansion Capital, Zeev Ventures, Angular Ventures, Heavybit, Jibe)
  • Cashea ๐Ÿ‡ป๐Ÿ‡ช (Fintech): $100M (Spice Expeditions, FinSight Ventures)
  • Freehand ๐Ÿ‡บ๐Ÿ‡ธ (Supply-chain): $75M (Battery Ventures, NewRoad Capital Partners)
  • P-1 AI ๐Ÿ‡บ๐Ÿ‡ธ (Engineering AI): $50M (NEA)
  • Lydian ๐Ÿ‡บ๐Ÿ‡ธ (Synthetic fuels): $43M (Breakthrough Energy Ventures, AP Ventures, Builders Vision, Congruent Ventures, Galvanize, Grok Ventures, Overture, Union Square Ventures, Voyager Ventures)
  • DataBahn ๐Ÿ‡บ๐Ÿ‡ธ (Data): $40M (Insight Partners, Forgepoint, GTM Capital, S3 Ventures)
  • Encore AI ๐Ÿ‡บ๐Ÿ‡ธ (AI): $30M (Team8)
  • LemonEdge ๐Ÿ‡บ๐Ÿ‡ธ (Fund accounting): $21M (Blackstone)
  • Terminal (Telematics): $20M (Battery Ventures)
  • Centralize ๐Ÿ‡บ๐Ÿ‡ธ (Revenue intelligence): $19M (NEA)
  • Henry AI ๐Ÿ‡บ๐Ÿ‡ธ (Proptech): $16.5M (FirstMark Capital)
  • Precise Behavioral ๐Ÿ‡บ๐Ÿ‡ธ (Behavioral health): $14.2M (A1 Health Ventures, Ziegler Link-Age Fund, Converge Capital Partners, Granite Financial Holdings)
  • Smallest.ai ๐Ÿ‡บ๐Ÿ‡ธ (Voice AI): $13M (Seligman Ventures, Sierra Ventures, 3one4 Capital)
  • Discern Security ๐Ÿ‡บ๐Ÿ‡ธ (Cybersecurity): $13M (Forgepoint Capital, First Rays Ventures, Growth Enjin Partners, Vela Ventures, other angel investors)
  • SoundHealth ๐Ÿ‡บ๐Ÿ‡ธ (Medtech): $12.25M (Shangbay Capital)
  • Throne Science ๐Ÿ‡บ๐Ÿ‡ธ (Healthtech): $10M (Will Ventures, Emerson Collective, Workshop, LEAD VC, Salt VC, Accomplice, Moxxie, Ventures Together, Symphony, Felix Capital, Cosmic Venture Partners, Offscript, V1.VC, Morrison Seger)
  • Pangram ๐Ÿ‡บ๐Ÿ‡ธ (AI): $9M (Menlo Ventures)
  • Cantina ๐Ÿ‡บ๐Ÿ‡ธ (Cybersecurity): $8M (Framework Ventures)
  • Mirae ๐Ÿ‡บ๐Ÿ‡ธ (Healthcare): $5.4M (Oxford Science Enterprises)
  • FAST Metals ๐Ÿ‡บ๐Ÿ‡ธ (Mining): $4.3M (New Climate Ventures, Azolla Ventures, Humba Ventures, Astor Swiss, Rio Tinto)
  • CopySight ๐Ÿ‡บ๐Ÿ‡ธ (AI governance): $3M (Mucker Capital, Taisu VC, Flint Capital, Yellow Rocks!)
  • Dimension ๐Ÿ‡บ๐Ÿ‡ธ (Social commerce): $1.65M (Science Inc., UpscaleX, OpenSky, Long Run Capital, 1864 Fund, Lawrence Hsu, Austin Sprinz)

Fund Watch

  • Millennium ๐Ÿ‡บ๐Ÿ‡ธ: $20B (hedge fund, seeking record $20B)
  • ZQ Capital ๐Ÿ‡ญ๐Ÿ‡ฐ: $300M (flagship PE fund)

๐Ÿ””IPO

  • Quanta Computer ๐Ÿ‡น๐Ÿ‡ผ (Servers): seeking to raise $2.2B in a GDR sale at a 7% discount in Taiwan’s biggest stock offering in two decades.
๐Ÿ‡บ๐Ÿ‡ธ United States
  • Jersey Mike’s ๐Ÿ‡บ๐Ÿ‡ธ (Restaurants): raised about $1B in an IPO valuing it at $7.3B after pricing shares at $23.

๐Ÿงณ Debt

  • ING ๐Ÿ‡ณ๐Ÿ‡ฑ: nearing two SRTs tied to $10B of loans, including AI-linked debt.
  • Nexus Data Centers ๐Ÿ‡บ๐Ÿ‡ธ: in talks to borrow $15B to build an Anthropic campus in Texas with Google backing.
  • CoreWeave ๐Ÿ‡บ๐Ÿ‡ธ: sweetened terms on a $2.6B loan to fund additional computing capacity for firms including Anthropic.
  • Ancestry ๐Ÿ‡บ๐Ÿ‡ธ: cut its loan sale by $700M to $10.5B and raised a junk-bond sale by $450M to $950M.
  • Bank of Montreal ๐Ÿ‡จ๐Ÿ‡ฆ: completed two SRTs tied to $5B of corporate loans.
  • UltraTech Cement ๐Ÿ‡ฎ๐Ÿ‡ณ: talks to raise $517M local bonds.
  • AirTrunk ๐Ÿ‡ฆ๐Ÿ‡บ: secured a $2.3B green loan from 30 lenders for a new Malaysia facility.
๐Ÿ‡บ๐Ÿ‡ธ United States
  • Nomad Foods ๐Ÿ‡ฌ๐Ÿ‡ง: secured a โ‚ฌ280M revolving credit facility and issued โ‚ฌ800M senior secured notes due 2033.
  • Function ๐Ÿ‡บ๐Ÿ‡ธ: secured $450M in growth financing from General Catalyst’s Customer Value Fund.

โŒ Failures

  • BP ๐Ÿ‡ฌ๐Ÿ‡ง: cutting 700 non-frontline jobs and raising costโ€‘saving target to $6.5โ€“$7.5bn by end of 2027.
  • Proofpoint ๐Ÿ‡บ๐Ÿ‡ธ: reworked a $5B loan deal, offering major concessions to lenders concerned about AI-driven tech disruption.

๐ŸŽฏ For a Few More Minutesโ€ฆ

  • ๐Ÿ‡ช๐Ÿ‡ธ Jackpot Blocked. Carmen, a 79-year-old Spaniard, won โ‚ฌ35,000 in the lottery but cannot claim her prize because her late husband secretly banned her from gambling. (Le Figaro)
  • ๐Ÿ‡ท๐Ÿ‡บ Red Repeat. Russian sociologist Boris Kagarlitski, once jailed by the Soviets, is now serving five years under Putin for ยซย inciting terrorismย ยป after criticizing the regime. (El Pais)
  • ๐Ÿ‡บ๐Ÿ‡ธ Quest Pending. Meta’s stock dropped 9% after Mark Zuckerberg hyped a flurry of new projects but delivered few details or results beyond ads. Investors are still waiting for the main quest to begin. (Financial Times)
  • ๐Ÿ‡ฐ๐Ÿ‡ท Boxed Set. BTS refuses to submit to the Grammys after the Recording Academy adds a โ€œpop Asianโ€ category, calling it a step backward for global music. (Le Monde)
  • ๐Ÿ‡ง๐Ÿ‡ฏ Coral Recall. Researchers in Benin have rediscovered the nationโ€™s long-rumored coral reef, alive and thriving after more than 60 years of mystery. (Le Monde)
  • ๐Ÿ‡ฐ๐Ÿ‡ช Tusk Toxic. Kenyan authorities confirm 15 elephants in Amboseli National Park died from cyanide poisoning after ingesting pesticide-laced tomatoes, with the investigation ongoing and foul play not yet ruled out. (Le Figaro)
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡ฌ๐Ÿ‡ง Paying the Tab. Mitch Winehouse must hand ยฃ950K to Naomi Parry and Catriona Gourlay after his unfounded claims about their Amy Winehouse auctions hit a legal wall. (The Guardian)

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