๐ŸŽ‚ Just Desserts

Enjoy your trophy, forget your balance.

6 mai 2026

It cost Robinhood exactly $7.5M to learn that showering digital confetti on a 22-year-old who just leveraged his student loan into Tesla options might not qualify as acting in a client’s best interest. The Massachusetts Securities Division thought so, at any rate, when it settled with the trading app in January 2024 over what regulators politely termed ยซย digital engagement practicesย ยป and everyone else calls turning the stock market into Candy Crush. The confetti has gone. The scratch-card mechanic for revealing free stock rewards has gone. Robinhood’s 25.9 million users and $255B in platform assets, however, have very much stayed.

The confetti was never really the problem. The problem is an entire industry built on the insight that if people feel like they’re playing a game, they’ll keep playing, and the house always wins on volume. The UK’s Financial Conduct Authority ran experiments showing that push notifications and prize-draw mechanics boosted trading volumes by over 10%. A French academic study commissioned by the AMF went further: hand investors a bronze, silver, or gold trophy for taking progressively bigger risks, and they’ll chase the gold like Pavlov’s dog chasing a bell. Copy-trading platforms like eToro, now freshly listed on NASDAQ with $20.8B in assets under administration, let users follow ยซย Popular Investorsย ยป whose returns glow in neon green on their profile page. The researcher found something bleaker than expected: even the participants who chose not to copy anyone traded more aggressively, simply because they’d been placed in a competitive frame. The leaderboard doesn’t need followers. It just needs eyeballs.

The beauty of the arrangement, from the platform’s perspective, is geometric. Every transaction generates a fee, a spread, a commission, a data point to sell. More dopamine means more clicks means more revenue. eToro pulled in $931M in revenue in 2024, up 48% year-on-year, and its own regulatory fine print cheerfully discloses that between 50% and 76% of retail CFD accounts on the platform lose money. The platforms carry none of the liability that a wealth manager would. They’re classified as execution-only brokers: they provide the slot machine, not the advice. If the confetti made a client feel like a winner ten seconds before they became a loser, that was the client’s emotional journey to manage.

European regulators published guidelines in late 2023 stipulating that gamification features must not push clients toward costlier products or excessive trading. No platform in France has yet been sanctioned under these rules. Not one. Over 1.5M new French investors have entered the markets since the pandemic, a disproportionate share of them under 35, raised on interfaces designed to make swiping feel like deciding. Somewhere in Brussels, a regulator is presumably drafting a strongly worded framework about badge distribution. Somewhere else, a 24-year-old is watching their portfolio drop 12% and receiving a notification that says ยซย You’re on a streak!ย ยป

๐ŸŽ‚ Just Desserts

๐Ÿ—ž๏ธ Top Story

  • ๐Ÿ‡ฎ๐Ÿ‡น Fake Till You Break. Italian PM Giorgia Meloni denounces AI-generated sexualized deepfakes of herself, warning that manipulated images threaten public trust and anyone could be next. (Le Figaro)
  • ๐Ÿ‡ช๐Ÿ‡ธ Viral Voyage. The MV Hondius, facing a deadly hantavirus outbreak, is set to dock in the Canary Islands after three deaths and emergency evacuations from Cape Verde. (BBC)
  • ๐Ÿ‡ท๐Ÿ‡ด Strange Bedfellows. Romania’s government collapses after an unprecedented alliance between Social Democrats and the far-right AUR ousts Prime Minister Ilie Bolojan with a no-confidence vote. (El Pais)
  • ๐Ÿ‡ช๐Ÿ‡บ Mine the Gap. The ICBL says Europeโ€™s anti-landmine consensus is crumbling as five countries break from the Ottawa Treaty under Russian threat. (Le Temps)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Red Alert. Keir Starmer faces a political cliff in Thursday’s elections with Labour bracing for heavy losses and rivals circling for his job. (El Pais)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Pipe Dreams. Scottish elections revive hopes for independence, with Aberdeenโ€™s oil boom turning every ballot into a referendum on the nationโ€™s future. (Le Figaro)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Blue Shield. The Met Police unveils a special team to bolster security for Jewish Londoners, aiming to counter a sharp rise in antisemitic incidents. (Le Monde)
  • ๐Ÿ‡บ๐Ÿ‡ธ Poll Position. Donald Trump hits a new record for unpopularity, with 62% of Americans disapproving of his presidency six months before the midterms. The Republican Party is feeling the heat. (Le Temps)
  • ๐Ÿ‡บ๐Ÿ‡ธ Deal or No Sail. Trump pauses the operation to escort vessels through the Strait of Hormuz, claiming talks with Iran are progressing and the blockade stays. (BBC)
  • ๐Ÿ‡ง๐Ÿ‡ทLula Land. Brazilian President Lula will meet Donald Trump on Thursday to discuss economic and security issues, proving diplomacy thrives on plot twists. (Le Figaro)
  • ๐Ÿ‡ง๐Ÿ‡ท Class Dismissed. After a 13-year-old killed two staff with a handgun at a school in northern Brazil, all classes statewide were suspended for three days. (Le Temps)
  • ๐Ÿ‡จ๐Ÿ‡ณ Statue Quo. Gao Zhen remains trapped by Chinese authorities over old Mao sculptures while his family awaits possible intervention during Trumpโ€™s May visit. (Le Monde)
  • ๐Ÿ‡จ๐Ÿ‡ณ Bang Bang. A fireworks plant blast in Liuyang left 26 dead, 61 injured and Chinaโ€™s leadership calling for urgent industry-wide inspections. (Boursier)
  • ๐Ÿ‡ฎ๐Ÿ‡ณ Exit Polls. After a sweeping victory West Bengal, Modiโ€™s BJP leaves Congress and regional rivals nearly powerless, edging India toward single-party dominance. (New York Times)
  • ๐Ÿ‡ฎ๐Ÿ‡ท Prize and Punishment. Nobel Peace winner Narges Mohammadi faces life-threatening illness in Iranian custody, as her advocates sound the alarm about her declining health. (Le Figaro)
  • ๐Ÿ‡ฒ๐Ÿ‡ฑ Kidal and Error. An alliance of jihadists and northern separatists ousts Russian mercenaries from Kidal, exposing the military juntaโ€™s hollow security promises. (Le Monde)
  • ๐Ÿ‡น๐Ÿ‡ฉ Control, Allegedly. After Boko Haram’s deadly attack killed at least 24 at a Chadian military base, officials reassure that order has been restored. (Le Figaro)
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡ฌ๐Ÿ‡ง Deeds of Doubt. When pressed, Laure Ferrari refuses to specify how she financed her Clacton home purchase after Farage claimed he was the buyer, leaving the public with more questions than answers. (The Guardian)

๐Ÿ›๏ธ Economy

  • ๐Ÿ‡ฉ๐Ÿ‡ช Green New Dealish. Germany unveils a โ‚ฌ5B fund to help heavy industry cut emissions, softening rules to keep steel and cement jobs at home. (Boursier)
  • ๐Ÿ‡ช๐Ÿ‡บ Flight Club. Brussels and Kyiv officially join forces on drone tech, hoping a little coordination will go a long way against shared threats. (Le Figaro)
  • ๐Ÿ‡ช๐Ÿ‡บ Fossil Habit. ECB President Christine Lagarde warns Europe’s 60% energy import reliance is ยซย unsustainableย ยป and economically costly, especially with most of it coming from fossil fuels. (Le Figaro)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Yield Signs. UK 10-, 20-, and 30-year bond yields broke above 5% as speculation over Starmerโ€™s leadership and Labourโ€™s election risks spooked markets. (Cnbc)
  • ๐Ÿ‡จ๐Ÿ‡ญ Swiss Missed. Swiss inflation hit its highest point since 2024 in April, climbing to 0.6% as energy costs surged thanks to Middle East turmoil. (Wall Street Journal)
  • ๐Ÿ‡ณ๐Ÿ‡ด Gaslighting. Oslo plans to reopen Albuskjell, Vest Ekofisk, and Tommeliten Gamma in 2028, positioning itself as Europeโ€™s friendly fossil supplier while fending off climate critics. (Financial Times)
  • ๐Ÿ‡ป๐Ÿ‡ช Bond Voyage. Venezuela gets US approval to begin restructuring $60B in defaulted government and oil bonds, as Washington slowly loosens the purse strings. (New York Times)
  • ๐Ÿ‡ญ๐Ÿ‡ฐ Back in the Black. Hong Kongโ€™s GDP jumped 5.9% year-on-year in the first quarter, delivering its strongest growth since 2021 while the region frets over war fallout. (Wall Street Journal)
  • ๐Ÿ‡ฎ๐Ÿ‡ท Current Events. Over 1,550 ships are stuck in the Persian Gulf due to escalating regional tensions, causing global trade delays and widening the supply gap. (Bloomberg)
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡ฌ๐Ÿ‡ง Tax and Rewind. After UK banks report ยฃ14B in Q1 profit, the TUC wants the windfall tax rate put back to 8 percent from the current 3 percent. (The Guardian)
๐Ÿ‡บ๐Ÿ‡ธ United States
  • ๐Ÿ‡บ๐Ÿ‡ธ Gap Year. The trade deficit hit $60.3B in March as imports outpaced exports, making ยซย mind the gapย ยป more than just transit advice. (Bloomberg)
  • ๐Ÿ‡บ๐Ÿ‡ธ Time Out. The SEC moves forward with a Trump-backed plan to let public firms ditch quarterly earnings reports and report just twice a year instead. (Cnbc)
  • ๐Ÿ‡บ๐Ÿ‡ธ Name Dropout. Vladimir Sklarov posed as a friend of the Astors and lent to billionaires, but prosecutors say he just borrowed credibility for a $450M scam. (Wall Street Journal)

๐Ÿข Real Estate

  • ๐Ÿ‡ธ๐Ÿ‡ฌ Tower Bidding. CapitaLand and Hongkong Land ๐Ÿ‡ญ๐Ÿ‡ฐ are both eyeing Singaporeโ€™s Marina One office complex, setting up a high-stakes property contest. (Bloomberg)
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡ฌ๐Ÿ‡ง Rate Expectations. Mortgage repayments now eat up 21.3% of UK homebuyersโ€™ income, matching 2008 pain levels and making affordability a distant dream. (The Guardian)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Gilt Trip. UK 30-year bond yields hit their highest level since 1998, as Middle East conflict and election jitters send borrowing costs soaring for the government. (BBC)
๐Ÿ‡บ๐Ÿ‡ธ United States
  • ๐Ÿ‡บ๐Ÿ‡ธ Home Stretch. new-home sales jumped in March, reaching their fastest pace of 2024 as buyers rushed to lock in available inventory. (Bloomberg)
  • ๐Ÿ‡บ๐Ÿ‡ธ House Party. U.S. new home sales hit 682,000 in March, a jump from Februaryโ€™s 635,000, as spring brings more buyers to the table. (Wall Street Journal)

๐Ÿ”— On-chain

  • ๐Ÿ‡ช๐Ÿ‡บ Euro Vision. Sabadell and Bankinter will join Qivalis, a consortium building a stablecoin tied to the euro, as Europe eyes digital currency sovereignty. (Boursier)
  • ๐Ÿ‡บ๐Ÿ‡ธ Odds Family. Polymarket and Kalshi let users bet on global events, but their ties to Donald Trump Jr. are now drawing regulatory suspicion and unwanted press. (Le Temps)
  • ๐Ÿ‡บ๐Ÿ‡ธ HODL the Phone. Strategy drops its famous โ€œnever sellโ€ mantra, with CEO Phong Le now open to selling bitcoin to juice shareholder returns. (Cnbc)
  • ๐Ÿ‡บ๐Ÿ‡ธ DeFi Summer, Winter Chill. Investors have pulled nearly $14B from the decentralized finance sector after two major hacks triggered bailouts and exposed serious vulnerabilities. (Financial Times)
  • ๐Ÿ‡จ๐Ÿ‡ฆ Maple Peg. Tetra Digital Group launches CADD, the first regulated Canadian dollar stablecoin, backed 1:1 and approved by Alberta regulators, with support from Shopify and National Bank of Canada. (FinExtra)

๐Ÿ’ฑ Listed Markets

  • ๐Ÿ‡ซ๐Ÿ‡ท Total Recall. LFI MP Clรฉmence Guettรฉ suggests nationalizing TotalEnergies to fight soaring fuel prices, proposing the state take over refining and distribution for instant public profit. (Le Figaro)
  • ๐Ÿ‡ฉ๐Ÿ‡ช Class Action. Deutsche Bank faces a ยฃ12M lawsuit from ex-trader James Vorley, who claims the bank trained him in banned trading strategies. Deutsche denies any such lessons. (Financial Times)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Middle Yeast. HSBC ๐Ÿ‡ฌ๐Ÿ‡ง cooked up a $1.3B profit hit, kneaded by private credit fraud and the spreading conflict with Iran, leaving shareholders feeling flat.
  • ๐Ÿ‡บ๐Ÿ‡ธ Beta Blockers. The Commerce Department will test AI models from Google, Microsoft, and xAI before launch, putting a federal lock on Silicon Valleyโ€™s favorite sandbox. (Washington Post)
  • ๐Ÿ‡บ๐Ÿ‡ธ Siri Not Sorry. Apple will pay $250M to iPhone 15 and 16 buyers after lawsuits accused it of falsely advertising AI features that never arrived. (BBC)
  • ๐Ÿ‡บ๐Ÿ‡ธ PayPalgorithm. PayPalโ€™s new CEO promises to use AI for faster cost cuts after a disappointing Q1 profit, because nothing says turnaround like automation. (Wall Street Journal)
  • ๐Ÿ‡ฐ๐Ÿ‡ท Chip Happens. Samsung Electronics rockets past $1T in market capitalization as investors pour into AI-linked stocks and memory chips become strategic gold. (Financial Times)

๐Ÿ›Ž๏ธ Big Deals (M&A)

  • Keyrus ๐Ÿ‡ซ๐Ÿ‡ท acquires NetPartners ๐Ÿ‡ง๐Ÿ‡ท, a consulting firm in Enterprise Performance Management (EPM).
  • Dome Solar ๐Ÿ‡ซ๐Ÿ‡ท acquires Mounting Systems ๐Ÿ‡ฉ๐Ÿ‡ช’s strategic assets, including brand and technologies.
  • Doctolib ๐Ÿ‡ซ๐Ÿ‡ท acquires Medicus ๐Ÿ‡ฌ๐Ÿ‡ง for ยฃ100M as part of its UK expansion plans.
  • LegalPlace ๐Ÿ‡ซ๐Ÿ‡ท raises โ‚ฌ70M and acquires Legalstart ๐Ÿ‡ซ๐Ÿ‡ท, positioning itself as a significant player in company creation and management.
  • EW Group ๐Ÿ‡ฉ๐Ÿ‡ช enters exclusive negotiations to acquire Olmix ๐Ÿ‡ซ๐Ÿ‡ท, a specialist in biosourced solutions for livestock and crops.
  • UniCredit ๐Ÿ‡ฎ๐Ÿ‡น launches a $40B hostile bid for Commerzbank ๐Ÿ‡ฉ๐Ÿ‡ช.
  • Henko Partners ๐Ÿ‡ช๐Ÿ‡ธ is exploring a sale of its 49.5% stake in Quadrante ๐Ÿ‡ต๐Ÿ‡น at an over $350M valuation.
  • PZU ๐Ÿ‡ต๐Ÿ‡ฑ acquires MetLife ๐Ÿ‡บ๐Ÿ‡ฆ’s Ukrainian unit.
  • EQT ๐Ÿ‡ธ๐Ÿ‡ช raises its takeover bid for Intertek ๐Ÿ‡ฌ๐Ÿ‡ง to ยฃ8.93B ($12.08B) for the provider of testing, inspection, and certification services.
  • Vodafone Group ๐Ÿ‡ฌ๐Ÿ‡ง acquires full ownership of its joint venture with CK Hutchison ๐Ÿ‡ญ๐Ÿ‡ฐ for $5.8B.
  • Barclays ๐Ÿ‡ฌ๐Ÿ‡ง acquires Best Egg ๐Ÿ‡บ๐Ÿ‡ธ for $800M.
  • WisdomTree ๐Ÿ‡บ๐Ÿ‡ธ acquires Atlantic House Holdings Limited ๐Ÿ‡ฌ๐Ÿ‡ง, enhancing its capabilities in active ETFs and defined outcome strategies.
  • Bullish ๐Ÿ‡บ๐Ÿ‡ธ acquires Equiniti ๐Ÿ‡ฌ๐Ÿ‡ง for $4.2B, enhancing its infrastructure in capital markets.
  • eBay ๐Ÿ‡บ๐Ÿ‡ธ reviews GameStop ๐Ÿ‡บ๐Ÿ‡ธ’s $56B takeover offer.
  • General Atlantic ๐Ÿ‡บ๐Ÿ‡ธ backed Long Lake ๐Ÿ‡บ๐Ÿ‡ธ will take-private American Express Global Business Travel ๐Ÿ‡บ๐Ÿ‡ธ in a $6.3B cash deal.
  • Hubbell ๐Ÿ‡บ๐Ÿ‡ธ acquires NSI Industries ๐Ÿ‡บ๐Ÿ‡ธ from Sentinel Capital Partners for $3B.
  • Lattice Semiconductor ๐Ÿ‡บ๐Ÿ‡ธ acquires AMI ๐Ÿ‡บ๐Ÿ‡ธ from THL Partners ๐Ÿ‡บ๐Ÿ‡ธ for $1.65B in cash and stock.
  • Carlyle ๐Ÿ‡บ๐Ÿ‡ธ acquires a majority stake in healthcare RCM firms Knack RCM ๐Ÿ‡บ๐Ÿ‡ธ and EqualizeRCM ๐Ÿ‡บ๐Ÿ‡ธ.
  • LCI Industries ๐Ÿ‡บ๐Ÿ‡ธ and Patrick Industries ๐Ÿ‡บ๐Ÿ‡ธ terminate merger talks.
  • Platinum Equity ๐Ÿ‡บ๐Ÿ‡ธ acquires Infratech ๐Ÿ‡บ๐Ÿ‡ธ, a leader in infrared electric heating solutions.
  • Lupa Systems ๐Ÿ‡บ๐Ÿ‡ธ is in advanced talks to acquire Vox Media’s ๐Ÿ‡บ๐Ÿ‡ธ New York magazine and podcast division.
  • MSA Safety ๐Ÿ‡บ๐Ÿ‡ธ acquires Autronica Fire & Security ๐Ÿ‡ณ๐Ÿ‡ด for $555M.
  • James Murdoch ๐Ÿ‡บ๐Ÿ‡ธ is in advanced talks to acquire New York Magazine ๐Ÿ‡บ๐Ÿ‡ธ, marking his first major media investment after a family succession battle.
  • Meloche ๐Ÿ‡จ๐Ÿ‡ฆ acquires Rossi Aero ๐Ÿ‡ซ๐Ÿ‡ท for approximately โ‚ฌ40M, specializing in aerospace components.
  • Hazelview Investments ๐Ÿ‡จ๐Ÿ‡ฆ will combine its real estate business with Presima Securities ๐Ÿ‡จ๐Ÿ‡ฆ, adding over $370M in listed real estate assets.
  • Biva ๐Ÿ‡ฒ๐Ÿ‡ฝ receives serious interest from potential bidders in its sale process.
  • MBK Partners ๐Ÿ‡ฐ๐Ÿ‡ท is considering selling its stake in Pierre Marcolini ๐Ÿ‡ง๐Ÿ‡ช for $100M.
  • Oversea-Chinese Banking Corp ๐Ÿ‡ธ๐Ÿ‡ฌ acquires HSBC ๐Ÿ‡ฌ๐Ÿ‡ง’s retail and wealth assets in Indonesia.
  • OCBC Indonesia ๐Ÿ‡ฎ๐Ÿ‡ฉ acquires HSBC Indonesia ๐Ÿ‡ฎ๐Ÿ‡ฉ’s wealth management and retail banking assets for $5.6B.
  • Sun Pharmaceutical Industries Ltd. ๐Ÿ‡ฎ๐Ÿ‡ณ is exploring financing options for its proposed $12B acquisition of Organon & Co. ๐Ÿ‡บ๐Ÿ‡ธ.
  • Regis Resources ๐Ÿ‡ฆ๐Ÿ‡บ merges with Vault Minerals ๐Ÿ‡ฆ๐Ÿ‡บ in a $7.7B all-stock deal.
  • Navigator Global ๐Ÿ‡ฆ๐Ÿ‡บ acquires a portfolio of revenue-share interests in 17 alternative asset managers from Stable Asset Management ๐Ÿ‡บ๐Ÿ‡ธ for $195M.
  • Atlas Arteria ๐Ÿ‡ฆ๐Ÿ‡บ rejects a $5.3B takeover bid from its biggest shareholder IFM Investors ๐Ÿ‡ฆ๐Ÿ‡บ.

๐Ÿงณ Private Markets & VC

  • ๐Ÿ‡ช๐Ÿ‡ธ Hola, Monzo. With new offices in Barcelona and Madrid, Monzo ๐Ÿ‡ฌ๐Ÿ‡ง is betting big on Spain after its recent Irish launch. (FinExtra)
  • ๐Ÿ‡ช๐Ÿ‡บ Myth Busters. The has contacted Anthropic ๐Ÿ‡บ๐Ÿ‡ธ about concerns that its Mythos AI model could pose risks, inviting the company to explain itself before regulators step in. (Bloomberg)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Founders Unchained. A wave of ex-Revolut employees have founded dozens of startups, proving the real product was a pipeline of future bosses. (Sifted)
  • ๐Ÿ‡บ๐Ÿ‡ธ Credit Crusade. KKRโ€™s CFO defends private creditโ€™s allure despite declining flows, reminding everyone that conviction can be recession-proof. (Bloomberg)
  • ๐Ÿ‡บ๐Ÿ‡ธ Broker Bots. Anthropic launches AI agents for finance, pitching software that can analyze data and draft reports with less coffee than the average analyst. (Bloomberg)
  • ๐Ÿ‡บ๐Ÿ‡ธ Quick Flip. New Mountain Capitalโ€™s private credit fund touts fast profits from snapping up loans at steep discounts and cashing in early. (Bloomberg)
  • ๐Ÿ‡ฎ๐Ÿ‡ณ Dreams Deferred. Krutrimโ€™s shift to cloud services marks the end of its bold AI model push, following layoffs and lackluster updates. (TechCrunch)

Fundraising

  • Linkerbot ๐Ÿ‡จ๐Ÿ‡ณ (Robotics): $6B
  • Enter ๐Ÿ‡ง๐Ÿ‡ท (Legal Tech): $1.2B
  • Sierra ๐Ÿ‡บ๐Ÿ‡ธ (AI): $950M (Tiger Global, GV)
  • Blitzy ๐Ÿ‡บ๐Ÿ‡ธ (Software): $200M (Northzone, PSG, Battery Ventures, Jump Capital, NFX, Link Ventures, Flybridge, Liberty Mutual Strategic Ventures, Erie Strategic Ventures, BAL Ventures)
  • Quantware ๐Ÿ‡ณ๐Ÿ‡ฑ (Quantum Computing): $178M
  • Panthalassa ๐Ÿ‡บ๐Ÿ‡ธ (Tech): $140M
  • Reserv ๐Ÿ‡บ๐Ÿ‡ธ (Insurance): $125M (KKR, Bain Capital Ventures, Flourish Ventures)
  • RadixArk ๐Ÿ‡บ๐Ÿ‡ธ (AI Infrastructure): $100M (Accel, Spark Capital, NVentures, Salience Capital, A&E Investments, HOF Capital, Walden Catalyst Ventures, AMD, LDV Partners, WTT Investment, MediaTek, Igor Babuschkin, Lip-Bu Tan, Hock Tan, John Schulman, Soumith Chintala, Olivier Pomel, Thomas Wolf, William Fedus, Robert Nishihara, Eric Zelikman, Logan Kilpatrick)
  • ETZyG ๐Ÿ‡บ๐Ÿ‡ธ (Tech): $60M
  • Smartness ๐Ÿ‡ฎ๐Ÿ‡น (Hospitality): $55M (United Ventures, CDP Venture Capital)
  • Moment Energy ๐Ÿ‡จ๐Ÿ‡ฆ (Energy Storage): $40M (Evok Innovations, Liberty Mutual Investments, W23 Global Fund, Acario, Amazon’s Climate Pledge Fund, Voyager Ventures, In-Q-Tel)
  • Citius Oncology, Inc. ๐Ÿ‡บ๐Ÿ‡ธ (Biopharmaceutical): $36.5M
  • CopilotKit ๐Ÿ‡บ๐Ÿ‡ธ (AI): $27M (Glilot Capital, NFX, SignalFire)
  • Qutwo ๐Ÿ‡ซ๐Ÿ‡ฎ (AI): โ‚ฌ25M (Yuri Milner, Xavier Niel, Ilkka Paananen, Max Junestrand, Thomas Wolf)
  • Nace.AI ๐Ÿ‡บ๐Ÿ‡ธ (AI): $21.5M (Walden Catalyst, General Catalyst)
  • Enzo Health ๐Ÿ‡บ๐Ÿ‡ธ (Healthcare): $20M (N47)
  • Rosi Solar ๐Ÿ‡ซ๐Ÿ‡ท (Renewable Energy): โ‚ฌ20M (InnoEnergy, CMA CGM, Conseil europรฉen de lโ€™innovation, G3T)
  • Barocal ๐Ÿ‡ฌ๐Ÿ‡ง (Heating & Cooling): $10M (World Fund, Breakthrough Energy Discovery)
  • Village ๐Ÿ‡บ๐Ÿ‡ธ (Healthcare): $9.5M (Upfront Ventures, Bling Capital, GTMFund, Perceptive Ventures)
  • Moritz ๐Ÿ‡บ๐Ÿ‡ธ (LegalTech): $9M
  • LakeFusion ๐Ÿ‡บ๐Ÿ‡ธ (Data Management): $7.5M (Silverton Partners, Carbide Ventures)
  • Altara ๐Ÿ‡บ๐Ÿ‡ธ (AI): $7M (Greylock, Neo, BoxGroup, Liquid 2 Ventures, Jeff Dean)
  • XCaliber Health ๐Ÿ‡บ๐Ÿ‡ธ (Healthcare): $6.5M (ManchesterStory, Benhamou Global Ventures, Arka Venture Labs)
  • Spring Labs ๐Ÿ‡บ๐Ÿ‡ธ (Fintech): $5M (BankTech Ventures, Haymaker Ventures)
  • Astrada ๐Ÿ‡บ๐Ÿ‡ธ (Fintech): $3.8M (Bain Capital Ventures, QED Investors, Nyca Partners, Mastercard, Visa)
  • Faactopi ๐Ÿ‡ซ๐Ÿ‡ท (Deeptech): โ‚ฌ3M (Innovacom, Soverency)

Fund Watch

  • Carlyle ๐Ÿ‡บ๐Ÿ‡ธ: $8.5B (structured financing, seeding buyout fund)
  • THL Partners ๐Ÿ‡บ๐Ÿ‡ธ: $6.35B (Fund X, private equity fund for middle-market growth companies)
  • OpenAI ๐Ÿ‡บ๐Ÿ‡ธ: $4B (The Deployment Company, $10B JV for AI tools)
  • a16z crypto ๐Ÿ‡บ๐Ÿ‡ธ: $2.2B (5th fund, focused on crypto)
  • Anthropic ๐Ÿ‡บ๐Ÿ‡ธ: $1.5B
  • SingAuto ๐Ÿ‡ธ๐Ÿ‡ฌ: $1.2B (merging with Blueport Acquisition, green logistics tech & EVs)
  • Haun Ventures ๐Ÿ‡บ๐Ÿ‡ธ: $1B (2 funds, early & late-stage blockchain and AI)
  • Twin Bridge Capital Partners ๐Ÿ‡บ๐Ÿ‡ธ: $855M (Pacific Street Fund VI, lower middle market buyout fund)
  • Bridge Growth Partners ๐Ÿ‡บ๐Ÿ‡ธ: $790M (continuation vehicle for Solace, tech investment)
  • Yaron Elad and Elik Etzion ๐Ÿ‡บ๐Ÿ‡ธ: $100M (AlphaDrive, cyber and AI investments)

๐Ÿ””IPO

  • Tenneco ๐Ÿ‡บ๐Ÿ‡ธ (Auto Parts): selected banks for an IPO that could fetch a $14B valuation.
  • Blackstone Digital Infrastructure Trust ๐Ÿ‡บ๐Ÿ‡ธ (Infrastructure): seeking to raise $1.75B in an IPO.
  • Fervo Energy ๐Ÿ‡บ๐Ÿ‡ธ (Energy): seeking to raise $1.33B at a $6.5B valuation in its IPO.
  • GMR Solutions ๐Ÿ‡บ๐Ÿ‡ธ (Healthcare): seeking to raise $800M at a $4.7B valuation in its IPO.
  • EagleRock Land ๐Ÿ‡บ๐Ÿ‡ธ (Energy): seeking to raise $346M at a $2.6B valuation in its IPO.
  • Odyssey Therapeutics ๐Ÿ‡บ๐Ÿ‡ธ (Biotech): seeking to raise $240M at an $810M valuation in its IPO.
  • Mobia Medical ๐Ÿ‡บ๐Ÿ‡ธ (Medical Devices): seeking to raise $160M at a $530M valuation in its IPO.
  • Three-Circle ๐Ÿ‡ญ๐Ÿ‡ฐ (Electronics): aims to raise $1B in a Hong Kong listing with a $24B valuation.
  • UzNIF ๐Ÿ‡บ๐Ÿ‡ฟ (Investment): launching a $2.4B portfolio of equity stakes set to trade in London and Tashkent this month.

๐Ÿงณ Debt

  • VOLTA ๐Ÿ‡ซ๐Ÿ‡ท: finalized โ‚ฌ15.6M mezzanine debt with Zencap AM to support its solar energy projects.
  • Clearwater PACE ๐Ÿ‡บ๐Ÿ‡ธ: closed $33M in C-PACE financing for Ameyalli Wellbeing Resort.
  • Cambridge Wilkinson ๐Ÿ‡บ๐Ÿ‡ธ: closed a $300M senior lender finance credit facility for an institutional specialty real estate lender.
  • Supersede ๐Ÿ‡บ๐Ÿ‡ธ: secured a $5M catalytic loan from Closed Loop Partners to expand production of high-performance structural materials.
  • Morgan Stanley ๐Ÿ‡บ๐Ÿ‡ธ: leading a $13B financing package for a Meta data center in Texas.
  • Carlyle ๐Ÿ‡บ๐Ÿ‡ธ: launched a $2.3B junk bond sale to finance its $9.1B LBO of BASF’s coatings business.
  • First Eagle Investments ๐Ÿ‡บ๐Ÿ‡ธ: looking to sell $575M in junk bonds to fund its acquisition of Diamond Hill Investment.
  • Boyd Corp ๐Ÿ‡บ๐Ÿ‡ธ: offering a $530M loan for refinancing after a $9.5B divestiture to Eaton.
  • Greenbrier ๐Ÿ‡บ๐Ÿ‡ธ: entered into a new $425M term loan to finance the growth of its lease fleet.
  • Buyerlink ๐Ÿ‡บ๐Ÿ‡ธ: secured a $40M senior secured credit facility with California Bank & Trust.
  • Alphabet ๐Ÿ‡บ๐Ÿ‡ธ: raised C$8.5B in a surprise megadeal in the Canadian bond market.
  • High Tide ๐Ÿ‡จ๐Ÿ‡ฆ: executed a term sheet for $40M of credit facilities with a Canadian chartered bank.
  • Bolivia ๐Ÿ‡ง๐Ÿ‡ด: gauging investor interest for its first dollar bond sale in four years.

โŒ Failures

  • BioNTech ๐Ÿ‡ฉ๐Ÿ‡ช: the biotechnology group is cutting 1,860 jobs due to falling Covid-19 vaccine sales and reported a net loss of โ‚ฌ532M in Q1 2026.
  • Coinbase ๐Ÿ‡บ๐Ÿ‡ธ: the cryptocurrency exchange announced the layoff of 700 employees, representing a 14% reduction in workforce to manage operating expenses.
  • Fortress ๐Ÿ‡บ๐Ÿ‡ธ: creditors holding $1.8B in bonds extended a deadline for the firm to raise more cash for its LA-to-Vegas project.
  • KPS Capital Partners ๐Ÿ‡บ๐Ÿ‡ธ: the PE firm is purchasing $585M of debt in Oldcastle BuildingEnvelope for 50ยข on the dollar.
  • Spirit Airlines ๐Ÿ‡บ๐Ÿ‡ธ: the airline will liquidate in Chapter 7 bankruptcy.
  • Saks Global ๐Ÿ‡บ๐Ÿ‡ธ: the company sent its bankruptcy plan for a vote, aiming to restructure by wiping out all equity and transferring control to senior lenders.
  • Nissan ๐Ÿ‡ฏ๐Ÿ‡ต: plans to cut 900 jobs, about 10% of its European workforce, amid restructuring to ease financial difficulties.

๐ŸŽฏ For a Few More Minutesโ€ฆ

  • ๐Ÿ‡ซ๐Ÿ‡ท Let It Beer. Yoko Ono forced the Breton brewery to stop selling its ยซย John Lemonย ยป beer, but the legal spat only made it sell out faster. (Libรฉ)
  • ๐Ÿ‡บ๐Ÿ‡ธ Flipper Denial. Defense Secretary Pete Hegseth insisted Iran does not have ยซย kamikaze dolphins,ย ยป dismissing reports that Tehran could weaponize marine mammals in the Strait of Hormuz. (Cnbc)
  • ๐Ÿ‡บ๐Ÿ‡ธ Space Oddity. NASA is actively preparing for the day it might announce evidence of extraterrestrial life, just in case we are not alone after all. (Le Parisien)
  • ๐ŸŒ Gone in a Flash. The newly discovered comet C/2025 R3 PANSTARRS will light up skies in New Zealand, Australia, and South Africa, then fade until the year 172,025. (New York Times)

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