Together with

Good Morning,

Berkshire resumed buybacks, Robinhood launched an actual platinum card, UAE is exploring freezing Iranian assets, Oracle is planning to cut thousands of jobs, Wells Fargo is free of consent orders for the first time in 15 years, and US is weighing all options to tame oil prices despite Trump's priority on Iran.

Still rebuilding financial models from the data room? With F2, you can now automate that too. Check out their AI platform for private markets to see how leading funds are saving 75% of time on key DD workflows. Try a demo.

Let's dive in.

Before The Bell

As of 3/5/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• US stocks continued to tumble yesterday as rising oil prices from a prolonged Iran conflict stoked economic fears

  • S&P continues to trade flat YTD

• Korea's KOSPI index jumped 10% after Korea activated its $68B market stabilization fund

• US Treasury yields rose for a fourth day

• Oil prices surged to the highest since July 2024

• Dollar is up 1.6% on track for its best week in three years

• EM FX fell for a fourth day

  • EM FX volatility surged above DM peers for the first time since May to break a record stretch 

Earnings

• Costco beat Q2 earnings and revenue estimates on 6.7% growth in same-store sales as it evaluates potential for tariff refunds, with plans to pass on savings to customers (WSJ)

• Kroger beat Q4 earnings estimates but missed on revenue and issued soft guidance due to growing competition and price-conscious shoppers (BBG)

• JD.com missed Q4 earnings and revenue estimates on its first loss in four years on weak Chinese spending and stiff e-commerce competition (RT)

• Victoria's Secret beat Q4 earnings and revenue estimates and issued strong guidance on its longest sales growth streak in four years as its turnaround takes shape with shoppers returning to its Pink brand (CNBC)

• Full calendar here 

Prediction Markets

• Surging oil prices has put inflation back in the spotlight, with traders slashing odds of Fed rate cuts

• Trade event contracts on Polymarket, the world's largest prediction market

Headline Roundup

• Trump on gas prices: If they rise, they rise (RT)

• US eyes all options to tame oil prices (BBG)

• US weighs oil futures market action to combat rising energy prices (RT)

• UAE is exploring freezing Iranian assets to sever trade (WSJ)

• Yuan funding hit record $200B as China's ambitions grow (BBG)

• Crowded dispersion trade gets rattled by Iran conflict (BBG)

• Investors aren't giving up on EM yet (BBG)

• Chinese traders sold a record $3.5B of Hong Kong stocks (BBG)

• SRT sales are growing at a record pace (BBG)

• Goldman says non-payment in private credit remains low (BBG)

• Berkshire resumed buybacks following a two-year hiatus (RT)

• Wells Fargo is free of consent orders for the first time in 15 years (BBG)

• US weighs requiring permits for all global AI chip exports (BBG)

• Nvidia stopped production of chips intended for Chinese market (FT)

• Oracle is planning to cut thousands of jobs amid AI cash crunch (BBG)

• US labeled Anthropic as a 'supply chain risk' (BBG)

• OpenAI released new financial services tool to rival Anthropic (BBG)

• Robinhood released 'actual' platinum card to rival Amex (BBG)

• Trump fired and replaced DHS secretary Kristi Noem (CNBC)

A Message from F2

Private market workflows got a whole lot easier

AI has made it significantly easier to generate answers. But in IC, answers alone aren’t enough. 

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F2 is already helping Wall Street's leading funds automate key workflows up to 75% faster. It's about time you check it out.

Deal Flow

M&A / Strategic

• German state-owned lender KfW is exploring taking a stake in Franco-German tank maker KNDS ahead of an IPO that could fetch a $29B valuation

• NYSE-owner Intercontinental Exchange agreed to acquire a stake in crypto exchange operator OKX at a $25B valuation

• TPG is considering a sale or IPO of Asia OneHealthcare at a $7.6B valuation

• Commodities giant Glencore proposed supporting a $1.4B bid by Kazakh construction tycoon Shakhmurat Mutalip to acquire a 40% stake in Eurasian Resources Group

• Chinese contact lens maker Shanghai Moody Technology is considering a sale at a $1B valuation

• Blackstone and TPG ​expressed interest in buying $766M-listed shopping center operator Whitestone REIT

• EQT agreed to acquire a portfolio of East Coast warehouses from MapleTree Investments for $575M

• Saba Capital and Cox Capital launched a tender offer to buy 5% of $8B AUM Starwood REIT at a 20%+ discount to NAV

• Entertainment-focused REIT EPR Properties agreed to acquire seven of Six Flags' regional amusement parks for $331M in cash

• $14B-UK listed exhibitions group Informa is exploring a sale of its Monaco luxury events portfolio, including the Monaco Yacht Show for $200M

• USA Rare Earth is planning to acquire the remaining minority interest of Texas Mineral Resources in a $73M all-stock deal

• Netflix acquired Ben Affleck's AI film post-prod business InterPositive

• Distressed assets investor Flacks is ready to bid for the steel division of Germany's Thyssenkrupp if current efforts to sell to Jindal fail

• KKR, French asset manager Amundi, and Singapore SWF Temasek's Seviora unit are bidding for Singapore's United Overseas Bank's asset management arm

VC

• NEURA Robotics, a German cognitive humanoid robotics startup, is reportedly raising $1.2B round at a $.6B valuation from investors including Tether

• Aerospace and defense startup Sierra Space raised a $550M Series C led by LuminArx Capital Management

• Space-station developer Vast raised a $500M round led by Balerion Space Ventures 

• Science Corporation, a brain-computer interface and vision-restoration startup, raised a $230M Series C at a $1.5B post-money valuation from Lightspeed, Khosla Ventures, Y Combinator, Quiet Capital, and IQT

• Cognito Therapeutics, a neurotechnology startup, raised a $105M Series C led by Morningside Ventures, IAG Capital Partners, and Starbloom Capital

• GOLD BOX Pakistan, a mystery-box e-commerce startup, raised a $65M funding round led by Tophatter

• ZyG, an AI-powered e-commerce OS, raised a $58M seed round led by Bessemer Venture Partners

• European agentic data-quality platform Validio raised a $30M Series A led by Plural 

• AI procurement startup Lio raised a $30M Series A led by a16z

• Evervault, a developer-first encryption and payment-data orchestration platform, raised a $25M Series B led by Ribbit Capital

Get real-time updates on any startup, VC, or sector on Fundable

IPOs / Listings / Issuances / Block Trades

• Roark Capital is considering a $2B IPO of Inspire Brands, the owner of fast-food chains BWW, Jimmy John's, Dunkin', Baskin-Robbins, Sonic, Arby's, and others

Debt

• China plans to sell $44B of special government bonds to boost capital at China's largest banks

• JPMorgan is leading a $10.5B US and $4.65B European loan offering to finance Silver Lake, PIF, and Affinity Partners' record $55B LBO of Electronic Arts

Bankruptcy / Restructuring / Distressed

• BlackRock wrote down the value of $25M loan to Amazon aggregator Infinite Commerce to 0¢ three months after marking it at par in its second sudden private credit wipeout

• Paresh Raja, the founder/CEO of collapsed UK mortgage lender MFS, is reportedly in Dubai, with creditors alleging $318M missing and a $1.2B collateral shortfall from double-pledged assets

Funds / Secondaries

• Credit investor Sound Point Capital raised $1.5B for its third flagship fund

• MM software-focused PE firm STG raised over $1.3B for its second Allegro fund

• Bahrain-based PE firm Investcorp raised $1.25B for its second GP staking fund

• Galvanize, a sustainability-focused CRE investor, raised $1B for its first fund

• India's NaBFID plans to raise $500M for its first equity-focused fund

• Real estate PE firm HighBrook Investors raised $266M for its debut data center fund

• US is committing $150M to a new fund of maritime tech VC Mare Liberum 

Crypto Sum Snapshot

• FBI arrested John Daghita, son of federal crypto contractor, for $46M crypto theft

• Justin Sun settled SEC fraud case for $10M

• Crypto bill hit a new impasse in Congress on banks' objections

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

• The highest-ROI investment right now isn't a stock – it's AI fluency. Over 8 weeks, learn from Columbia Business School faculty + leaders at Blackstone, Citi, and more in the AI for Business & Finance Certificate Program. Starts March 16.

• NYT published a profile on Palmer Luckey, the man who went from reviving the VR industry and falling out with Zuck to becoming Pentagon's favorite defense tech guy.

• Interview Magazine published the most cringe profile on 'the finest boys in finance.'

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!

Meme Cleanser

🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend beehiiv to get started.

*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.

Together with

Good Morning,

Korea stocks had their best day ever after posting their worst day ever, Morgan Stanley cut 3% of jobs across all major divisions, Blue Owl shorts hit an ATH on private credit fears, Anthropic ARR hit $20B, and Trump said AI companies need 'PR help' after backlash over data centers.

On the Iran situation, the Gulf shipping crisis continued to worsen as US deepens its strikes. Though oil prices showed signs of stabilizing.

Tax day is 41 days out. Your K-1s might not land until September. Meanwhile your CPA is juggling 500 other clients, billing by the hour, and calling it a strategy. Every week costs you. Upgrade to OLarry's Private Client Tax Advisory. Year-round access, one transparent flat price.

Let's dive in.

Before The Bell

As of 4/4/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• US stocks rebounded yesterday as traders weighed economic data, steadying oil markets, and hopes for Iran diplomacy 

• Korea's KOSPI index crashed 12% in its worst day ever

  • Korea's KOSPI index rebounded 12% in its best day ever

• Dubai's DFM General index slumped 4.7% in its worst day since May 2022 after UAE markets re-opened

• Aluminum surged to the highest since 2022 after Bahrain’s Alba declared force majeure

• Dollar fell 0.3% in its worst day in three weeks 

• Indian rupee fell to a record low

Earnings

• Abercrombie & Fitch beat Q4 earnings and revenue estimates on its 13th-straight quarterly growth though margins declined on tariff pressures (BN)

• Broadcom beat Q1 earnings and revenue estimates as AI revenue doubled on robust demand for custom AI accelerators and AI networking and gave strong guidance with a line of sight to over $100B in FY revenue amid progress from OpenAI, Anthropic, and Meta (CNBC)

• Cracker Barrel beat Q4 revenue estimates and narrowed losses despite an overall YoY decline in performance after last year's failed logo change; the firm boosted guidance as turnaround efforts take shape (WSJ)

• What we're watching this week:  

  • Today: Costco, Kroger, JD.com, Victoria's Secret

• Full calendar here

Prediction Markets

• Also need a market on how long any leaders will last

• Trade event contracts on Polymarket, the world's largest prediction market

Headline Roundup

• Senate rejected war powers resolution to pull back from Iran (CNBC)

• US is 'actively considering' role in Iran after conflict ends (WSJ)

• Gulf shipping crisis deepens amid US strikes on Iran (RT)

• US-to-Asia oil shipment costs hit a record (BBG)

• Fed's Beige Book reveals slight growth in economic activity (BBG)

• OECD sees rising refinancing risk as bond sales surge (WSJ)

• Global ECM activity is booming despite geopolitical woes (RT)

• Money market AUM rose to record $8.27T in dash for cash (BBG)

• Federal judge ordered US to begin refunding $130B in tariffs (WSJ)

• Indonesia has suffered a series of market sentiment setbacks this year (RT)

• Blue Owl shorts hit an ATH on private credit fears (BBG)

• EM ETF inflows rise even as rout hits shares (BBG)

• DoubleLine sees EM 'virtuous loop' despite Iran war (BBG)

• Goldman says AI disruption will challenge lending decisions in future (RT)

• KPMG named ex-Australia boss Gary Wingrove as new global CEO (FT)

• Morgan Stanley cut 3% of jobs across all three major units (WSJ) 

• Anthropic ARR hit $20B (BBG)

• Big Tech group supports Anthropic in Pentagon fight (RT)

• Defense contractors drop Claude after Pentagon's Anthropic blacklist (CNBC)

• Trump says AI companies need 'PR help' after data center backlash (FT)

• Record 6% of workers are raiding their 401(k) savings (WSJ)

A Message from OLarry

If your CPA is waiting, they're reacting, not advising. That's usually the first red flag we see, followed by a role reversal where you end up bringing the strategy ideas to them at year-end.

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Deal Flow

M&A / Strategic

• Blackstone's talks to invest $2.5B in Hong Kong property developer New World Development stalled as the Cheng family resists ceding control

• US PE firm Arcline entered the race to acquire $1.7B-listed UK aviation parts maker Senior

• Alcohol maker Phusion Projects is exploring a sale of canned alcohol beverage Four Loko at a $400M valuation

• Centurium Capital, the Chinese PE backer of Chinese coffee company Luckin Coffee, is in advanced talks to acquire Nestle's Blue Bottle Coffee

• US is weighing forcing Chinese tech giant Tencent to divest stakes in video game giants including Epic Games and Riot Games

VC

• Nvidia CEO Jensen Huang hinted at ending investments in OpenAI and ​Anthropic as the startups prepare to IPO

• European small-satellite launcher PLD Space raised a $210M Series C led by Mitsubishi Electric Corporation

• LatAm neo-bank Ualá raised a $195M round led by Allianz X

• Commerce-enablement platform Cart.com raised a $180M growth equity round led by Springcoast Partners

• Industrial autonomous driving startup Oxa raised a $103M Series D led by UK's National Wealth Fund

• Sleep tech startup Eight Sleep raised a $50M strategic round at a $1.5B valuation led by Tether Investments

• Open-source FeatureOps startup Unleash raised a $35M Series B led by One Peak

• Crossover Markets, an institutional crypto ECN operator, raised a $31M Series B led by Tradeweb

• Signals-intelligence startup HawkEye 360 raised an additional $23M Series E round from Ghisallo, Principia Growth, and others  

• Stablecoin infrastructure startup Cyclops raised an $8M strategic round from Castle Island Ventures, F-Prime, and Shift4 Payments 

Get real-time updates on any startup, VC, or sector on Fundable

IPOs / Listings / Issuances / Block Trades

• Kenya launched its first IPO in 11 years, selling a 65% stake in state-run Kenya Pipeline Co. at a $1.3B valuation

SPAC / SPV

• French quantum startup Pasqal will merge with Bleichroeder Acquisition Corp. II at a $2B pre-money valuation

Debt

• Energy tech giant Baker Hughes plans to raise $10B in a cross-border bond sale to help fund its $13.6B acquisition of Chart Industries 

• TKO Group, the PE-backed owner of UFC and WWE, launched a ~$1B leveraged loan sale

• Blackstone financed its $2.5B acquisition of residential services provider Champions Group from Odyssey Investment Partners with an over $1B private credit loan priced at a 450 bps premium

• Irish lender AIB is seeking to issue a SRT tied to infrastructure project financing

Bankruptcy / Restructuring / Distressed

• Spanish lender Santander has $267M-$400M of exposure to failed UK lender Market Financial Solutions

• USPS hired restructuring advisors as it could run out of cash by 2027

• Brazil authorities again arrested Daniel Vorcaro, the owner of failed lender Banco Master, for obstructing investigations

Funds / Secondaries

• a16z crypto plans to raise $2B for its fifth fund

• Ridgepost Capital-owned Spanish PE FOF Qualitas Funds plans to raise $115M for a debut secondaries fund

• UK VC Molten Ventures plans to raise a secondaries fund

• Torch Key Asset Management, a new PE firm focused on complex MM deals, launched with seeding from GCM Grosvenor

Crypto Sum Snapshot

• US and UK are split over crypto collaboration

• Kraken's banking arm becomes first crypto firm to secure payments account with Fed

• Wall Street regulators advanced crypto and prediction market plans

• Iran's $7.8B crypto market draws fresh attention in war

• Eric Trump called banks 'anti-American' over stablecoin fight

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

• Your analysts weren't hired to coordinate calendars and update buyer trackers. Arvya runs inside Outlook and fits into IB and PE workflows, automating scheduling, tracker updates, and deal context. Book a 10-minute demo to free up deal capacity.

• WSJ published a brief primer on the Strait of Hormuz: the oil bottleneck threatening the global economy.

• Callie Cox wrote a deeply personal piece on financial trauma. This one inspired by the recent birth of her twins.

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!

Meme Cleanser

🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend beehiiv to get started.

*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.

Together with

Good Morning,

Blackstone's flagship private credit fund and McDonald's CEO came under fire yesterday as global markets continue to reel from the Iran situation.

Also, the Korea bubble popped…

BILL just released their controller toolkit, an essential reference guide for finance teams looking to increase efficiency, visibility, and control as they scale strategically.

Let's dive in.

Before The Bell

As of 3/3/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• US stocks slumped yesterday as the US-Iran conflict stoked fresh inflation fears

  • Traders slashed Fed rate cut bets 

• Europe's Stoxx 600 sunk 3% in its biggest two-day drop since April 

  • Traders are pricing in a 60% chance of an ECB rate hike by year-end

• UK's FTSE 100 had its worst day since April 

• Korea's KOSPI entered a bear market after its worst two-day selloff since 2008

• Japan's Nikkei 225 lost 8% in two days

• UAE markets resumed trading today

• 10Y muni yields rose 11 bps to 2.63% in their worst day since April 

• Brent premium over Dubai Crude benchmark surged to the most since 2022

Earnings

• Target beat Q4 earnings estimates but missed on revenue as traffic continued to decline; the firm announced a $6B turnaround plan under new CEO Michael Fiddelke (CNBC)

• Best Buy beat Q4 earnings estimates but missed on revenue as holiday sales disappointed amid a 'mixed macro environment' (CNBC)

• CrowdStrike beat Q4 estimates and gave a strong forecast as resilient demand for AI-powered cybersecurity calmed AI disruption fears (RT)

• What we're watching this week:  

  • Today: Abercrombie & Fitch, Broadcom, Cracker Barrel

  • Thursday: Costco, Kroger, JD.com, Victoria's Secret

• Full calendar here

Prediction Markets

• Traders are slashing Fed rate cut bets as the Iran conflict reignites inflation fears

• Trade event contracts on Polymarket, the world's largest prediction market

Headline Roundup

• Iran implements dead Khamenei's plan to spread regional war (FT)

• US will escort and insure oil tankers through Hormuz if necessary (AX)

• US banks are on high alert for cyberattacks as Iran war escalates (RT)

• Bond market reopens with high-grade borrowers pricing deals (BBG)

• Investors make a dash for cash as Iran crisis upends markets (RT)

• Kevin Warsh's push to shrink Fed balance sheet would evolve slowly (FT)

• US Treasury vows 'fresh look' at bank liquidity rules (RT)

• Big lenders' risky loans are rattling Wall Street (NYT)

• Apollo's Marc Rowan warned of shakeout coming for private markets (BBG)

• Biggest energy traders are using windfall gains to tighten grip on market (FT)

• Polymarket users won big with unusual Iran bets (FT)

• Swiss lawmakers tell UBS to tone down lobbying in capital reforms row (FT)

• Apollo's Marc Rowan says Epstein is 'wasting his time' from the grave (BBG)

• Shareholders sued Apollo and co-founders for concealing Epstein ties (RT)

• Congress asked ex-Goldman woman exec to testify on Epstein ties (CNBC)

• Ex-Nomura wealth manager was sentenced to 18 years for violent home invasion, robbery, and attempted murder of a client (BBG)

A Message from BILL

From the hidden cost of manual processes to the nuances of data-based budgeting, we've gathered together top takeaways, resources, and actionable tools to help you tackle inefficiencies and turn them into time-saving best practices. So you can spend your energy on driving strategic growth.

Learn real-world strategies for key topics like:

• Take control of cash flow

• Craft AI prompts for more efficient processes

• Scale without adding headcount

• And much, much more

Download your toolkit today to learn new ways to take control of your company's financial operations.

Deal Flow

M&A / Strategic

• Activist Elliott is set to make $500M after Toyota group raised its take-private bid for Toyota Industries for a second time to $40B

• Lin Bin, the co-founder of Chinese consumer electronics giant Xiaomi, will buy a 1% stake in NFL team Miami Dolphins at a $12.5B valuation, which also includes assets like F1 Miami Grand Prix and Hard Rock Stadium

• Thoma Bravo is in advanced talks to buy third-party logistics provider ​WWEX at a $5B valuation and combine it with e-commerce shipping ​software ​provider Auctane to create a $12B entity 

• Swiss insurer Zurich Insurance agreed to acquire UK specialty insurer Beazley at an $11B valuation

• Norway's $2.2T SWF NBIM, Canada's BCI, and Brookfield each acquired a 33.3% stake in a portfolio ​of US renewable energy assets at a $2.6B valuation, including debt

• Infrastructure investors Stonepeak and Bernhard Capital are in advanced talks to acquire power producer Cleco Power from Australia's Macquarie at an over $5B valuation

• UK PE firm Rosebank Industries agreed to acquire ‌US-based industrial businesses MW Components and CPM in a $3.1B deal

• Tinicum and Blackstone submitted a takeover bid for $1.7B-listed UK aerospace supplier Senior

• IT consultant Accenture agreed to acquire Ziff Davis' connectivity division for $1.2B cash

• Activist Elliott made a $1B strategic investment in $12.5B-listed social media platform Pinterest

• European asset manager Allianz Global Investors agreed to acquire a 50% stake in French energy giant TotalEnergies' German battery project portfolio

• French media group Banijay will merge its TV production business with rival All3Media

• Calorie tracking app MyFitnessPal successfully acquired rival Cal AI

VC

• Palmer Luckey's defense tech startup Anduril is reportedly raising an $8B round at a $60B valuation led by Thrive Capital and a16z

• Co-packaged optics startup Ayar Labs raised a $500M Series E at $3.75B valuation led by Neuberger Berman 

• European industrial heat decarbonization startup RIFT raised a $96M Series B led by PGGM

• Flink Food, a European quick-commerce grocery delivery startup, raised a $100M growth round led by Prosus

• Autonomous cargo-eVTOL startup MightyFly raised a $10M round from Draper Associates, At One Ventures, and 500 Global

Get real-time updates on any startup, VC, or sector on Fundable

IPO / Direct Listings / Issuances / Block Trades

• $70B-listed mining giant Vale is seeking to list its nickel and copper business in Q2

• Belgian auto parts supplier D'Ieteren Group is exploring an IPO of its controlling stake in CD&R, H&F, GIC, and BlackRock-backed global glass repair business Belron at a $30B-$40B valuation

• Shareholders of medical supplies firm Medline including Blackstone, Carlyle, H&F, and SWF ADIA are offering 75M shares worth $3.4B following the post-IPO rally

• LS Power is seeking to raise $2.1B in a stake sale in NRG Energy at a 6.9% discount

• UK online travel agency Loveholidays will delay its London IPO that aims to fetch a $1.3B valuation

• The National Highways Authority of India's infrastructure investment trust is preparing to list its units in a $656M India IPO

• Korean chip startup Rebellions named JPMorgan as global lead underwriter for its Korea IPO

Debt

• JPMorgan and Wells Fargo provided a $1B debt package to support a $3.9B MBO of hospital operator Select Medical

Bankruptcy / Restructuring / Distressed

• Brazilian supermarket chain GPA hired Munhoz Advogados to advise on a debt restructuring

• World-renowned makeup artist Pat McGrath will cede control of her company Pat McGrath Labs to GDA Luma Capital Management by giving them a 65% common equity stake in exchange for forgiving debt

Funds / Secondaries

• Blackstone's flagship $82B private credit fund BCRED is seeing record redemption, with BCRED meeting all requests after employees invested $400M

Crypto Sum Snapshot

• CFTC plans to approve crypto perpetual futures within the next month

• Trump urged Congress to pass crypto market legislation ASAP

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

• Become AI-proficient in 8 weeks. The AI for Business & Finance program teaches practical, everyday AI for nontechnical professionals – and earns you a certificate from Columbia Business School Exec Ed. Starts March 16.

• FT published some charts to make sense of gas markets amid the Iran conflict.

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!

Meme Cleanser

🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend beehiiv to get started.

*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.

Together with

Good Morning

The Iran strikes continued yesterday while Claude went down. The situation monitors say the events are related.

Mizuho's head of America IB Michal Katz shared some insightful thoughts on the AI-led SaaS selloff. Check it out.

Let's dive in.

Before The Bell

As of 3/2/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• US stocks closed mixed yesterday as traders weighed the Iran/Middle East situation 

• Europe's Stoxx 600 slid 1.7% to a two-week low in its worst day in three months

• UK's FTSE 100 had its worst day since November

• Canada's TSX index hit an ATH

• Pakistan's KSE-30 index crashed 10% in its worst day ever to enter a bear market following a historic rally

• Munis were the best performing fixed income asset class in February

• Oil surged

• EM FX fell 0.5% in its worst day since November 2024

Earnings

• What we're watching this week:  

  • Today: Target, Best Buy, CrowdStrike

  • Wednesday: Abercrombie & Fitch, Broadcom, Cracker Barrel

  • Thursday: Costco, Kroger, JD.com, Victoria's Secret

• Full calendar here 

Prediction Markets

• Geopolitics bets on Polymarket hit a record amid the Iran conflict

• Trade event contracts on Polymarket, the world's largest prediction market

Headline Roundup

• Trump vows 'whatever it takes' on Iran as conflict widens (CNBC)

• Global bond binge gets disrupted after war raises credit risk (BBG)

• Hedge funds rethink EM bets after US strikes on Iran (FT)

• Hedge funds and banks forced into contingency mode in UAE (BBG)

• Investors turn to gold, not bonds, as haven from Iran war (FT)

• Geopolitics bets hit a record on Polymarket (BBG)

• Retail investors shun private credit amid Blue Owl troubles (FT)

• Citadel's flagship fund rose 1.9% in February (CNBC)

• Oil producers pounce on price surge to lock in future revenue (BBG)

• Iran struck an Amazon data center in Dubai (RT)

• SCOTUS declined to hear copyrights lawsuit over AI-generated material (RT)

A Message from Mizuho

The selloff in software has raised existential concerns for the industry and the future of SaaS players amid the innovations and advancements in AI. While the impact of AI on the software sector is undeniable, to paraphrase Mark Twain, reports of its demise are greatly exaggerated.

Software is the DNA powering our world - cars, appliances, communication, collaboration, robotics, and so much more. And while AI can automate and optimize rote and rudimentary functions, true systems of record which house proprietary and confidential data cannot be readily replaced or populated onto open instances of LLMs that lack enterprise grade security, governance and guardrails. Yes, software is under attack, but do not count it out just yet.

Deal Flow

M&A / Strategic

• Paramount Skydance will combine Paramount+ and HBO Max streaming services into a single platform following its $110B acquisition of Warner Bros. Discovery

• Activist Elliott agreed to a sweetened bid from Toyota Group for Toyota Industries that values the firm at $40B

• BlackRock-owned Global Infrastructure Partners and European PE firm EQT agreed to acquire power producer AES for $33.4B, including ~$23B debt, at a 40% premium

• Nvidia will invest $2B in $56B-listed photonics firm Lumentum

• Nvidia will invest $2B in $56B-listed photonics firm Coherent

• Warburg Pincus will invest $1B at an $8B valuation in Global Eggs

• Pacific Avenue Capital Partners is nearing a $320M deal to acquire babysitting platform Care.com from media conglomerate IAC 

VC

• Nvidia-backed Reflection AI is in talks to raise new funding at a $20B valuation

• European industrialized-housing startup Gropyus raised a $117M growth round

• Ease Health, an AI-native behavioral health OS startup, raised a $41M Series A led by a16z

• Defense-focused AI startup Smack Technologies raised a $32M Series A round led by Geodesic Capital and Costanoa Ventures

• cargo.one, a European AI-driven multimodal freight platform, raised a $20M round from Bessemer Venture Partners alongside its acquisition of ocean rate platform Cargofive

• Construction-tech startup MeltPlan raised a $10M seed round led by Bessemer Venture Partners

• Decentralized cloud-storage startup Akave raised a $6.6M round from Protocol Labs, Blockchain Builders Fund, and others 

Get real-time updates on any startup, VC, or sector on Fundable.

IPO / Direct Listings / Issuances / Block Trades

• Oaktree picked banks for an IPO of UK annuities provider Utmost Group, which could fetch a $3.3B valuation

• SoftBank-owned Japanese fintech PayPay is delaying formal marketing for a $1.1B US IPO

• German defense tech firm Vincorion will begin marketing a $350M German IPO at an over $1.2B valuation

• Canadian real estate firm Avenue Living suspended redemptions at two REITs as management considers taking them public

Debt

• JPMorgan is set to start a sales process of $20B of syndicated debt for Silver Lake, PIF, and Affinity Partner's record $55B LBO of Electronic Arts

• Abu Dhabi state-owned oil giant ADNOC paused a debut dim sum bond sale

Bankruptcy / Restructuring / Distressed

• Elliott has $270M exposure to collapsed UK lender MFS' mortgage-backed facilities

• Barclays blocked transactions linked to MFS months before collapse

Funds / Secondaries

• Growth investor Bregal Sagemount raised $3.5B for its fifth fund

• European private credit firm Arcmont is in talks to raise a $2.2B CV for a 2019 private credit vintage led by Ares and FOF Pantheon

• Ares raised an $850M CV for systems integrator Convergint Technologies led by Leonard Green & Partners 

• UK's oldest PE firm Charterhouse raised $1.2B for a targeted $1.7B twelfth flagship fund

• Lower MM healthcare services-focused PE firm Seven Hills Capital raised $235M for its sophomore fund

Crypto Sum Snapshot

• Crypto loses grip on retail crowd defecting to equities

• Crypto's 24-hour promise gets a geopolitical reality check

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

• Tired of AI tools that crumble at the request of accuracy? Check out F2.

  F2's AI platform for private markets was specifically built by ex-PE investors who know the demands of accuracy and detail. F2 helps deal teams automate key DD workflows by turning messy deal docs into structured, Excel-native analyses that are fully source-linked, traceable, and actually defensible in IC. Leading funds on Wall Street are already saving hours with F2. Schedule a free demo here.

Meme Cleanser

🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend beehiiv to get started.

*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.

Together with

Good Morning,

A long weekend of monitoring the situation. A long week ahead of monitoring the portfolio…(and filling in the Europeans on everything they missed outside of work hours)

Automate your customer service conversations with Bland, the fastest conversational AI in the world.

Let's dive in.

Before The Bell

As of 2/27/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• US stocks slipped on Friday on a hot inflation report and mounting AI disruption fears 

• UK's FTSE 100 hit a fresh ATH

• Europe's Stoxx 600 hit a fresh ATH after rising for an eighth-straight month in its best win streak since 2013 

• Hong Kong's Hang Seng Tech Index dropped 10% in its worst month in two years on earnings fears

• Global investment grade spreads widened 8 bps last month to 82 bps points in the most since November, but remain well below the 10Y average of 119 bps

  • US bonds posted their best rally in a year with short-term yields falling to the lowest levels since 2022

  • US leveraged loan index fell 1.34% in its worst month since 2022

• Chinese yuan is up 2% YTD versus dollar with PBOC moving to slow the advance

• Pound hit a two-month low versus Euro

Earnings

• Berkshire Hathaway posted a 30% drop in operating profits as insurance underwriting took a 54% hit in Buffett's final quarter as CEO; new CEO Greg Abel published his first annual letter to shareholders linked below (CNBC)

• What we're watching this week:  

  • Tuesday: Target, Best Buy, Crowdstrike

  • Wednesday: Abercrombie & Fitch, Broadcom, Cracker Barrel

  • Thursday: Costco, Kroger, JD.com, Victoria's Secret

• Full calendar here

Prediction Markets

• Not priced in yet. Gotta wait for the Europeans to finish their weekending

• Trade event contracts on Polymarket, the world's largest prediction market

Headline Roundup

• US nerfed Iran 'ahead of schedule' (CNBC)

• Polymarket Iran volume topped $530M with insiders winning big (BBG)

• Investors brace for a bigger backlash from Middle East war (RT)

• Hedge funds hike bullish oil bets to a two-year high (BBG)

• US wholesale inflation rose to 2.9% YoY (CNBC)

• Fed mounts challenge to DOJ subpoenas (WSJ)

• Venezuela suspended 19 O&G contracts signed under Maduro (RT)

• Blackstone CEO Schwarzman took home a record $1.24B in 2025 (BBG)

• PE enters 'Darwinian' era as experts warn of fund extinction (CNBC)

• AI CapEx is fueling strongest EM earnings in two decades (BBG)

• China traders sell Hong Kong stocks on earnings frustration (BBG)

• China capital markets rebounded last year (BBG)

• 0DTE options boom comes for Big Tech as hedging picks up (BBG)

• Wall Street's quant playbook gets upended as AI reorders market (BBG)

• JPMorgan warned that up to $150B of CLOs are at-risk (BBG)

• Bain Capital warned of software default rates hitting double digits (BBG)

• Goldman bucks private credit redemption trend despite AI fears (RT)

• Private credit firms are using accounting tools to mask leverage (RT)

• Pentagon partnered with OpenAI after Anthropic fallout (BBG)

• Nvidia is planning a new chip (WSJ)

• Ex-Moelis banker will plead guilty in global insider trading case (BBG)

• Bill Clinton told Congress he wasn't aware of Epstein crimes (BBG)

• One in four Americans support US strikes on Iran (RT)

A Message from Bland

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• Idaho Finance saved $750k/year by replacing their IVR with AI voice agents

• MyPlanAdvocate added $40M/year by automating their inbound lead qualification

• Needle saved $1M/year by automating outbound calls

Book a demo today to hear from their AI voice agent yourself.

Deal Flow

M&A / Strategic

• Paramount Skydance paid a $2.8B breakup fee owed to Netflix after Netflix dropped out of bidding; Paramount will acquire Warner in a $112B deal

• BlackRock-owned Global Infrastructure Partners and European PE firm EQT are in advanced talks to acquire $12B-listed power company AES

• Zurich Insurance Group is nearing an agreement to acquire UK specialty insurer Beazley for $10.8B

• Blackstone, Brookfield, Advent, Bain, EQT, and CVC advanced to the next round of bidding for Volkswagen's diesel engine unit Everllence, with bids over $9.4B

• Investment firm Victory Capital submitted a cash-and-stock bid for asset manager Janus Henderson at an $8.6B valuation, topping hedge fund Trian and General Catalyst's earlier $7.4B offer

• Canadian financial services firm Fairfax is the frontrunner to buy a majority stake in $8B-listed Indian state-owned IDBI Bank

• Data center firm Equinix and Canada's CPPIB agreed to acquire Partners Group-backed Nordic data center operator atNorth at a $4B valuation, including debt

• Australia's Macquarie is weighing a deal to acquire a 50% stake in land title registry service firm Secure Electronic Registries Victoria at a $2.8B valuation

• Malaysian conglomerate Sunway is prepared to walk away from its $2.7B offer to acquire builder IJM if shareholders do not accept the deal by April 6

• Advent is considering a take-private of $1.7B-listed UK engineering-solutions company Senior

• Brookfield acquired AI cloud-computing firm Ori Industries and merged it into Radiant, a new AI infrastructure now valued at $1.3B

• Ares bought Netflix's London office for $216M

• Aussie investment firm Magellan Financial agreed to buy Aussie investment bank Barrenjoey in a $1.1B deal 

VC

• OpenAI raised $110B at a $730B pre-money valuation from Amazon, Softbank, and Nvidia

• Fintech Plaid sold secondary shares at an $8B valuation

• AI hardware engineering startup Flux raised $37M, including a $27M Series B led by 8VC

• STS Digital, a Swiss digital-asset derivatives trading platform, raised a $30M funding round led by CMT Digital

• L.E.S.S., a Swiss nano-active fiber lighting startup, raised a $22M Series C 

• Rentberry, a proptech automating long-term rentals, is raising a $20M pre-IPO round

• Boardy, an AI venture-sourcing platform, raised an $11M seed round from Creandum, 8VC, and others

Get real-time updates on any startup, VC, or sector on Fundable.

IPO / Direct Listings / Issuances / Block Trades

• SpaceX may file confidentially for a ~$50B IPO as soon as March

• Sunway Healthcare, the healthcare arm of Sunway, is seeking to raise $737M at an over $4B valuation in what could be Malaysia's biggest IPO in a decade

• Nintendo announced a $1.9B share sale by MUFG Bank, Bank of Kyoto, and others

• Thai business conglomerate Charoen Pokphand is seeking to sell a 10% stake in its telecoms affiliate True Corp. for $1.6B

• UI Boustead REIT began taking investor orders for an IPO that could raise $770M at a $1.2B valuation

• Indian vaccine developer Bharat Biotech is considering raising over $500M in an India IPO

• Visa and SWFs QIA and ADIA will commit over $200M as cornerstone investors in SoftBank-backed Japanese fintech PayPay's US IPO, which could fetch a $14B valuation

• Senior housing REIT Janus Living filed for an IPO

SPAC / SPV

• European clean energy developer ThomasLloyd Climate Solutions agreed to merge with Roman DBDR Acquisition Corp. II in an $850M deal

• $3B-listed Trump Media is considering spinning off Truth Social into a separate company via merger with SPAC Texas Ventures Acquisition III

• Blackstone launched a SPAC to acquire data centers

Debt

• Paramount Skydance will finance its $112B acquisition of Warner Bros. Discovery with $57.5B of investment grade and junk debt, with Bank of America, Citigroup, and Apollo providing a bridge loan

• Victory Capital will issue $4.1B of new debt as part of plans to acquire Janus Henderson

• Data center supplier Wesco raised $1.5B in an upsized junk bond sale that saw $6B in orders

• Private credit lenders to a German insurance broker Global Gruppe's are pushing for a higher margin on a $1.4B loan due to AI fears

Bankruptcy / Restructuring / Distressed

• Failed UK mortgage firm MFS' creditors warned of a $1.3B collateral shortfall

• Bond investors sued JPMorgan, Barclays, and Fifth Third for missing 'giant red flags' at collapsed subprime auto lender Tricolor

Funds / Secondaries

• Crypto VC giant Paradigm plans to raise $1.5B for a new fund to expand focus to AI and robotics 

Crypto Sum Snapshot

• Tether it froze $4.2B of stablecoin over crime links

• Judge ruled Binance cannot arbitrate customer claims over crypto losses

• Morgan Stanley filed for a US bank charter to custody crypto assets

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

• The market's moving, are you? No matter what the market is doing, tastytrade's advanced charts, in-feed news, and smart tools help you stay up-to-date and quickly adapt your strategy when the market shifts. Manage your entire portfolio on one platform with tastytrade.

• Ben Carlson wrote a great piece on AI adoption and job displacement, with perspectives rooted in history. Read it here.

• Greg Abel penned his first letter to shareholders as Berkshire's new CEO. Check out some highlights and read his letter here.

• FT published a short piece on the Silicon Valley billionaires spending big to write America's AI rules.

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!

Meme Cleanser

🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend beehiiv to get started.

*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.

Together with

Good Morning,

Traders are pouncing on tariff refund chaos, Anthropic rejected Pentagon's 'best and final offer,' Block is cutting nearly half of its workforce, Korea's historic stock rally is getting another boost, and Paramount is set to acquire Warner Bros. after Netflix walked away from a high-stakes bidding war.

ICYMI: Litquidity is bringing the memes off-screen and onto the stage @ Capital Comedy, a finance-focused comedy night in NYC with a curated line up. Come join us for some laughs! RSVP info below.

See how you can automate your entire compliance stack with Delve and they'll send you a $2000 Visa gift card.

Let's dive in.

Before The Bell

As of 2/26/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• US stocks retreated yesterday as Nvidia's blockbuster earnings failed to impress 

• Korea's KOSPI index soared 3.6% to take YTD gains past 46% 

• Japan's Nikkei 225 index also hit a fresh ATH

• US 10Y yield hit a new YTD low

• Colombia peso sunk 4% by the most since Covid on election jitters

Earnings

• CoreWeave beat Q4 revenue estimates as compute demand boosted revenue by 110% and backlogs to $67B (CNBC)

• Dell beat Q4 earnings and revenue estimates and projected $50B in FY AI server revenue on top of a record $43B backlog (BBG)

• Warner Bros. Discovery beat Q4 revenue estimates but reported wider-than-expected losses as studio and network revenue continued to decline; the firm is set to be acquired by Paramount (BBG)

• TD Bank Group beat Q4 estimates with record earnings across US and domestic retail and markets businesses amid cost-cutting efforts (BBG)

• Celsius beat Q4 estimates as sales more than doubled following its acquisition of Alani Nu, reaching ~20% US energy drink market share and allaying distribution concerns (YH)

• Vistra beat Q4 earnings estimates on an AI-driven surge in electricity demand from data centers (RT)

• Duolingo beat Q4 earnings and revenue estimates but forecast slower bookings growth and lower profitability as the company prioritizes AI investment and user growth over monetization (BBG)

• Full calendar here 

Prediction Markets

• He did it. That crazy son a b*tch he did it.

• Trade event contracts on Polymarket, the world's largest prediction market.

Headline Roundup

• Wall Street traders are pouncing on tariff refund chaos (WSJ)

• Trump agenda needs allies to stick by US debt as others flee (BBG)

• South Korea passed corporate reform bill in boost to world's best market (FT)

• Wall Street says Japan yield curve flattening has gone too far (BBG)

• UK government debt sales is set to fall for first time in four years (FT)

• Global asset managers are bullish on EM assets (BBG)

• Stock investors are hedging for an S&P 500 drop (BBG)

• Wall Street turns to complex trades to dodge AI 'implosions' (FT)

• Tech firms turn to more chip-backed loans to fund AI race (FT)

• Private credit bear vs bull debate hits new divide (BBG)

• European insurers see themselves shielded from private credit woes (BBG)

• CalPERS is unfazed by software stress in private credit (BBG)

• Rare earth shortages worsen in US tech despite US-China trade truce (RT)

• Norway's $2.2T SWF is using AI to screen for ESG risks (RT)

• Number of women-led VC fund launches hit a 15-year low (VCJ)

• Millennium poached Goldman's co-head of global equities (FT)

• Anthropic rejected Pentagon's 'best and final offer' (FT)

• OpenAI poached ex-Apple models head from Meta (TI)

• Jack Dorsey's Block will cut over 4k jobs as AI use expands (RT)

• Smartphone market is set for record decline on memory price surge (RT)

• Data center exposure is saving grace for construction firms (BBG)

• Real estate investors who shunned San Francisco are rushing back (BBG)

• US aims to steer Cuba toward greater dependence on US (BBG)

• World Economic Forum CEO Børge Brende resigned over Epstein links (NYT)

• Amex will set up new a HQ at 2 World Trade Center (AP)

A Message from Delve

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Deal Flow

M&A / Strategic

• Warner Bros. Discovery said Paramount Skydance's $112B bid is superior to Netflix's; Netflix will walk away

• Investment firm Victory Capital submitted a cash-and-stock bid for asset manager Janus Henderson at a $16B valuation, topping hedge fund Trian and General Catalyst's $7.4B offer

• Dubai Aerospace will buy aircraft lessor Macquarie AirFinance in a $7B deal

• Hospitality billionaire Tilman Fertitta submitted a takeover offer for $4.2B-listed Caesars Entertainment

• Data center firm Equinix and Canada's CPPIB are nearing a deal to acquire Partners Group-backed Nordic data center operator atNorth at a $4B valuation, including debt

• Secure logistics provider Brink's will to acquire ATM solutions firm NCR Atleos in a $4B cash-and-stock deal 

• HSBC kicked off a $1B sale of its Singapore insurance business 

• Activist hedge fund Irenic submitted a $1.2B unsolicited offer for $600M-listed independent music publisher Reservoir Media

• Bank of America, Barclays, Citigroup, HSBC, UBS, and Wells Fargo acquired a combined $100M strategic minority stake in post-trade services provider OSTTRA from owner KKR

VC

• Amazon's $50B investment in OpenAI may depend on an IPO or AGI milestones

• SHINE Technologies, a nuclear fusion and medical isotope startup, raised a $240M round led by NantWorks

• Unified hardware-test software startup Revel raised a $150M Series B led by Index Ventures

• Stay22, a creator-economy content monetization platform, raised a $122M growth investment from Summit Partners

• XR hardware startup VITURE raised a $100M round led by Legend Capital

• UpGuard, an AI-powered cyber risk posture management startup, raised a $75M Series C led by Springcoast Partners

• Encord, a physical-AI data infrastructure startup, raised a $60M Series C led by Wellington Management

• STS Digital, a crypto options trading platform, raised a $30M strategic round led by CMT Digital

• AI jobsite-intelligence startup Sensera Systems raised a $27M Series B led by 10 Atlantic Group

• NODA AI, a defense autonomy orchestration startup, raised a $25M Series A led by Bessemer Venture Partners

• Cyber asset management startup ThreatAware raised a $25M funding round led by One Peak

• ElastixAI, an FPGA-focused AI efficiency platform, raised an $18M seed round  

• Sophia Space, a maker of passively cooled orbital compute modules, raised a $10M seed round from Alpha Funds, KDDI Green Partners Fund, and Unlock Venture Partners

• Dots, a global payouts infrastructure startup, raised an $8.9M Series A led by DCM

Get real-time updates on any startup, VC, or sector on Fundable.

IPO / Direct Listings / Issuances / Block Trades

• Toyota is planning a large-scale unwinding of strategic shareholdings that would involve banks and insurance firms selling ~$20B in shares

• China's Sinochem-owned agro-chemicals giant Syngenta renewed plans to raise $10B in a Hong Kong IPO

• $15.7B-listed Kratos Defense & Security Solutions is seeking to raise $1B in a share sale at a 10% discount 

• Elliott invited banks to pitch on a London IPO of book retailers Barnes & Noble and Waterstones

SPAC / SPV

• Swedish EV self-driving truck startup Einride raised a $113M PIPE financing led by a West Coast asset manager and EQT Ventures to support its $1.35B SPAC merger with Legato Merger Corp. III.

Debt

• Indonesia raised $3.2B in its largest global bond sale since 2017

• Abu Dhabi sold $3B of dollar bonds in an EM surge 

• Affinity Partners, Silver Lake, and Saudi SWF PIF failed to gain bondholder support for a discounted buyback of $1.5B in debt and changes to lending terms as part of Electronic Arts' $55B LBO

• Blackstone private credit BDC Blackstone Secured Lending sold a $400M bond at a 200 bps premium one day after disclosing signs of stress in its largest investments

Bankruptcy / Restructuring / Distressed

• UK mortgage lender MFS collapsed into insolvency amid fraud and double-pledging allegations, exposing Barclays, Apollo's Atlas, Jefferies, Santander, Wells Fargo, and Castlelake to $2.7B in loans

• Brazilian state-owned bank BRB is seeking up to $1.7B in capital to cover losses from dealings with failed Banco Master

• Ryan Reynolds-backed Welsh soccer club Wrexham is facing a $6.2M loss from collapsed UK FX broker Argentex, with administrators expecting customers to recover only 60%-80% of funds

• Peter Brumbergs, an ex-finance exec at bankrupt auto parts retailer First Brands, pleaded guilty to fraud for falsifying financials, inflating invoices, and double-pledging collateral, potentially becoming a key witness against founders Patrick James and Edward James

• Mexican conglomerate Grupo Salinas' broadcaster TV Azteca will file for bankruptcy protection in Mexico, adding a new front for bondholders seeking to recover $500M in debt

• Optimum Communications said K&E's withdrawal from representing it under pressure from Apollo, Ares, Oaktree, and others proves that creditors were in an illegal cartel

Funds / Secondaries

• Carlyle aims to raise over $200B of capital by 2028

• Specialist PE firm Greenbriar raised $5.4B for its seventh fund

• AZ-VC rebranded to Copper Sky Capital and is seeking to raise $200M for a second fund

• Ex-Lazard Asset Management exec Arif Joshi joined credit investor Bramshill to launch a $150M hedge fund focused on EM credit

Crypto Sum Snapshot

• Jane Street faces wrath of crypto natives nursing old wounds

• Bitcoin investors are accusing Jane Street for recent price slump

• Regulator's GENIUS Act pitch casts dark cloud over stablecoin model

• Florida man was arrested over $330M crypto Ponzi scheme

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

• If AI Excel slop is still hindering your team's AI adoption, you're in the wrong place. F2.ai's platform for private markets streamlines diligence and investment workflows by delivering Excel-native source-linked, traceable, and editable analysis that are actually defensible in IC. Try a demo here.

• The $1.6T software stocks meltdown, in charts…

Upcoming Events🎪

Capital Comedy: Where finance memes meet live comedy🕺

Palm & Park is bringing the memes off-screen and onto the stage on Wednesday, March 25 in NYC @ Capital Comedy, a finance-focused comedy night in NYC for VCs, founders, and operators.

​This is not a panel. There is no fireside chat. Nobody is sharing their biggest challenge in one word. So take a break from 'quick intros' and 'circle backs' and come enjoy:

• ​A properly curated stand-up show (no open mic energy)👀

• ​A VC + founder crowd that can take a joke😤

• ​Drinks, good vibes, and an evening of light-hearted jokes🕺🥂

​Come for the laughs, stay for the people investing in your space, building something cool, or both. RSVP here!

Meme Cleanser

🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend beehiiv to get started.

*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.

Together with

Good Morning,

A hacker used Claude to steal Mexican government data, Anthropic dropped its flagship safety pledge, the global AI data center boom is hitting delays, Trump wants Big Tech firms to build their own power plants, Rothschild will 'monitor the situation' on their CEO's Epstein ties, and Nvidia continued to defy bubble fears with another earnings beat.

Plaid's latest webinar dives deep into how banks are rethinking fraud in the age of AI. There's some highly insightful perspectives. Watch it here.

Let's dive in.

Before The Bell

As of 2/25/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• US stocks rallied yesterday as investors digested Trump's SOTU speech and braced for bellwether AI and software earnings from Nvidia and Salesforce 

  • S&P and Nasdaq hit two-week highs

• Europe's Stoxx 600 hit a fresh ATH

• UK's FTSE 100 hit a fresh ATH

• Japan's Nikkei 225 surged to a fresh ATH to take YTD gains past 13%

• Korea's KOSPI surged 2% to a fresh ATH to take YTD gains past 44%

  • Korea overtook France as the world's ninth-biggest stock market amid a historic $2.2T rally

• Aussie dollar, Kiwi dollar, and Norwegian krone are up ~5% YTD as rate hike cycles begin

• Crypto currencies rallied as analysts noted a pause in '10am dumps' amid Jane Street's lawsuit

Earnings

• Nvidia beat Q4 estimates and issued strong guidance as data center sales surged 75% to push FY revenue above $200B for the first time (WSJ)

• Salesforce beat Q4 earnings and revenue estimates but issued a mixed outlook while highlighting AI as a tailwind to agentic adoption and dismissing 'SaaSpocalypse' fears (CNBC)

• Snowflake beat Q4 estimates and issued strong guidance as enterprise demand for AI drove clients to its cloud-based data analytics platform (RT)

• Lowe's beat Q4 earnings and revenue estimates but issued a soft outlook amid a persistently weak housing market (CNBC)

• Circle topped Q4 earnings and revenue estimates as a surge in stablecoin demand defies the crash in Bitcoin and other crypto assets (WSJ) 

• TJX beat Q4 earnings and revenue estimates on strong holiday spending but issued conservative guidance as a boost from price-conscious shoppers shows signs of fading (BBG)

• Paramount Skydance beat Q4 earnings and revenue on strength in its TV business amid a high-stakes bidding war for WBD (BBG)

• What we're watching this week:  

  • Today: CoreWeave, Dell, Warner Bros. Discovery, Celsius, Vistra, Duolingo

• Full calendar here

Prediction Markets

• David Ellison beginning to look a whole lot like David Goggins. He won't give this up

• Trade event contracts on Polymarket, the world's largest prediction market

Headline Roundup

• China warned against more tariffs after meeting US trade obligations (RT)

• Global debt surged by a record $29T to a $348T on AI and defense (FT)

• Trump told Big Tech companies to build their own power plants (CNBC)

• Global AI data center boom is hitting delays (AX)

• Record US Q1 earnings fails to reflect in stock market (BBG) 

• US corporate bond market competition is at a record high (BBG)

• EM private credit investments surged to a record (RT)

• Boaz Weinstein warns 'wheels coming off' private credit funds (BBG)

• Big Short's Moses says private credit retail push echoes 2008 (BBG)

• PE heads for correction even without AI gloom (WSJ)

• The AI bears are waking up (WSJ)

• Ardian may rule out some software credit investments on AI risks (BBG)

• Wall Street favors Venezuela bonds with more unpaid interest (BBG)

• Foreign investors bought the most Taiwan stocks in two decades (BBG)

• Hong Kong will tap dollar peg defense fund for first time in 40 years (BBG)

• Hong Kong seeks to attract more yuan borrowers in yuan push (BBG)

• Deutsche Bank and Goldman look to AI to flag trader misconduct (BBG)

• CFTC says it has power to police prediction market misconduct (RT)

• Anthropic dropped its flagship safety pledge (TM)

• A hacker used Claude to steal Mexican government data (BBG)

• DeepSeek is withholding its latest AI model from US chipmakers (RT) 

• A court dismissed xAI's trade-secrets lawsuit against OpenAI (RT)

• US will allow Cuba's private sector to import Venezuelan oil (FT)

• CME temporary halted gas and metals trading due to a technical glitch (BBG)

• Edmond de Rothschild will 'monitor the situation' on CEO's Epstein ties (BBG)

A Message from Plaid

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…And ultimately learn how banks are able to understand, detect, and fight fraud without adding friction for customers. 

Deal Flow

M&A / Strategic

• French utility Engie agreed to buy the UK's largest power-distribution network UK Power Networks for $14.2B

• Australian steel manufacturer BlueScope said a revised $11B cash bid from SGH and US-based Steel Dynamics undervalues the company, but is open to a better offer

• KKR is in advanced talks to take-private Japanese chemical manufacturer Taiyo at a potential $4.3B valuation

• Singaporean insurtech Bolttech is in talks to acquire Thiel-backed Asian personal finance fintech MoneyHero; the firm was last valued at $2.1B in a 2025 Series C raise

• Blackstone and Centerbridge expressed interest in acquiring yacht retailer MarineMax, joining a bidding war against Donerail Group's $1.1B all-cash offer

• UK pharma giant GSK agreed to buy biotech 35Pharma for $950M cash

• Wynnchurch Capital agreed to acquire Arcosa Marine Products from construction solutions firm Arcosa for $450M cash

• Hedge fund One River agreed to acquire the quant unit of European family office LGT Capital Partners in a deal that could add $3B to AUM

• Owner Lawrence Stroll is not considering sale of luxury carmaker Aston Martin

VC

• General Atlantic is selling an equity stake in Chinese tech giant ByteDance at a $550B valuation

• UK AI self-driving startup Wayve raised a $1.2 Series D at an $8.6B valuation from Eclipse, Balderton, SoftBank, Microsoft, Nvidia, Uber, Mercedes, Stellantis, and more 

• OpenAI raised $1B at a $285B valuation from Thrive Capital amid talks to raise funds at an $850B valuation

• Whop, a marketplace for digital creator services, raised a $200M strategic investment from Tether 

• Profound, a marketing platform for AI Search, raised a $96M Series C led by Lightspeed 

• Rowspace, an AI platform for institutional financial data, raised a $50M seed and Series A co-led by Sequoia and Emergence Capital

• Guidde, an AI digital adoption platform startup, raised a $50M Series B led by PSG Equity

• SolveAI, an AI-powered no-code enterprise app builder, raised a $45M Series A led by GV and a $5M pre-seed led by Accel

• Chariot Defense, a developer of battlefield power systems, raised a $34M Series A led by a16z

• Croissant, a shopper-rewards and embedded-finance platform for retailers, raised a $28M round led by Portage, Third Prime, and George Roberts

• Government sales intelligence startup NationGraph raised an $18M Series A round led by Menlo Ventures

• Cicada, an electronic LatAm bond trading platform, raised a $13.5M Series A led by Citi

• BeyondMath, a UK generative physics AI startup, raised a $10M seed extension led by Cambridge Innovation Capital

Get real-time updates on any startup, VC, or sector on Fundable.

IPO / Direct Listings / Issuances / Block Trades

• Blackstone-backed Bagmane Prime Office REIT plans to launch an India IPO at a $3.9B valuation

• Brookfield-owned Oaktree is weighing an IPO or sale of UK-based annuities firm Utmost at a $2.7B valuation

• Canada's Fairfax Financial-backed AGT Food and Ingredients is seeking to raise $336M in a Canada IPO

• Tencent-backed AI startup StepFun is considering raising $500M in a Hong Kong IPO

• LG Energy Solution, a unit of Korean conglomerate LG, is selling its 7.5% stake worth $300M stake in Australian lithium producer Liontown in a block trade

• AMD will take a $150M stake in enterprise cloud platform designer Nutanix as part of a new partnership

• Angola's state oil company Sonangol is preparing to IPO amid a privatization push

• Activist Elliott is not pushing for a spin-off or New York listing shift of $53B-listed London Stock Exchange Group

SPAC / SPV

• Uranium exploration firm Eagle Nuclear Energy merged with Spring Valley Acquisition Corp II.

Debt

• Energy utility Southern Co. raised a $26.5B loan package from US

• Romania raised $5.5B in a dollar and euro bond sale

• Mass media giant Omnicom raised $2.4B in its first Europe and US bond sale since 2024

• University of California sold $2B of munis amid a fresh DOJ civil rights lawsuit

• Africa's only distressed market Senegal and IMF failed to strike lending deal as debt mounts

Bankruptcy / Restructuring / Distressed

• Investors in Jefferies' Point Bonita Capital trade-finance fund sued over losses tied to holdings in bankrupt auto parts supplier First Brands

• Turkish consumer electronics maker Vestel Elektronik is in talks with banks to restructure over $500M of debt

Funds / Secondaries

• Canadian MM PE firm Novacap raised $3.8B for its seventh tech-focused fund

• Healthcare-focused PE firm Ascend raised $790M for its second fund

• FOF GCM Grosvenor raised $625M for a structured credit strategy

• A New Mountain Capital BDC sold $477M of private credit assets at 94¢ to EQT-owned secondaries specialist Coller Capital 

• VC Thrive Capital's 2011 vintage is valued at a 6x MOIC 

Crypto Sum Snapshot

• $1T Bitcoin collapse has Wall Street money HODLing

• Social marketplace Whop partnered with Tether in $200M deal to integrate stablecoin payments and support global expansion

• Jane Street was generating $80M / day trading crypto markets

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

• Your K-1 is a target for the IRS' AI audit flags. If you have K-1s, trusts, or multi-state income, you're more likely to trigger a 21 month manual review delay. Upgrade to OLarry, a Private Client Tax Advisory built for this tax complexity at a flat transparent fee and avoid delays. Book a free consult with code Execsum.

• WSJ published an interesting article on the fundraising tactic AI startups are using to juice valuations.

Meme Cleanser

🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend beehiiv to get started.

*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.

Together with

Good Morning,

Jamie Dimon is seeing pre-2008 parallels in credit markets, US DOD is threatening Anthropic to remove its guardrails, US retail investors are fueling a surge in leveraged ETF trading, Bernard Arnault clinched majority ownership of LVMH, a German dentist pension fund blew up, and Anthropic released new Claude tools focused on banking and other finance fields.

Mizuho published an insightful analysis on AI exposure, and the sub-sectors most likely to capture value in a layered field. Read more below.

Let's dive in.

Before The Bell

As of 2/24/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• US stocks rebounded yesterday on easing AI disruption fears

• Korea's KOSPI index surged to a fresh ATH to take YTD gains to 42% after gaining 75% last year

• US 10Y yield hit its lowest since November 

• Bitcoin is headed for its worst month since the June 2022 crypto collapse

Earnings

• Home Depot beat Q4 earnings and revenue estimates for the first time in a year despite falling sales and modest price increases from tariffs as demand for projects remains muted (CNBC)

• Cava issued a Q4 beat-and-raise after posting $1B in FY revenue for the first time on recovering younger foot traffic and strong menu prices (CNBC)

• Workday beat Q4 earnings and revenue estimates but provided weak guidance amid increased worries about AI disruption (CNBC)

• HP beat Q4 earnings and revenue estimates driven by growth in AI PCs but issued week guidance due to heightened memory prices (BBG)

• AMC beat Q4 earnings and revenue estimates on a strong year for film despite a decline in attendance (BW)

• What we're watching this week:  

  • Today: Nvidia, Salesforce, Circle, TJX

  • Thursday: CoreWeave, Dell, Warner Bros. Discovery, Celsius, Vistra, Duolingo

• Full calendar here

Prediction Markets

• No mention of GTA VI in Trump's SOTU speech

• Trade event contracts on Polymarket, the world's largest prediction market

Headline Roundup

• Private credit hiring defies gloom with $2.5M pay packages (BBG)

• New US global tariff will start at 10% with 5% hike on deck (RT) 

• China's $112B cargo gap shows record US tariff evasion (BBG)

• AI-induced tech selloff spoils the IPO parade (WSJ)

• Hedge funds creep back into tech stocks after weeks of selling (RT)

• US retail investors fuel surge in leveraged ETF trading (RT)

• Europe banks posted best trading results in a decade last year (FT)

• JPMorgan says UAE is too rich to be an emerging market (BBG)

• Jamie Dimon sees pre-2008 parallels as rivals do 'dumb things' (BBG)

• Jamie Dimon will remain as JPMorgan CEO for a 'few years' (RT)

• Dan Loeb says 'lost art of short selling' is making a comeback (BBG)

• AI can predict 71% of active fund trades (BBG)

• Anthropic released new Claude tools for IB, ER, PE, WM, and more (BBG)

• US DOD threatened Anthropic over AI terms (BBG)

• China's DeepSeek trained AI model on Nvidia's best chip despite US ban (RT)

• Nvidia has sold zero H200 chips to China despite lifted ban (BBG)

• WiseTech will cut 2k jobs on AI transformation (BBG)

• PwC clashes with boutique consultancy founded by former exec (FT)

• US universities lean on endowments amid rising costs and funding cuts (FT)

• US private school tuition is nearing a record $50k (BBG)

• German dentist pension fund blew up after overexposure to privates (BBG)

• Epstein lurked at JPMorgan for years after bank kicked him out (BBG)

• Citrini founder was shocked to see his AI prediction spur stocks selloff (BBG)

A Message from Mizuho

Artificial intelligence is no longer a standalone theme layered onto markets – it's becoming an operating condition that reshapes demand across sectors. But as AI adoption accelerates into 2026 and worldwide spending reaches a projected $2.5 trillion, not all exposure will be equal, and investor outcomes will increasingly depend on where capital ultimately accrues. The primary winners are often not the most visible AI brands, but the companies closest to infrastructure, efficiency, and enablement – those that power, distribute, or monetize AI activity at scale.

In 2026, the most direct AI beneficiaries are those positioned at emerging bottlenecks created by the rapid deployment of AI. As models shift from episodic training to persistent use, spending is increasingly concentrated in inference, memory, networking, and utilization — segments where constrained supply and rising intensity drive outsized value capture.

Deal Flow

M&A / Strategic

• Warner Bros. Discovery is favoring Paramount Skydance's sweetened $112B takeover proposal over Netflix's

• Meta agreed to a $60B chips deal with $350B-listed AMD which will allow Meta to take a 10% stake in company 

• Payments fintech Stripe is considering an acquisition of all or parts of $40B-listed PayPal

• Activist Elliott is offering to buy Toyota Industries shares from investors who agreed to tender their stakes in Toyota Group's ongoing $37B take-private bid in efforts to block the bid

• Blackstone and BlackRock are seeking to invest in or acquire gas-powered microgrid maker VoltaGrid at a $10B valuation

• BlackRock, Brookfield, EIG, KKR, China Silk Road Fund, China Merchants Capital, I Squared Capital, and Macquarie are in early talks to acquire a $7B stake in Kuwait Petroleum Corporation's crude oil pipelines, with $1.5B financed through equity

• Filtration company CECO Environmental agreed to acquire thermal solutions provider Thermon in a $2.2B cash-and-stock deal at a 20% premium

• Bain Capital and Lone Star Funds are in advanced talks to acquire Mitsubishi Electric's automotive equipment business for ~$1.9B

• Europe's second-largest insurer Zurich Insurance agreed to acquire Australian life insurer ClearView Wealth for $288M

• Security company ADT acquired AI security startup Origin Wireless for $170M

• Professional services giant Marsh is exploring a sale of its financial risk manager and life insurance broker PCS, which could be valued at several hundred million dollars

• Cyprus-based investment firm Yoda agreed to acquire San Francisco's Transamerica Pyramid building from developer ​​SHVO and real estate investor Deutsche Finance America

• Brookfield acquired AI cloud-computing firm Ori Industries and merged it into Radiant, a new company of Brookfield to provide on-demand access to AI chips

VC

• Payments fintech Stripe sold secondary shares at a $159B valuation

• LLM-specific chip startup MatX raised a $500M round led by Jane Street and Situational Awareness 

• AI infrastructure startup SambaNova raised a $350M Series E led by Vista Equity Partners and Cambium Capital

• Edge-AI chipmaker Axelera AI raised an over $250M funding round led by Innovation Industries

• Allica Bank, a UK challenger bank, raised a $155M Series D led by Ventura Capital

• Accounting-focused AI agent startup Basis raised a $100M Series B led by Accel

• AI web-data platform Nimble raised a $47M million Series B led by Norwest 

• Letter AI, an AI revenue-enablement startup, raised a $40M Series B led by Battery Ventures

• Hospitality voice AI startup Slang AI raised a $36M Series B led by USVP

• Subject, an AI-powered K-12 digital curriculum startup, raised a $28M growth round led by Vistara Growth

• Koah, an AI-native advertising monetization platform, raised a $20.5M Series A round led by Theory Ventures

• Based, a Web3 crypto trading and spending platform, raised an $11.5M Series A led by Pantera 

• Geospatial risk-intelligence startup Neural Earth raised a $9.3M seed round  

Get real-time updates on any startup, VC, or sector on Fundable.

IPO / Direct Listings / Issuances / Block Trades

• Hong Kong-based stablecoin company RedotPay is considering raising over $1B at a $4B valuation in a US IPO

• Medtronic-backed diabetes management firm MiniMed is seeking to raise $785M at a $7.9B valuation in an IPO

• Sify Infinit Spaces, the data center unit of US-listed Indian ICT firm Sify Technologies, is seeking to raise $407M at a $4.2B valuation in an India IPO

• AI data platform DDN named a new CFO ahead of a potential IPO

• CEO Bernard Arnault raised his stake in $330B-listed luxury goods giant LVMH to 50.01%, gaining near supermajority voting rights

• Activist Irenic Capital built a 2% stake in $5B-listed precision technology maker Ralliant

Debt

• AI cloud computing firm CoreWeave is seeking to raise an $8.5B bank loan backed by a Meta contract

• Japan's Nippon Steel is seeking $3.8B in an upsized sale of convertible bond sale to repay loans for its acquisition of U.S. Steel

• Indian power provider Jindal Power is seeking to raise $1B in offshore loans

• CVC-owned German packaging machine maker Syntegon boosted its debt pile by 40% to fund a $650M dividend recap after a sale process was put on ice

Bankruptcy / Restructuring / Distressed

• 380+ brands including Burberry, LVMH, and Kering resumed shipments to bankrupt luxury retailer Saks Global, with ~$1.2B in merchandise expected in the coming months as it attempts to emerge from bankruptcy

• Spirit Airlines struck a deal with note holders to exit Chapter 11 bankruptcy in Q2/Q3, trimming $5.3B in debt and reducing fleet costs

• Trade finance firm Raistone Capital filed to liquidate under Chapter 7 bankruptcy following the collapse of auto parts supplier First Brands

Funds / Secondaries

• Sweden awarded $22B in pension mandates to 12 managers, with asset managers Swedbank Robur and Waystone each securing two mandates for actively managed global equity funds

• French infrastructure investment specialist Meridiam raised $2.6B for a long-hold European infrastructure fund

• Peak XV (formerly Sequoia India/SEA) raised $1.3B across new India and Asia-focused funds

• Jada Fund of Funds, a unit of Saudi SWF PIF, plans to plow more into private credit after investing in Indian venture debt firm Stride Ventures

• Consumer-focused European PE firm Vendis Capital raised over $118M for a targeted $175M small-cap fund

Crypto Sum Snapshot

• 45% of Bitcoin in circulation is now worth less than what it was bought for

• Coinbase adds stock and ETF trading as it expands beyond crypto

• Meta is planning a stablecoin comeback

• White House says Trump will not pardon SBF

• Wealthy spouses are hiding crypto assets in divorce cases

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

• If you work on the buy side and you're scoping out AI tools to automate some workflows, check out F2.ai. Their vertical AI platform for private markets turns messy deal docs into structured, Excel-native analysis that are fully source-linked, traceable, and actually defensible in IC. Plenty of leading deal teams already use their platform. You can demo F2 here.

• Bloomberg published an interesting article on how South Korea's president Lee Jae Myung turned Korea's stock market into the world's best. Notable for the lessons he's using from his days as a stock trader…

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!

Meme Cleanser

🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend beehiiv to get started.

*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.

Together with

Good Morning,

A Citrini Substack on AI disruption nuked the market.

Upgrade your dealmaking workflows with Blueflame's specialized AI platform for finance, now equipped with agentic content creation tools. Learn more below.

Let's dive in.

Before The Bell

As of 2/23/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• All three major US stock indexes slumped yesterday on fresh AI disruption fears and trade uncertainty 

  • Tech, delivery, and payment stocks fell the most while software and private capital continued their decline

  • IBM fell 13% in its worst day since the dot-com bubble 

• US Treasuries rallied on a safe-haven bid

• Russian oil is selling as the deepest discount since 2023 amid sanctions

Earnings

• Hims beat Q4 earnings estimates but missed on revenue and guidance due to regulatory headwinds over its GLP-1 weight-loss products (RT)

• Domino's beat Q4 estimates on 3.7% same-store sales growth and laid out ambitious growth plans to double business as rivals struggle (CNBC)

• What we're watching this week:  

  • Today: AMC, The Home Depot, Cava, Workday

  • Wednesday: Nvidia, Salesforce, Circle, TJX

  • Thursday: CoreWeave, Dell, Warner Bros. Discovery, Celsius, Vistra, Duolingo

• Full calendar here 

Prediction Markets

• Nothing is certain with this guy, especially with all the on-going chaos in DC

• Trade event contracts on Polymarket, the world's largest prediction market

Headline Roundup

• Citrini Substack post on AI disruption nuked the market (BBG)

• Black Swan's Taleb warned on software bankruptcies (BBG)

• Top Fed official says US likely shed jobs last year (FT)

• US is weighing new national security tariffs after SCOTUS ruling (WSJ)

• US threatens higher tariffs on countries who 'play games' on trade deals (RT)

• EU paused US trade deal approval over new post-SCOTUS tariffs (CNBC)

• Switzerland is still aiming for legally-binding trade deal with US (RT)

• SCOTUS tariff ruling leaves Treasury markets dazed (RT)

• SCOTUS tariff ruling sends CEOs back to company war rooms (WSJ)

• PE's dry spell is worse than 2008 crisis (BBG)

• PE firms freeze Nigeria deals due to tripling of capital gains tax (BBG)

• Hedge funds have sold the most stocks since April (BBG)

• Wall Street analysts assign 'buy' rating to three major slumping IPOs (BBG)

• Asset managers turned long Aussie for the first time in a year (BBG)

• Five EU nations warned against relaxing EU merger rules (RT)

• SEA IPO candidates head overseas as local markets lag (BBG)

• Moody's alert cites gap in data center accounting for Big Tech giants (FT)

• Dimon seeks to sell JPMorgan investors on $2B / week costs bill (FT)

• Deloitte launched a sweeping overhaul of its international structure (FT)

• Anthropic accused three Chinese AI giants of massive IP theft (WSJ)

• OpenAI deepens consulting partnerships to push enterprise AI adoption (RT)

• US universities lean on endowments as costs rise and funding cuts bite (FT)

A Message from Blueflame

Introducing agentic content creation in Blueflame AI

Generate Microsoft Excel sheets, PowerPoint presentations, and Word documents with Blueflame AI's agentic content creation tools.

Automatically synthesize, structure, and format professional-grade outputs including pitch decks, CIM summaries, and financial models, all in one workflow.

This is AI designed for how deal teams actually work: fast, iterative, and under pressure.

Spend less time polishing outputs and more time on strategic thinking. What will you create first?

Request a demo to see how Blueflame AI accelerates content creation, analysis, and execution across your investment workflow.

Deal Flow

M&A / Strategic

• Paramount Skydance will raise its $108B all-cash bid for Warner Bros. Discovery

• $40B-listed PayPal is attracting takeover interest after losing 50% of value in a stock slide 

• Pharma giant Gilead Sciences agreed to buy cancer-focused biotech Arcellx in a $7.8B deal

• Blackstone, General Atlantic, Brazilian lender Banco BTG Pactual, Colombia's Sura Asset Management, insurer Chubb, Liberty Strategic Capital, Qatar SWF QIA, and Mexican family offices took a combined 24% stake worth $2.5B in Citigroup's Mexican retail bank Banamex to cut Citigroup's stake below 50% ahead of a planned IPO

• US industrials conglomerate Honeywell agreed to acquire UK platinum refiner Johnson Matthey's technologies unit in a $1.8B all-cash deal, excluding debt

• KKR agreed to buy a majority stake in Southeast Asian school operator XCL Education from TPG at a $1.3B valuation

• Japanese utility Chubu Electric Power is in advanced talks to buy a 15% stake in Indian renewable energy firm Continuum Green Energy at an over $1B valuation

• Chevron is in exclusive talks with Iraq to acquire the West Qurna 2 oilfield from sanctioned Russian oil firm Lukoil

• Uber will acquire parking app SpotHero

VC

• Anthropic is selling secondary shares at its updated $350B valuation after completing a $30B funding round

• Infrastructure AI startup Ubicquia raised a $106 million Series D led by 67 Capital and Marunouchi Innovation Partners

• Space-networking startup Aalyria raised a $100M Series B led by Battery Ventures and J2 Ventures

• Humand, an AI workforce platform for deskless employees, raised a $66M Series A co-led by Kaszek and Goodwater Capital

• Portkey, a unified control-plane startup for production AI, raised a $15M Series A led by Elevation Capital

• Hypercore, an Israeli AI loan-servicing platform for private credit, raised a $13.5M Series A led by Insight Partners

• Small-business lending fintech NEWITY raised an $11M strategic investment from CMT Digital

Get real-time updates on any startup, VC, or sector on Fundable

IPO / Direct Listings / Issuances / Block Trades

• Activist Garden Investments built a stake in $6.5B-listed building-products supplier Fortune Brands and is seeking to replace the incoming CEO

• Saudi construction firm MGC is exploring a Saudi IPO at a $4B valuation

• KKR-backed air and ground EMS provider Global Medical Response selected banks for a $1B IPO

• Canadian pharma firm Apotex is exploring raising $730M in what could be Canada's largest IPO since 2021 

• Brewer Carlsberg selected banks for an India listing of its India unit that could raise $700M

• Flagship-backed AI drug developer Generate Biomedicines is seeking to raise $425M at a $2.2B valuation in an IPO

• Chilean conglomerate Quiñenco sold a $327M stake in French cable maker Nexans

• Pharma giant Merck is splitting its main pharmaceutical unit into cancer and non-cancer divisions

• Brazilian conglomerate Cosan is mulling an IPO of its gas and energy unit Compass to slash debt

• Saudi O&G firm Al Khorayef Petroleum is planning a Saudi IPO

• Saudi's PIF and steelmaker ArcelorMittal-backed ArcelorMittal Tubular Products Jubail is planning a Saudi IPO

• Saudi telecoms firm Etihad Salam Telecom is planning a Saudi IPO

Debt

• Medtech giant Abbott Laboratories sold $20B of bonds to help fund its acquisition of cancer diagnostics biotech Exact Sciences in one of this year's biggest high-grade offerings

• UK lender NatWest is in task to issue a SRT tied to $4.7B of CRE loans after a planned acquisition of Evelyn Partners

• French satellite operator Eutelsat Communications is seeking to raise $1.8B to refinance debt after government rescue

• Electronic Arts bondholders are banding together to fight a $1.5B debt buyback plan ahead of its historic $55B LBO

• Beverage giant Keurig Dr Pepper is raising $1.5B in a convertible equity sale and will no longer pursue a partial IPO of its beverage unit

• New England utility Eversource Energy raised $1.5B in a debut hybrid bond sale

• CRE credit investor Acore Capital closed a $1.1B CRE CLO deal

• UK asset manager Legal & General is committing $1B over five years as part of a debt-swap partnership with impact credit investor Enosis Capital

• Canadian aerospace and aviation rollup platform Exchange Income Corp. plans to raise $365M in a debut bond sale

• Indian infrastructure lender NaBFID raised $125M in its first dollar-denominated loan from HSBC

• Qatar's oldest private lender Commercial Bank plans to sell its first dollar-denominated AT1 bond since 2021 as Gulf AT1 deals boom

Bankruptcy / Restructuring / Distressed

• Car auction firm ACV reported a $19M loss tied to subprime auto lender Tricolor's bankruptcy

• Bank creditors to struggling Cosan-backed Brazilian energy firm Raízen hired FTI Consulting for potential restructuring talks

• Bankrupt auto parts supplier First Brands laid off aftermarket employees after failing to find financing or a buyer to continue company-wide operations

• Creditors to struggling utility Thames Water are seeking ratings agency approval for a rescue plan to prevent insolvency

Funds / Secondaries

• Les Finemore and Al Fullerton are seeking to raise $1B for their commodities hedge fund Moreton Capital after Millennium pulled cash from their previous fund Farrer 

• Adam Davis is seeking to raise $400M for a new agri-focused hedge fund after Millennium pulled cash from his previous fund Farrer 

• South African asset manager Sygnia plans to launch a VC fund to support local AI startups and keep talent from leaving the country

• Italian infrastructure investor F2i SGR raised $542M to bring its credit AUM close to $1.2B

• SWF QIA invested several hundred million in private credit firm 5C Investment Partners' direct lending business

Crypto Sum Snapshot

• Jane Street was sued for insider trading that helped collapse Terraform

• Binance fired staff who flagged $1B in transactions bypassing Iran sanctions

• Trump family's World Liberty sustained a 'coordinated attack' against its stablecoin

• Trump's Board of Peace is exploring a stablecoin for Gaza redevelopment

• Eric Trump deleted all crypto related X posts

• Crypto.com received conditional approval for a national trust bank charter

• Hedge funds that piled into US Bitcoin ETFs are first to exit

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

• The market's moving, are you? No matter what the market is doing, tastytrade's advanced charts, in-feed news, and smart tools help you stay up-to-date and quickly adapt your strategy when the market shifts. Manage your entire portfolio on one platform with tastytrade.

• Here is Citrini Research's viral Substack post on AI that nuked markets.

Upcoming Events🎪

Capital Comedy: Where finance memes meet live comedy

Palm & Park is bringing the memes off-screen and onto the stage on Wednesday evening, March 25 in NYC @ Capital Comedy, a finance-focused comedy night in NYC for VCs, founders, and operators who could use a break from 'quick intros' and 'circle backs' and pretending networking is your favorite hobby.

​This is not a panel. There is no fireside chat. Nobody is sharing their biggest challenge in one word. But it is:

• ​A properly curated stand-up show (no open mic energy)🤫👀

• ​A VC + founder crowd that can take a joke😤

• ​Drinks, good vibes, and an evening of light-hearted jokes🙂‍↔️🥂

​Come for the laughs, stay for the people investing in your space, building something cool, or both. RSVP here!

Meme Cleanser

🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend beehiiv to get started.

*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.

Together with

Good Morning,

PE megafunds are struggling to exit China deals, US investors are exiting US stocks at a historic pace, Centerview settled its lawsuit over analyst work hours, Claude nuked cybersecurity stocks, US Q4 GDP disappointed amid the government shutdown, and SCOTUS struck down a big chunk of US tariffs under Trump's use of IEEPA.

F2.ai is tackling Wall Street's biggest AI adoption challenge: outputs that aren't defensible in IC. Their Excel-native AI platform purpose-built for private markets turns fast answers into fully traceable analysis you can actually stand behind. If you work on the buy side, it's worth a look.

Let's dive in.

Before The Bell

As of 2/20/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• US stocks rose in a volatile session on Friday as traders digested fresh GDP and inflation data and weighed implications of the SCOTUS tariff ruling

  • S&P is trading in its narrowest range YTD since the 1960s, despite single-stock volatility 7x higher on AI uncertainty

• Europe's Stoxx 600 hit a fresh ATH

• UK's FTSE 100 hit a fresh ATH

• MSCI EM index climbed to an ATH on the SCOTUS tariff ruling 

  • MSCI EM Latin America index rose to an eleven-year high after rising 20% in its best YTD start since 1991

  • Korea's KOSPI index hit a fresh ATH

• Iron ore fell for a sixth week for its longest weekly losing streak since 2022

• Wholesale egg prices fell to lowest since 2017, down 67% YoY

• Euro is near a one-month low on US-Iran risks

Earnings

• What we're watching this week:  

  • Today: Hims & Hers, Domino's Pizza

  • Tuesday: AMC, The Home Depot, Cava, Workday,

  • Wednesday: Nvidia, Salesforce, Circle, TJX

  • Thursday: CoreWeave, Dell, Warner Bros. Discovery, Celsius, Vistra, Duolingo

• Full calendar here

Prediction Markets

• Trump is juggling options for his flagship economic policy after an unfavorable SCOTUS ruling

• Corporations and investors are also weighing options against US after SCOTUS made no mention of refunds, but opened the door for lower-court litigation

• Trade event contracts on Polymarket, the world's largest prediction market

Headline Roundup

• US Q4 GDP grew 1.4% YoY with PCE inflation below 3% (CNBC)

• SCOTUS struck down most US tariffs with no ruling on refunds (CNBC)

• US will impose 15% global tariff amid SCOTUS ruling (WSJ)

• EU will not accept any US tariff increase amid SCOTUS ruling (RT)

• Wall Street's smart money wins as tariff whiplash hits markets (BBG)

• US proposed banning some investors from buying homes (WSJ)

• US investors are exiting US stocks at the fastest pace since 2010 (RT)

• European stocks are seeing record inflows (FT)

• Equity funds saw the biggest inflow in five weeks as AI concerns ease (RT)

• Bond market momentum shifts bears' way as sell signals flash (BBG)

• Cyber stocks slide on latest Anthropic Claude AI release (BBG)

• Riskiest CLO funds are flashing a warning sign (BBG)

• PE megafunds are struggling to exit China deals (FT)

• African eurobond sales see strongest YTD start since 2013 (BBG)

• Metals volatility may slow pace of mining M&A (BBG)

• Goldman Sachs launched an AI-free index (AX)

• JPMorgan closed Trump's bank accounts a month after Jan 6 attack (RT)

• HSBC cut 10% of US DCM team (BBG)

• Centerview settled lawsuit over analyst work hours before trial (WSJ)

• M&A lawyer talent wars are heating up (WSJ)

• Consulting is set for fastest growth in years on back of AI boom (FT)

• OpenAI expects $600B in compute spend through 2030 (RT)

• Epstein estate agreed to $35M settlement in victim class action (RT)

• Violence erupts in Mexico after military kills cartel leader (WSJ)

• A major blizzard hit US Northeast (BBG)

A Message from F2

From data room to decision, 75% faster

Over the past few years, AI has made it dramatically easier to generate answers. But in IC, answers alone aren't enough.

That's where F2.ai comes in. F2's vertical AI platform for private markets is not only transforming diligence workflows at Wall Street's leading funds, but also amplifying the bull case for AI adoption. 

With their launch of Audit Mode, F2 is equipping deal teams with the power to: 

• Trace values back to exact source files, sheets and cells

• Inspect live Excel formulas, including precedents and dependents

• Verify and update assumptions instantly with linked citations 

…and all-in-all export clean, auditable Excel outputs that are actually defensible in IC.

In a world where AI Excel slop continues to hinder investor workflows, F2 is delivering AI's promise of speed with accuracy. 

See why top funds already trust F2, the AI platform for private market investors.

Deal Flow

M&A / Strategic

• O&G giant ConocoPhillips is exploring a $2B sale of some of Permian Basin assets

• KKR is exploring a $1.5B sale of information services provider BMC Helix 

• Italian industrial group Alfa Gomma's CEO Enrico Gennasio teamed with UK PE firm ICG to prepare a $.12B MBO offer

• Activist hedge fund Pleasant Lake Partners took a 10% stake in $250M-listed toy maker Funko and is pushing for a sale

• WaveRise Investments, ChrysCapital, and Two Infinity Partners agreed to acquire a 71% stake in Swiss drugmaker Novartis' Indian unit for $160M

• Philippines' largest fast-food chain Jollibee Foods agreed to acquire Korean hot pot brand All Day Fresh for $87M)

• Visa's takeover of Mexican payment processor Prosa was struck down by Mexican antitrust regulators

• Dubai-based aircraft lessor DAE Capital is nearing a deal to acquire leasing platform Macquarie AirFinance

VC

• Pepper, a food-distribution software platform, raised a $50M Series C round led by Lead Edge Capital 

• Rare-earth metals producer Phoenix Tailings raised a $40.2M Series B-3 led by Olive Tree Capital

• InScope, an AI financial-reporting startup, raised a $14.5M Series A round led by Norwest

• Hook, an AI-powered fan remix platform, raised a $10M Series A led by Khosla Ventures

Access the complete VC deal flow on Fundable

IPO / Direct Listings / Issuances / Block Trades

• TDR Capital and I Squared Capital-backed rental power supplier Aggreko is planning a US IPO or stake sale at a $12B valuation

• Baypine and TSG-backed auto service chain Mavis Tire selected Bank of America and Goldman Sachs for a $2B IPO

• Singapore SWF Temasek and Abu Dhabi SWF ADIA plan to invest in Indian renewable energy firm Clean Max Enviro Solutions' $340M India IPO

• Indian generic crop-protection supplier UPL is preparing an India IPO of its seeds unit Advanta Enterprises to pare debt from its $4.2B acquisition of Arysta LifeScience

• Thailand's largest hotel and restaurant chain operator Minor International is exploring a Singapore REIT listing of 14 hotels and a Hong Kong IPO of its restaurant unit Minor Food

Debt

• JPMorgan is preparing to raise $5.3B of debt to support analysis software firm Qualtrics' $6.75B acquisition of healthcare survey firm Press Ganey

• Kenya raised $2.25B in a eurobond sale to finance a debt buyback

• Philippines sold an initial $1.9B of bonds in its first large-scale local debt offering

• Goldman Sachs is considering sweetening terms on $1.7B of leveraged loans tied to chemical maker Arclin's $1.8B acquisition of DuPont's Aramids business

• Blue Owl-backed Kuvare and pension giants CalPERS, OMERS, and BCI acquired $1.4B in loans from Blue Owl near par as the firm races to return cash to some private credit LPs

• South African lender Absa Group raised $200M in loss-absorbing FLAC notes

• South African lender Rival Standard Bank raised $125M in loss-absorbing FLAC notes 

• Senegal raised $160M in a short-term bond sale after being locked out of international capital markets

Bankruptcy / Restructuring / Distressed

• Materials maker Trinseo is in talks with creditors on a restructuring that could be implemented in bankruptcy

• Some creditors to building products manufacturer Cornerstone Building Brands' formed a bloc ahead of talks with owner CD&R

• Bankrupt luxury retailer Saks Global won final court approval for a $1B DIP loan after resolving vendor objections, with $600M earmarked for vendor payments including $330M in the next two weeks

• Polish state-controlled chemicals firm Grupa Azoty is seeking an 83% debt writedown on its Polyolefins unit's $1.7B in liabilities to clear way for a sale to Polish refiner Orlen 

Funds / Secondaries

• PE firm Veritas Capital raised $15.3B for its ninth flagship fund to continue investing at the intersection of government and tech

• Goldman Sachs-owned investment firm Petershill is seeking $5B for its fifth flagship fund to continue its strategy of investing in other investment firms 

• Sustainable real assets investor Vision Ridge Partners raised $2.4B for its fourth fund

• Lower MM PE firm Soundcore raised $450M for its third flagship fund

• Lower MM PE firm Guardian Capital raised $440M for its fourth flagship fund

• Healthcare VC Frist Cressey raised $425M for its fourth fund

• Lower MM industrial and services investor Palm Peak Capital raised $375M for its debut fund

• Hedge fund Saba Capital and secondaries specialist Cox Capital Partners launched cash tender offers for shares in private credit BDCs owned by Blue Owl at 20%-35% discounts to NAV

• Partners Group and CVC slashed Swiss watch maker Breitling's valuation by 50% from its 2023 LBO price to ~$2.2B

Crypto Sum Snapshot

• Bitcoin's $1T identity crisis hits from every direction

• Mentioning Bitcoin or crypto on AI agent OpenClaw's Discord will get you banned

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

• WSJ published a brief primer on Trump's new tariffs (and tariff tool kit) after the SCOTUS ruling.

• WSJ also published an annotated analysis of the SCOTUS tariff decision.

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!

Meme Cleanser

🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend beehiiv to get started.

*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.

Together with

Good Morning,

A lawsuit on junior banker work hours is headed to trial, Steve Cohen was the highest-paid hedge fund manager last year, US partnered with tech billionaires to train 'elite' government coders, Blue Owl is getting cooked, and Sam Altman and Dario Amodei refused to join hands at the India AI summit in the most comical sign of AI rivalry.

Imagine owing the IRS $100k in penalties because you tried to save $15k on an accountant. "We hear this story from new clients every week," says Corey from OLarry. Upgrade to white-glove tax advisory for a transparent, flat price and set yourself up for success down the road.

Let's dive in.

Before The Bell

As of 2/19/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• US stocks fell yesterday as private credit woes and Iran worries weighed 

Earnings

• Walmart beat Q4 earnings and revenue estimates as higher-income shoppers boosted gains in e-commerce, online pickup, and delivery; the firm highlighted a normalized price environment after absorbing tariff impacts (CNBC)

• Comfort Systems beat Q4 earnings and revenue estimates with net income surging 130% on unprecedented demand in technology and industrial sectors, including hyperscale data centers (BRN)

• Opendoor missed Q4 earnings estimates but boasted accelerating acquisition volumes as it attempts to pivot towards higher velocity and lower capital intensity amid a volatile housing market (SI)

• John Deere issued a Q4 beat-and-raise on surging demand for small farm tractors and construction and forestry equipment despite tariffs (WSJ)

• Klarna beat Q4 revenue estimates but net losses widened on a 59% increase in loan loss provisions (BBG)

• Wayfair beat Q4 earnings and revenue estimates with its first annual sales growth since Covid amid a third-straight quarter of new customer growth and healthy growth in repeat orders (CNBC)

• Full calendar here 

Prediction Markets

• Another weekend, another situation to monitor

• Trade event contracts on Polymarket, the world's largest prediction market.

Headline Roundup

• Centerview lawsuit on IB analyst work hours is headed to trial (FT)

• US government recruits tech bosses to train 'elite' government coders (FT)

• JPMorgan is in talks to bank for Trump's Board of Peace (FT)

• JPMorgan says Trump's $5B suit 'fraudulently' included Jamie Dimon (BBG)

• US trade deficit barely moved last year despite tariffs (CNBC)

• Japan inflation fell below 2% for the first time in four years (CNBC)

• Blue Owl woes expose private credit risks for retail investors (BBG)

• Megafund stocks slide on Blue Owl woes (FT)

• US convertible bond sales is set for another banner year on AI (BBG)

• Foreigners rebuke 'Sell America' with $1.6T US inflows last year (BBG)

• Japan stocks saw the biggest foreign inflows since 2014 (BBG)

• Foreign investors resume Indian IT stocks selloff on AI scare (BBG)

• Large-cap stock pickers beating the market is the highest since 2007 (BBG)

• Steve Cohen topped hedge fund ranks with $3.4B pay last year (BBG)

• ETFs push at SEC limit in rush to buy private stocks and credit (FT)

• Amazon overtook Walmart as the world's biggest company by sales (BBG)

• Big Tech giants commit billions of dollars to India at AI summit (RT)

• Sam Altman and Dario Amodei refused to join hands at AI summit (CNBC)

• Meta cut staff stock awards for a second-straight year (FT)

• BofA will offer art consulting to HNWIs as loan demand rises (RT)

• Guyana plans 'Norway on steroids' to avoid oil curse (BBG)

• Tata scion struggles to consolidate control at India's largest conglomerate (FT)

• Morgan Stanley opened accounts for Epstein trusts days before arrest (RT)

• Charles Schwab moved $28M in payments for Epstein days before arrest (RT)

• Former Prince Andrew was arrested on Epstein ties (BBG)

• Sergey Brin-backed group seeks to undercut California billionaire tax (WSJ)

A Message from OLarry

OLarry was built to solve this problem. They provide year-round Private Client services for individuals and businesses with complex taxes, with top talent from the country's best accounting firms.

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Deal Flow

M&A / Strategic

• Netflix could bump up its $83B offer for Warner Bros. Discovery if competing bidder Paramount Skydance raises its own hostile bid

• Johnson & Johnson is preparing a $20B sale of its orthopedics unit DePuy Synthes

• Leonardo Maria Del Vecchio, the son of eyewear firm EssilorLuxottica's founder, is considering making an offer to buy stakes worth $16.5B from two siblings

• $7.2B-listed Texas pipeline operator Kinetik is weighing a sale after receiving takeover interest from Occidental Petroleum-backed Western Midstream Partners

• Management led by CEO Gary Pedersen will buyout commodity trading giant Gunvor from founder/owner Torbjorn Tornqvist at a $5B valuation

• Bain Capital is considering a sale or IPO of dessert maker Dessert Holdings at an over $3B valuation

• CVC is exploring a $1.2B sale of Mediterranean marina operator D-Marin 

• Hims & Hers Health agreed to acquire Aussie digital health company Eucalyptus in a $1.15B cash-and-stock deal

• Saudi's PIF-owned gaming studio Scopely agreed to acquire a majority stake in Turkish mobile game developer Loom Games for $1B

• Ronaldo acquired a 10% stake in Herbalife's health and wellness tracking service HBL Pro2col Software for $7.5M

• Froneri, the ice cream JV between Swiss food giant Nestle and French PE firm PAI Partners, is in talks to acquire Nestle's remaining in-house ice cream business

• Visa agreed to buy payment platforms Prisma and Newpay from PE firm Advent

• Polymarket agreed to acquire prediction market API startup Dome

VC

• OpenAI is close to raising over $100B at a $730M pre-money valuation in its latest funding round from Big Tech giants, major VCs, SWFs, and others

• Code Metal, a verifiable AI code-translation startup, raised a $125M Series B at a $1.25B valuation led by Salesforce Ventures 

• Jump, an AI OS for financial advisors, raised an $80M Series B led by Insight Partners

• Metal 3D-printing startup Freeform raised a $67M Series B from Apandion, Founders Fund, Two Sigma Ventures, and others

• Origen, a UAE AI workflow integration company, raised a $50M strategic investment from Bluefive Capital

• UAE digital real-estate platform Stake raised a $31M Series B round led by Emirates NBD

• Stacks, a UK AI-driven accounting automation startup, raised a $23M Series A led by Lightspeed 

• NuCube Energy, a high-temperature micro-reactor startup, raised a $13M funding round led by Arizona Nuclear Ventures 

• On-device AI startup Mirai raised a $10M seed round led by Uncork Capital

• Social music platform Hook raised a $10M Series A led by Khosla Ventures 

• Rapidata, a Swiss AI data-labeling infrastructure startup, raised an $8.5M seed round led by Canaan Partners

Access the complete VC deal flow on Fundable

IPO / Direct Listings / Issuances / Block Trades

• Wall Street brokerage fintech Clear Street withdrew IPO plans to raise $364M due to deteriorating market conditions and valuation concerns

SPAC / SPV

• Israeli EV battery company StoreDot canceled its $880M merger with Andretti Acquisition Corp. II 

Debt 

• Gunvor's founder Torbjorn Tornqvist provided an over $4B loan to management led by CEO Gary Pedersen for the $5B MBO of Gunvor 

• Ares priced a $358M European private credit CLO

• A $330M leveraged loan for Consolidated Energy is being marketed at 88¢, the largest discount in over two years

• AMD will backstop a $300M loan to cloud computing startup Crusoe to buy and deploy its AI chips

Bankruptcy / Restructuring / Distressed

• Global Counsel, the UK advisory firm of Lord Peter Mandelson, is entering administration after a client exodus following Epstein ties

• Hedge funds are clashing over Apollo-backed French chemicals maker Kem One's debt, with Apollo-backed Diameter Capital, Sona Asset Management, and Polus Capital shorting bonds, while other lenders Arini and Monarch extend financing amid the sector's worst crisis in 30 years

Funds / Secondaries

• Bank of America is committing $25B to private credit deals in a new private credit initiative

• Hall of Fame QB Steve Young's PE firm HGGC raised $3.2B for its fifth fund

• $3B AUM macro hedge fund Deem Global is closing to new cash

• Dylan Patel's chip and infrastructure research firm SemiAnalysis is considering raising hundreds of millions for a VC fund

Crypto Sum Snapshot

• CME is moving closer to 24/7 crypto derivatives trading

• Trump Jr. calls banking a 'Ponzi scheme' that forced family to create crypto business

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

• Barry Ritholtz wrote an incredible piece on the fundamental illusion of stock-picking based on publicly available data.

• Also, Ben Carlson sees people finally waking up to international stock outperformance.

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!

Meme Cleanser

🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend beehiiv to get started.

*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.

Together with

Good Morning,

The ECB president succession race began, K&E parted ways with its top LME lawyer, BofA launched a loyalty program for customers, Zuckerberg testified in the high-profile social media trial, and JPMorgan bankers are struggling to get reservations at a bar in JPMorgan's new HQ.

Diversify beyond volatile stocks and bonds with Percent, a highly democratized private credit market for exclusive private credit deals.

Let's dive in.

Before The Bell

As of 2/18/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• US stocks rose yesterday on the back of dip-buyers 

  • Nasdaq rose for a second-straight day on track to snap a five-week losing streak

• UK's FTSE 100 hit an ATH on cooling inflation

• Europe's Stoxx 600 hit an ATH

• Dubai's stock index is up 11% YTD for its best start in six years amid a 300% post-Covid rally

Earnings

• Carvana beat Q4 revenue estimates as rapid expansion helped fuel record car sales but missed on earnings due to higher-than-expected costs (BBG)

• Figma beat Q4 earnings and revenue estimates and gave a solid forecast as AI monetization helps accelerate growth (CNBC)

• DoorDash missed Q4 earnings and revenue estimates and issued weak guidance due to expenses tied to acquisitions of Deliveroo and Wolt, though growth remains strong (CNBC)

• What we're watching this week:  

  • Today: Walmart, Opendoor, John Deere, Klarna, Wayfair

• Full calendar here 

Prediction Markets

• Only a matter of time before the situation monitors become dip buyers.

• Trade event contracts on Polymarket, the world's largest prediction market.

Headline Roundup

• JPMorgan bankers are struggling to get reservations at new HQ bar (WSJ)

• Fed is split on path of rates amid 'uneven' inflation progress (CNBC)

• ECB president Lagarde will depart before term ends in 2027 (FT)

• Spain is first to enter ECB succession race (FT)

• Japan unveiled $36B US investments under new $550B trade deal (WSJ)

• IPO market limps into seasonal lull after $7.2B burst (BBG)

• Banks pounce on M&A revival with $100B of buyout debt (BBG)

• KKR sees less room for error as credit market grows unforgiving (BBG)

• JPMorgan sees jump in FX hedging adding to weak dollar (BBG)

• Retail traders bought the software dip at record pace (BBG)

• Real estate secondaries hit record a $20B in 2025 (SL)

• Glencore seeks big-ticket M&A after Rio Tinto mega-merger collapse (FT)

• K&E's top RX lawyer quit amid dispute over 'weaponizing antitrust' laws (WSJ)

• Two PMs sued Lombard Odier for sabotaging their ESG credit fund (BBG)

• BofA launched a loyalty program for customers (RT)

• Zuckerberg testified in high-profile social media class action trial (WSJ)

• Iran is getting ready for war (WSJ)

A Message from Percent

$48 Billion in 6 Months. Here's Where It Went.

In H1 2025, wealthy individual investors poured $48 billion into private credit funds. They're not trend-chasing. They're following a playbook that Apollo, Blackstone, and KKR perfected years ago.

Why the stampede? T. Rowe Price data shows allocating just 10% to private credit historically reduces volatility and improves risk-adjusted returns. Bloomberg surveys reveal institutions now prefer private credit over bonds for downside protection.

Percent opens this playbook to accredited investors:

• Deals with potential returns up to 20% 

• Terms from 6 to 36 months to match your liquidity needs

• Dashboard access to borrower financials, deal structures, and portfolio metrics

$2B+ facilitated. 14.9% average net returns in 2024. 1.16% default rate on asset-based deals. The institutional playbook is open, and you don't need a family office to access it.

Alternative investments are speculative and possess a high level of risk. No assurance can be given that investors will receive a return of their capital. Those investors who cannot afford to lose their entire investment should not invest. Investments in private placements are highly illiquid and those investors who cannot hold an investment for an indefinite term should not invest. Private credit investments may be complex investments and are subject to default risk.

Deal Flow

M&A / Strategic

• Blackstone, EQT, and CVC submitted bids for Volkswagen's diesel engine division Everllence, which could fetch a $7.1B valuation

• South Africa-based telecoms MTN Group agreed to acquire IHS Towers in a $6.2B cash deal at a 36% premium

• The estate of late Microsoft co-founder Paul Allen launched a sale of NFL team Seattle Seahawks at a potential $6B valuation, which proceeds expected to go to charity

• Nexfibre Networks, a JV between media giant Liberty Global, telecom Telefonica, and French PE firm Infravia, agreed to buy UK alternative fiber provider Substantial for $2.7B

• eBay agreed to acquire fashion marketplace Depop from Etsy for $1.2B

• Liberty Global agreed to buy Dutch JV partner Vodafone's stake in VodafoneZiggo for $1.18B cash, combine it with Belgium's Telenet, and spin it out

• Activist Elliott is pressing $40B-listed London Stock Exchange Group to launch a review of its portfolio, which includes its data business, exchange operations, and a 51% stake in US-listed Tradeweb Markets

• Swiss food giant Nestlé launched a review of Froneri, its ice cream JV with PE firm PAI Partners

• Mining giant Rio Tinto took majority control of Canadian lithium miner Nemaska, following its 50% stake acquired in a $6.7B acquisition of Arcadium Lithium last year

• Crypto exchange Kraken agreed to acquire token manager Magna ahead of an IPO

VC

• Musk's xAI raised a $3B Series E from Saudi-backed AI firm HUMAIN ahead of its $1.25T merger with Musk's SpaceX

• Ineffable Intelligence, the UK AI startup of ex-DeepMind scientist David Silver, is raising a $1B seed round at a $4B valuation led by Sequoia 

• Vestwell, an infrastructure platform for modern savings, raised a $385M Series E led by Blue Owl Capital and Sixth Street Growth 

• Used-car marketplace and lender Kavak raised a $300M round led by a16z Growth 

• Fei-Fei Li's AI world-model startup World Labs raised $200M from Autodesk as part of a larger $1B round from AMD, Fidelity, Nvidia, and others

• Heron Power, a solid-state transformer startup, raised a $140M Series B led by a16z's American Dynamism Fund and Breakthrough Energy Ventures

• AI observability startup Braintrust raised an $80M Series B led by ICONIQ 

• Sports prediction exchange Novig raised a $75M Series B round led by Pantera Capital

• Efficient Computer, an energy-efficient processor startup, raised a $60M Series A led by Triatomic Capital 

• Solid-state transformer startup DG Matrix raised a $60M Series A led by Engine Ventures 

• Cogent Security, an autonomous AI-agent cybersecurity startup, raised a $42M Series A led by Bain Capital Ventures

• Selector, an AI-driven observability startup, raised a $32M round led by AVP

• AI-powered tax platform Onshore raised a $31M Series B led by FPV Ventures

• Avantos, an AI-native OS for financial services, raised a $25M Series A led by Bessemer Venture Partners

• Identity-and-access management startup Venice raised a $20M Series A round led by IVP

• Quantum-network security startup Aliro Technologies raised a $15M round led by Gutbrain Ventures

Get real-time updates on any startup, VC, or sector on Fundable.

IPO / Direct Listings / Issuances / Block Trades

• Indian asset manager SBI Funds Management may file for an India IPO next month to raise $1.5B at a $15B valuation

• Western Digital plans to raise $3.2B by selling part of its stake in flash memory spinoff Sandisk

• Swiss satellite systems maker SWISSto12 is considering a 2027 Swiss IPO at a $1.3B valuation

• Activist Starboard Value raise its stakes in Bitcoin miner and data center firm firm Riot Platforms 

• Starboard Value raise its stake in J&J's consumer health spinoff Kenvue

• $24B-listed French alcohol company Pernod Ricard is considering listing its India business in India

• Madison Square Garden Sports is exploring a spinoff of NBA team New York Knicks and NHL team New York Rangers

Debt

• French lender BNP Paribas is sounding out investors for two SRTs including one tied to $1.8B in LBO debt

• Ivory Coast raised $1.3B in eurobonds 

• BlackRock-owned private credit investor HPS led a $700M private credit deal for PE-backed home healthcare provider Elara Caring

• Office solutions supplier Xerox raised $450M in private credit and pref equity from TPG Credit backed by its IP

• Irish fintech unicorn Wayflyer raised a $250M two-year credit facility from Apollo's ABF unit ATLAS SP to lend to SMEs

• Danish lender Nykredit Realkredit sold a high-yield perpetual AT1 bond at a 287 bps reset spread basis, the lowest-ever for such euro debt

Bankruptcy / Restructuring / Distressed

• Fortress-backed Florida high-speed rail Brightline received a two-month grace period on a commuter bond interest payment, with a 2% rate step-up as penalty

• Lenders will take control of struggling Dutch bicycle maker Accell from KKR following its second restructuring in one year

Funds / Secondaries

• Battery Ventures raised $3.25B for its fifteenth fund to invest in tech, including software

• Quant hedge fund AlphaQuest will shut down and return all $2B assets to LPs after three consecutive years of losses totaling 30%

• Blue Owl Capital is selling $1.4B in assets from three credit funds to return capital to LPs and pay down debt

• Novo Holdings and ACS-backed quantum investment firm Quantonation Ventures raised $260M for its second fund devoted to physics-based technologies

• Blue Owl permanently halted redemptions at a private credit fund aimed at retail investors

Crypto Sum Snapshot

• Trump family's World Liberty targets real estate tokenization as crypto slides

• OpenAI launched a benchmarking system for crypto tokens and smart contracts

• Brevan Howard was the largest seller of BlackRock's Bitcoin ETF in Q4

• Brevan Howard's crypto fund slumped 30% in 2025 amid bitcoin rout

• Abu Dhabi SWF Mubadala bought Blackrock's Bitcoin ETF despite crypto rout

• Goldman CEO David Solomon owns a small amount of Bitcoin and watches it closely

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

• AI stopped being optional. Learn how to use it for modeling, forecasting, and decision-making in the AI for Business & Finance Certificate Program from Columbia Business School Exec Ed. Save $300 with code LITQUIDITY. Program starts March 16.

• New studies from researchers including a Fed official find that prediction markets are better at predicting economic events than Wall Street's PhD forecasters. NYT published some interesting highlights.

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!

Meme Cleanser

🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend beehiiv to get started.

*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.

Together with

Good Morning,

Warner Bros. reopened talks with Paramount, Goldman will drop DEI from all board hiring, Mamdani proposed a 10% property tax hike to close NYC's budget gap, PE-backed SaaS firms are releasing earnings early to calm AI fears, and Palantir moved their HQ again from Denver to Miami.

Invest before the IPO. Get access to 20 private companies worth a combined $3.3 trillion that accredited investors can buy today with our sponsor Augment.*

Let's dive in.

Before The Bell

As of 2/17/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• US stocks closed flat yesterday as investors continued to weigh AI software fears ahead of crucial Fed minutes 

• Egypt's EGX 30 index is up 27% YTD in dollar terms this year, more than double of the MSCI EM index

• Bitcoin fell for a fourth-straight week

Earnings

• Palo Alto Networks beat Q2 earnings and revenue estimates as AI trends boost cybersecurity demand but disappointed on guidance (CNBC) 

• eToro beat Q4 earnings and revenue estimates as a 43% rise in stocks, commodities, and FX trading offset a 72% drop in crypto revenue (RT)

• Toll Brothers beat Q4 earnings and revenue estimates but fell short on order estimates as buyers hold back over prices and economic uncertainty (BBG)

• What we're watching this week:  

  • Today: Carvana, Figma, DoorDash

  • Thursday: Walmart, Opendoor, John Deere, Klarna, Wayfair

• Full calendar here 

Prediction Markets

• US-Iran nuclear talks aren't going too smooth.

• Trade event contracts on Polymarket, the world's largest prediction market.

Headline Roundup

• Mamdani proposed 10% property tax hike if no tax on wealthy (WSJ)

• Goldman Sachs will drop DEI from all board candidate criteria (WSJ)

• Two unions are urging SEC to investigate Apollo over Epstein ties (FT)

• Palantir moved HQ again from Denver to Miami (CNBC)

• Global regulators fret about banks' rising use of SRTs (FT)

• EU cross-border bank M&A jumped to the highest since 2008 (FT)

• PE megafunds chase India cricket as new investment craze (RT) 

• Heavy demand for corporate bonds creates record trading volume (BBG)

• Private software companies release earnings early to calm AI nerves (BBG)

• Bank of Ireland quit US leveraged loan market amid private credit competition (BBG)

• Companies boost FX hedging as tariffs spark losses (BBG)

• Investor worry over Capex race is at record high (BBG)

• AI impact on corporate growth seen as limited to Big Tech (BBG)

• Big Oil execs are under pressure to spell out growth plans (FT)

• LA to China exports fell to a three-year low (RT)

• Soaring gold price force vaults to reduce insurance cover (FT)

• SEC chair Paul Atkins called for shrinking exec pay disclosure (RT)

• US charged two ex-execs in PE fraud (FT)

A Message from Augment

SpaceX. OpenAI. Stripe. Canva. Databricks. 

$3.3 Trillion. 20 Companies. Zero Tickers. You probably use their products. You just can't buy their stock – at least, not on a traditional exchange.

These are some of the most consequential companies in tech, and none of them are public yet. But they do trade — on the secondary market, where accredited investors have been buying and selling private company shares for years.

Augment's Q4 Power 20 Report ranks the top 20 pre-IPO companies by secondary market activity, estimated price movement, and revenue. The combined estimated valuation: $3.3 trillion – a figure that would rival some of the largest publicly traded companies in the world.

Here's what you need to know about the private markets right now:

• Secondary deal volume reportedly hit a record $226B in 2025, up 41% YoY

• Several Power 20 names are reportedly in active IPO preparation for 2026

• Augment is a FINRA-registered broker-dealer built for individual accredited investors looking to access shares in private companies before they list

The window between 'private' and 'public' is where many of these companies have historically experienced significant growth. Public market investors often arrive after that phase is over.

Access the Power 20 Report and see what's available on Augment →

*Inclusion in the Augment Power 20 does not predict future performance and should not be considered investment advice. Investing in private companies in the secondary market carries risks, including potential lack of liquidity and limited financial information. Past activity not indicative of future results. The revenue figures are based on third-party estimates and are subject to limitations in data availability and methodology. For informational purposes only.

Deal Flow

M&A / Strategic

• Warner Bros. Discovery rejected Paramount Skydance's sweetened $108B bid but will reengage on a new offer, potentially sparking a bidding war with Netflix

• Germany is preparing to buy a potential 25.1% stake in Franco-German tank maker KNDS ahead of its planned $23.7B France and Germany dual IPO

• Australian steel firm SGH and US-based Steel Dynamics submitted a sweetened 'best and final' $10.6B offer for Australia's BlueScope Steel

• Diagnostics tech maker Danaher agreed to buy medtech Masimo at a $9.9B valuation, including debt, representing a 40% premium

• Natural gas firm Ovintiv agreed to sell its Anadarko oil and natural gas assets to an undisclosed buyer for cash proceeds of $3B

• Blackstone agreed to acquire HVAC group Champions from Odyssey Investment Partners at a $2.5B valuation

• Portland General Electric agreed to buy the wind, natural-gas generation, and distribution assets of Berkshire Hathaway's PacifiCorp unit in Washington for $1.9B amid wildfire damages

• Palo Alto Networks will acquire Israeli agentic cybersecurity startup Koi for $400M

• Shelby Companies, a vehicle of hedge fund Knighthead Capital Management, will acquire a 97% stake in UK women's soccer club Birmingham City WFC from parent Knighthead

• Apollo-backed UK-based The Restaurant Group is exploring a sale of its airport and rail‑hub restaurant division

• Canadian apparel and furnishings distributor A.Y.K. International agreed to acquire struggling Canadian apparel firm SRTX

VC

• European thermal intelligence startup SatVu raised a $40M round led by the NATO Innovation Fund 

• AI-powered healthcare payment integrity startup Codoxo raised a $35M Series C led by CVS Health Ventures

• Enterprise AI governance consultancy Lightworks raised $12M in financing led by Round13 Capital

• Skygen.AI, an autonomous AI platform for enterprise software automation, raised a $7M seed round 

Get real-time updates on any startup, VC, or sector on Fundable.

IPO / Direct Listings / Issuances / Block Trades

• EQT and Vitruvian Partners-backed cyber insurer CFC is exploring an IPO at a $6.8B valuation

• Polish fintech Blik is exploring a Poland IPO at a $2B valuation

• Activist Starboard Value built a 9% stake in $1.1B-listed online travel agency Tripadvisor

• Robinhood is seeking to raise $1B in an IPO of a closed-end fund holding stakes in SpaceX, OpenAI, Databricks, Stripe, Revolut, and others from Robinhood's retail clients

• Activist Jana Partners built a stake in $32B-listed payments processor Fiserv

• Blackstone-backed mobile advertising platform Liftoff postponed its $760M IPO

• $20B-listed automotive parts retailer Genuine Parts will split into two listed companies following a strategic review of its automotive and industrial business lines amid pressure from activist Elliott

• Nvidia unloaded a $140M stake in UK chip firm Arm

• Activist Palliser Capital took a stake in Japanese toilet-maker Toto citing an  'undervalued and overlooked' AI play

• Berkshire Hathaway sold stakes in Bank of America and Apple and added New York Times in Warren Buffett's final trades as CEO

SPAC / SPV

• The Trump family, Israel-based Protego Ventures, developer American Ventures, and others are investing in a $1.5B all-stock merger between Israeli drone maker XTEND and US-listed JFB Construction Holdings in a deal aimed at taking XTEND public

Debt

• Theater chain AMC is seeking a $2.5B junk loan to refinance existing debt

• Panama is selling $3B of global bonds in its first deal in two years

• Auto parts supplier Cooper-Standard is seeking to sell a $1.1B junk bond

• Arts-and-crafts retailer Michaels is marketing a $1.7B junk bond 

• Senegal secured funding in regional debt markets to meet ~$485M in eurobond payments due March

• Carlyle, BlackRock, Benefit Street Partners, and Oak Hill Advisors are buying up cheap pools of software debt as they prepare to launch new CLOs

Bankruptcy / Restructuring / Distressed

• Vanderbilt Minerals filed for bankruptcy after losses from asbestos lawsuits

• Bankrupt luxury retailer Saks Global is fighting mall operator Simon Property to keep two California and New York stores open after the firm moved to take over the locations over unpaid rent before their January bankruptcy filing

Funds / Secondaries

• VC Thrive Capital raised over $10B for its tenth and largest fund yet

• Private markets FOF HarbourVest Partners raised $1.1B for its debut PE continuation solutions fund to focus on single asset CVs 

• French investment firm Tikehau Capital raised over $1B for its second private credit secondaries fund

• Spain's Mundi Ventures raised $885M for a debut deep tech fund

• Seligman Investments, a unit of asset manager Columbia Threadneedle, launched Seligman Ventures with $500M to invest across early-stage to pre-IPO startups focused on AI and cloud infrastructure, cybersecurity, and data center hardware

Crypto Sum Snapshot

• Stripe's crypto unit Bridge won initial approval to establish a trust bank

• Goldman and NYSE execs will headline Mar-a-Lago crypto forum hosted by Trumps

• Gemini top three execs departed months after IPO

• Binance kidnap attempt in France despite bear market puts industry on alert

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

• Equity capital markets are off to a strong start, with IPO activity accelerating after several years of subdued issuance. But as financial sponsors return to the market and a new wave of mega-cap and SMID-cap IPOs line up, is there sufficient demand? Learn more.

• On the private markets side, check out these two interesting but antithetical articles on the state of VC:

  • VC-backed unicorns are losing their horns

  • 2026 may be year of the 'Soonicorn'

Upcoming Events👩‍💻💆‍♀️

Female Founders Wellness Happy Hour – Tuesday, 3/3 on Billionaires' Row

• Litquidity and Ramp's women founder community are getting together for an after-work destress on Tuesday, March 3 at a penthouse on Billionaires' Row. Featuring a self-care 'happy hour' of mini facials, vitamin shots, pop-up wellness brands, and epic views, this is a great excuse to destress and meet other NYC women entrepreneurs! RSVP here.

• A special shoutout to Manhattan Laser Med Aesthetics and Chelsea Bizub for contributing to the experience.

Powered by Palm & Park

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🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend beehiiv to get started.

*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.

Together with

Good Morning,

Goldman's top lawyer resigned amid controversial Epstein ties, megafund stocks are taking a hit on software fears, Wall Street bank CEO pay rose to 2006-levels, Citadel accused an ex-PM of stealing secrets for Marshall Wace, job hunters are paying to get recruited, and KPMG fined a partner for using AI to pass a test about using AI.

If you actively trade derivatives alongside your buy-and-hold investments, check out tastytrade. Their platform is tailored towards individual traders and is highly regarded for their low commissions and experienced trade desk team.

Let's dive in.

Before The Bell

As of 2/13/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• US markets remained closed yesterday for Presidents' Day

• US stocks closed mixed on Friday as investors weighed an optimistic CPI reading against AI software fears

  • S&P fell for a second-straight week 

• Dollar is down 1.3% YTD at four-year lows after losing 9% last year 

• Yen posted its best week in 15 months

Earnings

• Moderna beat Q4 earnings and revenue estimates despite a continued decline in Covid-19 vaccine demand and forecast international growth despite a major regulatory setback for their seasonal flu vaccine (RT)

• Wendy's beat Q4 earnings and revenue estimates despite a 10% decline in US comps and issued a weak outlook as US challenges persist (WSJ)

• What we're watching this week:  

  • Tuesday: Palo Alto, EQT, eToro, Toll Brothers

  • Wednesday: Carvana, Figma, DoorDash

  • Thursday: Walmart, Opendoor, John Deere, Klarna, Wayfair

• Full calendar here

Prediction Markets

• Cheaper than US Treasuries btw.

• Trade event contracts on Polymarket, the world's largest prediction market.

Headline Roundup

• Japan GDP grew 0.1% in Q4 (CNBC)

• Goldman's top lawyer Kathy Ruemmler resigned amid Epstein ties (WSJ)

• Slashed valuations and postponed deals puncture US IPO optimism (BBG)

• Private credit's software bet is bigger than it appears (BBG)

• AI bubble fears are creating new derivatives (BBG)

• Fund managers are the most bearish on dollar in a decade (FT)

• Hedge funds bought the most Asian stocks in a decade (BBG)

• China's stock bull market falters with earnings set to underwhelm (BBG)

• UK weighs rule changes to attract Chinese listings (WSJ)

• Hong Kong weighs expanding private IPO filings to boost listings (BBG)

• African startups doubled debt funding in 2025 but VC money dropped (BBG)

• Wall Street bank CEO pay rose to 2006-highs (BBG)

• BofA boosted CEO Moynihan's pay by 17% to $41M (RT)

• PE megafund execs offer reassurance as software selloff hits their stocks (RT)

• Big Tech stocks lose billions as AI spending fears hit valuations (RT)

• Citadel's employee pay weighed on $5.3B gains (BBG)

• Citadel accused an ex-PM of stealing secrets for Marshall Wace (BBG)

• Investors sued Bill Ackman's hedge fund over Howard Hughes deal (BBG)

• Chinese state firms are buying foreclosed real estate to slow downturn (RT)

• US DOD and Anthropic are fighting over Claude usage (TC)

• Companies are replacing CEOs are record clip with younger execs (WSJ)

• IBM will triple US entry-level hiring in AI revamp (BBG)

• KPMG fined a partner for using AI to pass a test about using AI (FT)

• Job seekers are paying to get recruited (WSJ)

A Message from tastytrade

You, me, and volatility

Staying on top of markets, a never-ending news cycle, and volatility that's...volatile is a lot of work. Let alone knowing what to do with your portfolio once you’re caught up.

No matter what the market is doing, tastytrade has the tools you need to stay up-to-date and trade your way through it.

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See why serious traders choose tastytrade.

tastytrade, Inc. and Litquidity are separate and unaffiliated companies that are not responsible for each other's products, services, or policies.

Deal Flow

M&A / Strategic

• Warner Bros. Discovery is considering reopening talks with Paramount Skydance after Paramount's amended $108B hostile offer

• UK asset manager Aberdeen will vote against PE firm Advent and FedEx's $9.3B take-private offer for Polish parcel firm InPost on valuation concerns

• Australia's Macquarie agreed to acquire Aussie infrastructure and logistics giant Qube for $8.3B cash at a 28% premium

• Saudi video game investor Savvy Games is in advanced talks to acquire Chinese tech giant ByteDance's video game unit Moonton for over $6B

• German shipping giant Hapag-Lloyd agreed to acquire Israeli rival Zim for $4.2B cash at a 60% premium

• UK PE firm Rosebank Industries is in advanced talks to acquire US-based industrial part suppliers CPM and MW Industries for a combined $3.1B, including debt

• Telkom Indonesia is reviving plans to sell a stake in its data center business at a $1B-$1.5B valuation

• Philippine power company First Gen agreed to buy a 40% stake in Prime Infrastructure Capital's hydropower portfolio in a $1.3B deal

• UK PE firm Apax Partners withdrew its $790M take-private offer for UK automotive service provider Pinewood Technologies due to market conditions

• German exchange operator Boerse Stuttgart is seeking to merge its crypto operations with crypto trading infrastructure firm Tradias in a $600M deal

• Indian pharma firm Alkem Laboratories' medical devices unit agreed to buy a 55% stake in Swiss medtech Occlutech for $118M

• India will combine state-owned lenders Power Finance and REC to create a combined entity with $60B in outstanding rupee bonds

• Hollywood exec Casey Wasserman is putting talent agency Wasserman Media Group up for sale amid Epstein emails, talent departures, and his focus on the 2028 Los Angeles Olympics

VC

• Defense tech startup Anduril is in talks to raise $8B at a $60B valuation

• Indian AI cloud startup Neysa raised $1.2B, including a $600M majority equity investment from Blackstone, Canada's OTPP, 360 ONE Asset, and others

• Kings League, a seven-a-side soccer startup focused on content creators, raised a $63M funding round led by Alignment Growth 

• Onodrim Industries, a European defence-tech startup, raised a $47M seed round led by Founders Fund, Lakestar, and General Catalyst

Get real-time updates on any startup, VC, or sector on Fundable.

IPO / Direct Listings / Issuances / Block Trades

• SpaceX is considering a dual-class share structure in its planned $50B IPO

• GDS-backed Asian data center operator DayOne Data Centers selected banks for a US IPO that could raise $5B at a $20B valuation

• Activist Elliott built an over 10% stake in $10B-listed Norwegian Cruise Line and may run a proxy fight

• Activist Third Point built a stake in $9.4B-listed Spanish tech and defense firm Indra and is pushing for a merger with smaller peer Escribano

• UK convenience store operator EG Group selected Bank of America and Goldman Sachs to arrange a US IPO that could raise $1B at a $9B valuation

• Kazakhstan's sole railway operator Kazakhstan Temir Zholy is considering raising $1B in a dual local and foreign IPO

• Philippine fintech Maya is considering raising $500M-$1B in a US IPO 

• National Highways Authority of India is preparing to launch a $630M IPO of Raajmarg Infra Investment Trust

• Indian data analytics company Fractal raised $313M in a India IPO

• Indian insurance aggregator Girnar is seeking to raise up to $250M in an India IPO

• BayPine-backed auto and tire repair chain Mavis Tire is weighing an IPO

• German submarine components maker Gabler plans to raise $50M in a Germany IPO

• Activist Sachem Head built a stake in Warner Bros. Discovery

Debt

• Bank of America and Goldman Sachs are among lenders seeking to sell $4.7B of debt to finance Carlyle's $9.1B LBO of German chemical giant BASF's coatings business

• Mexican state oil company Pemex raised $1.8B in Mexico's biggest debt sale ever and Pemex's first local debt sale in six years

• Ares is leading a $1.7B private credit financing for Francisco Partners-backed Nordic software business EG

• US call center operator Concentrix raised $600M of bonds with a provision that would force it to pay more interest if it gets downgraded

Bankruptcy / Restructuring / Distressed

• Bankrupt auto parts supplier First Brands is weighing moving some units into Chapter 7 liquidation to cut advisory costs and accelerate asset sales as cash runs low

• Ares is seeking to recover $250M in loans to Eagle Football Holdings by selling or taking control of French soccer club Olympique Lyonnais amid a dispute with majority shareholder John Textor

Funds / Secondaries

• BNP-backed European investment firm Capza raised $1.7B for a new private credit fund

• India approved a $1.1B state-backed VC FOF to invest in deep tech sectors

• Credit investor Brigade Capital raised $1B for its first dedicated private credit fund

• India's Motilal Oswal Alternates said it had raised $930M for its fifth PE fund

• European PE firm Verdane is in talks to raise a $710M multi-asset CV anchored by parking tech company EasyPark

• Morgan Stanley Investment Management is mulling a $500M CV for eight India healthcare investments including Omega Hospitals and RG Scientific Enterprises

• PE firm Union Capital Associates raised $450M for its fourth fund

• Singapore SWF GIC pulled $250M from hedge fund Jain Global just 18 months after its record debut

• VC secondaries firm Karmel Capital raised $170M for its newest AI-focused opportunity fund

• Lightspeed partner Arif Janmohamed will launch his own VC firm with backing from Lightspeed 

Crypto Sum Snapshot

• Musk's X is looking to integrate stock and crypto trading directly into feed

• Blockchain-based lender Figure started marketing blockchain-native shares

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

• Buyside folks, you don't need to be rebuilding models from data rooms at 2am in 2026. If you think AI still falls apart the second someone asks where that number came from, F2.ai is worth a look.

  Their vertical AI platform for private markets turns messy deal docs into structured, Excel-native analysis that are fully source-linked, traceable, and actually defensible in IC. Plenty of leading deal teams already use F2.ai. Check 'em out.

• Ray Dalio published a long-form article on Twitter on how the world order is breaking down. Nothing extraordinary if you've read any of his work before…

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!

Meme Cleanser

🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend beehiiv to get started.

*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.

Together with

Good Morning,

AG Pam Bondi went on a stock market rant in response to a Congressional grilling on the Epstein files. The stock market fell. A good top indicator in hindsight…

If you actively trade derivatives alongside your buy-and-hold investments, check out tastytrade. Their platform is tailored towards individual traders and is highly regarded for their low commissions and experienced trade desk team.

Let's dive in.

Before The Bell

As of 2/12/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• US stocks plunged yesterday as AI's existential threat continued to spread across markets

  • S&P fell for a third-straight day to turn negative YTD

• Korea's KOSPI index surged 3% to take YTD gains near 30%

  • The index gained 75% in 2025

• Oman's MSX 30 index is up 9% on track for its best week since 2014 on hopes of securing EM status

  • The index is up 20% YTD, almost double of the MSCI EM index

• Indonesia 10Y yield premium climbed to 230 bps on market governance woes

• El Salvador CDSs rose to five-month highs on a Bitcoin rout

• Sugar prices tumbled to their lowest since Covid in new Ozempic-era

Earnings

• Coinbase missed Q4 earnings and revenue estimates by a landslide on a 20% revenue plunge and surprise $677M loss due to cooling crypto markets (BBG)

• Brookfield beat Q4 earnings and revenue estimates buoyed by strong results in its asset and wealth management unit (BBG)

• Rivian beat Q4 earnings and revenue estimates but expects to sustain losses amid rapid increase in EV production (CNBC)

• DraftKings beat Q4 earnings and revenue estimates on its first FY profit but issued a cautious forecast on rising prediction market competition (BBG)

• Applied Materials issued a Q2 beat-and-raise on soaring demand for AI computing infrastructure (BBG)

• SoftBank beat Q3 earnings and revenue estimates on aggressive AI bets including a $4.2B unrealized gain on its OpenAI stake and $2.4B gain in its Vision Fund (CNBC)

• Instacart issued a Q4 beat-and-raise on its strongest gross transaction value in three years as its enterprise platform gains momentum (CNBC)

• Pinterest missed Q4 earnings and revenue estimates and issued weak guidance just weeks after announcing layoffs and a pivot towards AI (BBG)

• What we're watching this week:  

  • Today: Moderna, Wendy's 

• Full calendar here

Prediction Markets

• So much for Trump's new Fed chair pick.

• Trade event contracts on Polymarket, the world's largest prediction market.

Headline Roundup

• AG Bondi touts stock rally in response to Epstein questions (CNBC) 

• US crackdown on Minnesota fraud sends banks scrambling (BBG)

• US labor market is stabilizing with housing sector still subdued (RT)

• Logistics stocks became the latest AI Grim Reaper victim (BBG)

• Prospect of $1T in debt sales drown out tech IPO hype (CNBC)

• Record low corporate bonds spreads prompt 'bubble' fears (FT)

• Alphabet's 100Y sterling bond raises new fears over AI debt spree (CNBC)

• Secondaries were the largest on average among funds raised last year (PEI)

• Chinese banks face talent crunch test in Hong Kong IPO boom (RT)

• Four of GIP's six co-founders launched family offices since BlackRock's purchase (BBG)

• Citigroup boosted CEO Jane Fraser's pay by 22% to $42M (RT)

• Four partners quit EY after breaching independence rules (FT)

• Spotify developers have written zero code since December (TC)

• ByteDance's new video AI model went viral in China (RT)

• Polymarket opened NYC's first free grocery store (BBG)

• Palo Alto chose didn't blame China for hacking for fear of retaliation (RT)

• Hermes CEO Axel Dumas called Jeffrey Epstein a 'financial predator' (RT)

• US will end Minnesota ICE blitz (BBG)

• Ghislaine Maxwell pleaded the fifth in Congressional testimony (WSJ)

A Message from tastytrade

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Deal Flow

M&A / Strategic

• Toyota Group extended their $35B take-private tender offer for Toyota Industries after falling 9% short of a 66% threshold in a shareholder vote; activist Elliott is rallying against the deal

• Saudi's Midad Energy agreed to acquire Russia's sanctioned Lukoil assets in a $22B contest against rivals including Carlyle

• Mercedes-Benz plans to sell part of its 35% stake worth $14.2B in truck maker Daimler Truck

• Insurance firm TIAA's asset manager Nuveen agreed to acquire UK asset manager Schroders in a $13.5B deal to create a $2.5T AUM entity

• Blackstone and EQT agreed to acquire Spanish waste management company Urbaser from Platinum Equity in a $6.6B deal

• Infrastructure investor I Squared Capital and Canada's CPPIB agreed to acquire Peruvian power producer Inkia Energy for $3.4B, including debt

• Health insurance firm Humana is in advanced talks to acquire primary care clinic operator MaxHealth from Arsenal Capital at a $1B valuation

• Commodities trader Mercuria bought back 4.99% of shares held by Chinese state-backed fund CNIC

VC

• Anthropic raised a $30B Series D at a $380B post-money valuation led by ICONIQ, Dragoneer, Founders Fund, D. E. Shaw Ventures, and MGX

• Talkiatry, a tech-enabled psychiatry provider, raised a $210M Series D led by Perceptive Advisors 

• AI health-plan workflow startup Anterior raised a $40M round from NEA, Sequoia, FPV, and Kinnevik

• Alva Energy, a startup retrofitting existing nuclear plants, raised a $33M Series A led by Playground Global

• Ever, an AI-driven EV marketplace, raised a $31M Series A led by Eclipse 

• Uptiq, an AI platform for financial services, raised a $25M Series B round led by Curql  

• The Biological Computing Co., a neuron-based AI compute startup, raised a $25M seed round led by Primary Ventures

• Opaque Systems, a confidential AI infrastructure startup, raised a $24M Series B at a $300M valuation led by Walden Catalyst

• Electric Twin, a UK AI synthetic-audience platform, secured a $10M round led by Atomico

• Brain-inspired AI startup Stanhope AI raised an $8M seed round led by Frontline Ventures  

• Bracket, a UK AI-based treasury intelligence startup, raised a $7M seed round led by Macquarie and Blackfinch Ventures

Get real-time updates on any startup, VC, or sector on Fundable.

IPO / Direct Listings / Issuances / Block Trades

• $113B-listed cybersecurity giant Palo Alto Networks is planning a dual listing in Israel

• SoftBank sold over $3.5B of T-Mobile shares amid plans to go all in on OpenAI

• SoftBank-backed Japanese payments app PayPay filed for a US IPO to raise $2B at a $10B valuation

• Arko Petroleum raised $200M at an $808M market value

• Pakistan International Airlines plans to IPO of a 5%-10% stake; the firm was recently privatized at a $642M valuation

• Finnish financial group OP Pohjola raised its stake in Swedish lender Noba Bank in a $560M block trade ordered by Nordic Capital and Sampo

• Wall Street brokerage fintech Clear Street postponed its downsized IPO that planned to raise $364M citing market conditions

Debt

• SoftBank raised an additional $27B in debt to fund its OpenAI investment

• AI infrastructure investor Tract Capital raised $3.8B in a junk bond sale to finance the construction of a data center to be leased by Nvidia

• Goldman Sachs Alternatives, Ares, Blue Owl, Antares, and Apollo are providing $3.5B of private credit to support PE firms Permira and Warburg Pincus' $8.4B LBO of software firm Clearwater Analytics

• HIG Capital-backed prison-food vendor TKC borrowed $2.3B in a junk bond and leveraged loan deal to fund a dividend recap

• Mexico's state-owned oil firm Pemex is seeking to raise $1.8B in a peso debt sale

• Blue Owl, Goldman Sachs Alternatives, Golub, HPS, and Blackstone are providing $1.4B of private credit to support PE firm Hg's $6.4B LBO of enterprise finance software firm OneStream

• Data center startup Nscale raised $1.4B in private credit from PIMCO, Blue Owl, and Luminarx

• Chicago is seeking to sell $1B in high-yield munis

• Hong Kong's West Kowloon Cultural District is seeking $1B in its first bond sale to fund operations

• Citadel kicked off a two-part US bond sale

• Silver Lake, Affinity Partners, and Saudi's PIF are engineering a below-par debt buyback for Electronic Arts' bonds as part of its historic $55B LBO; bondholders are fighting back

• Republic of Congo is planning a eurobond sale

Bankruptcy / Restructuring / Distressed

• Troubled UK utility Thames Water is seeking to unlock $1.1B in additional emergency funding from creditors as rescue talks drag on, tapping an accordion facility from its $4B court-approved package

• German cosmetic products seller LR Health & Beauty agreed to a restructuring with Swedish bondholders that will see a third of its $154M Swedish debt written off for a $24M capital injection

• Distressed Brazilian energy firm Raízen's bondholders hired Moelis as financial pressures mount

Funds / Secondaries

• US and Japan are closing in on the first three projects to be funded by Japan's $550B investment vehicle

• Millennium committed an additional $300M to quant hedge fund Engineers Gate, lifting Millennium's total backing to $3.6B

• Swiss secondaries specialist Montana Capital Partners raised $1.4B for its first secondaries fund since being acquired by PGIM

• French investment firm Raise is seeking to raise $360M for its second impact PE fund

• Sustainability-focused LatAm VC SP Ventures plans to raise $100M for its third fund

Crypto Sum Snapshot

• Bitcoin rout exposes El Salvador's crypto gamble

• The crypto wallet linked to Nancy Guthrie's kidnapping is traceable

• Downbeat crypto sector looks to AI for rescue

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

• Bloomberg published a detailed profile on China's rising billionaires.

• FT published a highly informative piece on how AI is derailing PE's big bet on software.

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!

Meme Cleanser

🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 

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☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

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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.

Together with

Good Morning,

Real estate services became the latest AI Grim Reaper victim, the software selloff is disrupting some M&A and IPO deals, carve-outs may be the big theme for 2026 M&A, CME plans to launch rare earth futures, Bill Ackman took a huge stake in Meta, and Musk reorganized xAI after six of twelve co-founders departed in the past year.

Mizuho published some insightful findings on the late-2025 biotech comeback and outlook for the sector ahead. Read it here.

Let's dive in.

Before The Bell

As of 2/11/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• US stocks closed flat yesterday as traders digested a solid jobs report

• UK's FTSE 100 hit a fresh ATH

• US 10Y yield hit a five-week low

Earnings

• McDonald's beat Q4 earnings and revenue estimates as its value strategy won back customers and pushed US same-store sales growth to 6.8% (CNBC)

• Shopify beat Q4 revenue estimates on record spending in 2025 but missed on earnings and guided lower margins due to investments in AI (CNBC) 

• AppLovin issued a Q4 beat-and-raise with revenue surging 66% on strong demand for its advertising services and AI powered tools (YH)

• Cisco beat Q2 earnings and revenue estimates, but issued a tepid margin forecast due to increasing costs from a memory-chip shortage (CNBC)

• Kraft Heinz beat Q4 earnings estimates but missed on revenue and halted plans to split the business for a $600M turnaround instead as challenges look 'fixable and within control' (CNBC)

• What we're watching this week:  

  • Today: Coinbase, Brookfield, Rivian, DraftKings, Applied Materials

  • Friday: Moderna, Wendy's 

• Full calendar here

Prediction Markets

• "Ok Claude, predict the winner accurately."

• Trade event contracts on Polymarket, the world's largest prediction market.

Headline Roundup

• US is weighing quitting the USMCA trade pact from 2019 (BBG)

• US January budget deficit fell to $95B (RT)

• US unemployment fell to 4.3% in strong jobs report (CNBC)

• US firms confront K-shape economy as wealthy lift spending (RT)

• Carve-outs will take center stage in M&A this year (BBG)

• Software selloff is disrupting some M&A and IPO deals (RT)

• Thoma Bravo seeks software bargains in ongoing 'SaaSpocalypse' (BBG)

• Real estate services stocks sink in latest 'AI scare trade' (BBG)

• PE-backed firms are deferring loan payments at a higher rate (BBG)

• AI race mints Aaa rating for Compass Datacenters in an industry first (BBG)

• UK firms chase pound bond sales after Google's bumper deal (BBG)

• Morgan Stanley raised CEO Ted Pick's pay by 32% to $45M (RT)

• CME plans to launch rare earth futures (RT)

• Musk overhauled xAI leadership after mass co-founder exodus (TC)

• Mistral revenue hit $400M as Europe seeks AI independence (FT)

• BMPS board member resigned after insider trading allegations (FT)

• US colleges received $5B from foreign sources in 2025 (BBG)

• Columbia admitted to admitting Epstein's girlfriend via 'irregular' process (BBG)

• Trump-Netanyahu meeting ended with no agreement on Iran (FT)

A Message from Mizuho

Biotech is making money again. After a volatile year – for the markets broadly and biotech specifically – the sector had an extraordinary comeback, outperforming the S&P 500 and broader market index, and closing out 2025 with its best annual returns since the Covid-19 pandemic.

Considering biotech was a massive underperformer for much of 2025 only to roar back in the last few months begs the question: is the sector borrowing gains from 2026? And if the recovery persists, will the sector stay measured? The broader fundamentals suggest the recovery may have legs, but investors should keep their eyes on several key market dynamics.

Deal Flow

M&A / Strategic

• $30B-listed Kraft Heinz halted plans to split into two

• SoftBank-backed AI-powered contracting software firm Icertis is exploring a sale at a $5B valuation

• Singapore SWF GIC is considering a sale of its 80% stake in a European data center JV in potential deal at a $2.4B valuation, including debt

• Building products distributor QXO agreed to buy construction products firm Kodiak Building from PE firm Court Square in a $2.25B cash-and-stock deal

• China's Dajia Insurance Group is seeking to sell the famed Waldorf Astoria hotel in NYC, months after it reopened following a $2B acquisition and an eight-year $6B renovation

• Energy tech giant Baker Hughes is exploring a $1.5B sale of its Waygate Technologies unit 

• German exchange operator Deutsche Boerse agreed to buy General Atlantic's remaining 20% stake in index provider ISS STOXX for $1.3B

• UK REIT LondonMetric expressed interest in acquiring $617M-listed peer Picton Property Income

• Hong Kong-based apparel manufacturer Epic Group is exploring a stake sale at a $500M valuation

• Sports-focused PE firm Sportsology Capital Partners acquired a minority stake in MLB team Texas Rangers

VC

• UK AI chip startup Olix raised $220M at a $1B valuation led by Hummingbird Ventures

• Humanoid-robot maker Apptronik raised a $935M Series A at a $5.3B valuation from Google, Mercedes, B Capital, and others

• Inertial-confinement fusion startup Inertia Enterprises raised a $450M Series A round led by Bessemer Venture Partners 

• Ignium, a defense-focused merchant provider of weapons-system subsystems, raised a $300M round from Albion River and others

• Secrets and NHI security startup GitGuardian raised a $50M Series C led by Insight Partners 

• German AI-enabled industrial trade startup Andercore raised a $40M Series B from Atomico, Project A, Commerzbank, and others 

• Inference Research, an AI-native quant trading startup, raised a $20M seed round led by Avenir Group

• Integrate, a secure defense collaboration platform, raised a $17M Series A led by FPV Ventures

• Meridian, an AI-powered financial-modeling spreadsheet startup, raised a $17M seed round at a $100M valuation from a16z, Litquidity Ventures, and others

• Avenia, a fintech infrastructure startup for cross-border payments and stablecoins, raised a $17M Series A from Quona, Fluent Ventures, and others 

• Voice-AI platform Simple AI raised a $14M seed round led by First Harmonic 

• Spectrum-intelligence defense tech startup Tenna Systems raised a $13.5M seed round led by Costanoa 

• Stablecoin payments platform Levl raised a $7M seed round led by Galaxy Ventures 

• Mozart AI, a UK AI music-creation platform, raised a $6M seed round led by Balderton Capital

Get real-time updates on any startup, VC, or sector on Fundable.

IPO / Direct Listings / Issuances / Block Trades

• Activist hedge fund Elliott built a stake in $50B-listed London Stock Exchange Group

• Bill Ackman's hedge fund Pershing Square took a $2B stake in $1.7T-listed Meta and exited Nike, Chipotle, and Hilton

• Energy infrastructure services firm Solv Energy raised $512M at a $5B valuation in an IPO

• Portuguese insurer Fidelidade is eyeing a Portugal IPO at an over $3.6B valuation

• Blue Owl Capital-owned data center company STACK Infrastructure is seeking a $2.1B loan

• Global events and PR firm Richard Attias & Associates is weighing an IPO at a $1B valuation

• Korean travel app Myrealtrip is planning a 2027 Korea IPO at an over $1B valuation

• Indian solar module maker Goldi Solar is weighing a $350M India IPO 

• Japanese crypto treasury firm Metaplanet is set to raise $137M in a share sale to pay down debt and buy more Bitcoin

• Pakistan gas station operator and transporter Sitara Petroleum is seeking to raise $11.4M in a Pakistan IPO

Debt

• Bolivia is in talks to raise $3.3B from the IMF 

• PIMCO agreed to anchor $2.8B in senior debt financing to back CVC-backed Global Sport Group's broader $4.1B capital structure adjustments

• Slovakia attracted a record $10.2B in orders for a $2.4B benchmark bond sale

• China sold $2B of yuan bonds in Hong Kong with YTMs at the lowest since 2013

• Gambling firm Bally's Corporation raised $1.1B in private credit from Ares, King Street, and TPG Credit

• Blackstone sold a $1B private credit CLO at the tightest level this year

• UK utility Anglian Water sold a $477M pound senior secured bond

• UK retailer Marks & Spencer sold a $411M pound bond

Bankruptcy / Restructuring / Distressed

• Lenders to French supermarket giant Casino Group proposed a takeover plan that would slash debt and wipe out equity and inject $1.44B of fresh capital

• Ukraine's state energy company Naftogaz is sounding out restructuring advisors on an $825M bond due July amid Russian attacks on its assets

Funds / Secondaries

• Blackstone folded its hedge fund seeder unit into its wider $60B hedge fund business

• Oaktree raised $2.4B for a targeted $4B fourth corporate special situations fund

• Blue Owl raised $3B for its debut strategic equity and secondaries fund

• Finland residential landlord Kojamo acquired a 60-unit residential rental portfolio from Finland pension fund Varma in a $1.1B deal

• LatAm investment firm Patria Investments plans to raise $500M for a new LatAm-focused private credit fund 

• French VC Elaia raised $142M for its targeted $355M fifth Digital Venture Fund to back pre-seed to Series B European B2B tech startups

• EQT launched its second Asia MM fund

Crypto Sum Snapshot

• Crypto lender BlockFills suspended withdrawals on faltering Bitcoin price

• Bitcoin's 24/7 trading risk spikes while Wall Street sleeps

• ETF issuers press ahead with crypto funds despite selloff

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

• ICYMI, we published a deep dive on one of Wall Street's most-trusted VDR providers, DFIN. Their overhauled VDR product is making waves for its leading UX, optimization, and speed and we broke down the key aspects of why it's making lives easier for dealmakers everywhere. Read it here.

• With the release of 3M more Epstein documents, it's a good time to revisit Bloomberg's December investigation into Epstein's deep financial ties on Wall Street. Hedge funds, brokerages, billionaires, and more.

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!

Meme Cleanser

🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend beehiiv to get started.

*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.

Together with

Good Morning,

Activist hedge funds are getting involved in the Netflix-WBD-Paramount saga, a judge ruled Texas' anti-ESG law as unconstitutional, Polymarket unveiled 'attention markets,' and wealth manager stocks sunk as the latest AI victim.

We're partnering with Ramp for a Female Founders Wellness Happy Hour on Tuesday, March 3 at a penthouse on Billionaires' Row. It's a well-deserved opportunity to destress and mingle with other women founders all while overlooking some stunning views! If this sounds like you or anyone you know, RSVP below.

Plaid published their highly popular Fintech Predictions 2026 report. It's a literal cheat code for anyone following the fintech industry. Read it here.

Let's dive in.

Before The Bell

As of 2/10/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

• US stocks ticked lower yesterday as AI fears weighed on financial stocks 

  • Dow hit a third-straight record close

• Thailand stocks surged 3.5% to a one-year high after elections

Earnings

• Coca-Cola beat Q4 earnings estimates but missed on revenue and forecast modest growth on softening demand from budget-conscious consumers, though its water, sports, coffee, and tea portfolio outperformed (CNBC)

• Robinhood beat Q4 earnings estimates but missed on revenue as strong retail trading and a lift in prediction markets offset a 38% drop in crypto trading revenue (RT)

• CVS beat Q4 earnings and revenue estimates but only reaffirmed FY profit guidance on steady, but not accelerating, progress in its turnaround (CNBC)

• Spotify crushed Q4 earnings and revenue estimates on 11% MAU growth, 10% paid subscriber growth, and its most successful Spotify Wrapped ever, with over 300M users engaging (CNBC)

• Lyft missed Q4 earnings and revenue estimates on a surprise operating loss and issued a disappointing profit outlook as global expansion and new products weigh on near-term margins (BBG)

• Ford posted its worst earnings miss in four years on an unexpected ~$900M tariff hit but beat Q4 revenue estimates and gave an improved FY outlook with traditional growth expected to offset a $4.5B EV hit (CNBC)

• Zillow beat Q4 earnings and revenue estimates to swing to a profit as growth in both for-sale and rentals segments boosted results (WSJ)

• Marriott missed Q4 earnings estimates but beat on revenue and gave an optimistic outlook on strong international travel and luxury demand and higher credit card fees (WSJ)

• What we're watching this week:

  • Today: McDonald's, Shopify, AppLovin, Cisco, Kraft Heinz 

  • Thursday: Coinbase, Brookfield, Rivian, DraftKings, Applied Materials

  • Friday: Moderna, Wendy's 

• Full calendar here

Prediction Markets

• We cannot keep going on like this. 2030 will be different.

• Trade event contracts on Polymarket, the world's largest prediction market.

Headline Roundup

• China deflation pressures continue for third year (CNBC)

• US daily stock turnover topped $1T amid trading surge (BBG)

• Latest AI trade is 'dump any stock in AI's crosshairs' (BBG)

• Anything-but-tech trade shakes up US stock market (FT)

• Picks and shovels still rule the AI tech trade (WSJ)

• Wealth manager stocks sink as traders flee next AI casualty (BBG)

• AI‑led software selloff may pose risk for $1.5T US loan market (BBG)

• Bond dealers raise private credit BDC trading costs amid software slide (BBG)

• Prediction markets logged $1.2B in Super Bowl trading volume (BBG)

• Goldman Sachs expects financial sponsors to boost dealmaking activity (RT)

• Goldman CEO expects Trump's populist policies to aid growth (FT)

• Barclays boosted CEO Venkatakrishnan's pay to $20M (RT)

• US says Nvidia must live with regulations on AI chip sales to China (RT)

• Judge ruled Texas anti-ESG law as unconstitutional (RT)

• Blackstone founder Schwarzman aims to build a top 10 foundation (WSJ)

• Tesla named Europe head Joe Ward as top sales exec (BBG)

• Polymarket will offer attention markets in partnership with Kaito AI (TD)

• Vatican City launched two new Catholic equity indexes (RT)

• Healthcare is propping up the job market (WSJ)