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JPMorgan fired a DEI exec who dumped and stole a NYC trashcan, Meta partnered with Kylie Jenner on new cheaper smart glasses, unemployed CS grads are embracing the 'founder' life, and the imminent AI IPO wave is forcing bankers to form internal teams in a rare dilemma for bulge bracket underwriters.

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Let's dive in.

Before The Bell

As of 6/23/2026 market close.

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

Markets

  • US stocks slid yesterday as rate hike bets intensified 

  • Korea's KOSPI index plunged 10% 

  • Chinese stocks in Hong Kong entered a bear market 

  • Dollar rose 0.4% to a one-year high on rate hike bets 

    • Euro fell to a one-year low 

  • US gas prices tumbled for a sixth-straight week

Earnings

  • FedEx beat Q4 earnings and revenue estimates on rising domestic volume and US priority volume in its last quarter before FedEx Freight's spinoff (CNBC)

  • Cerebras posted a 92% revenue surge but forecast shrinking margins in its first public earnings (CNBC)

  • What we're watching this week:  

    • Today: Micron, Jefferies

    • Thursday: McCormick, FedEx Freight 

  • Full calendar here

Prediction Markets

  • Who will our tax dollars be going to next?

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

Headline Roundup

  • JPMorgan fired DEI exec who dumped and stole a Knicks NYC trashcan (NYP)

  • IPO onslaught is forcing bankers to form internal teams (WSJ)

  • PE execs turn to carried interest loans as payouts stall (FT)

  • PE piles into pizza despite diners eating elsewhere (WSJ)

  • Quant traders expand push into FX options market (BBG)

  • Nomura, Sony, and NTT power big week for Japan bond sales (BBG)

  • Tesla holders bet on SpaceX merger as Musk's real endgame (BBG)

  • SpaceX short interest is at 5%-7% (RT)

  • GameStop CEO drops $35B bonus package to focus on eBay deal (RT)

  • Morgan Stanley weighs Dallas expansion with $1.33B office building deal (WSJ)

  • Hedge fund Pentwater will pay Avis Budget $500M to settle claim over fueling stock volatility (WSJ) 

  • Cboe revives binary options to compete with Polymarket (BBG)

  • Meta has created a prediction markets app (NYT)

  • Meta partnered with Kylie Jenner on cheap Meta-branded smart glasses (TC)

  • Welltower breaks Tesla's record with $167M CFO pay package (WSJ)

  • Oracle total workforce declined 13% in FY 2026 (RT)

  • EV maker Lucid will cut 18% of US jobs (RT)

  • 'Founder' is the new brass ring for CS grads (WSJ)

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Deal Flow

M&A / Strategic

  • CapVest Partners-backed German pharma firm STADA is in talks to acquire Cooper Consumer Health from CVC for $6.8B

  • American media mogul Ari Emanuel's events platform MARI is in advanced talks to buy theater group ATG Entertainment from PE firm Providence for $6B

  • Platinum Equity is the last remaining bidder for a 50% stake in food giant Nestle's water business, which could fetch $5.8B

  • IFM Investors passed the 50% threshold in its holdings of Australia-listed toll road operator Atlas Arteria and extended its $5.2B takeover bid

  • Qualcomm is in advanced talks to acquire AI inference firm Modular for ~$4B

  • Rare earths producer Energy Fuels will buy Germany's Vacuumschmelze in ‌a $1.9B cash-and-stock deal

  • Reverence Capital Partners will take a major in accounting firm Eide Bailly to transform it with AI in a $1.8B deal

  • Schick razors maker Edgewell Personal Care rejected an unsolicited $1.4B takeover offer from PE firm Yellow Wood Partners

  • Self-storage operator Public Storage will buy ​Public Storage Canada, a separate company ‌operating under the same brand, in a $1.2B stock-and-cash deal 

  • KKR-owned sports PE firm Arctos Partners launched a $290M JV to develop a mixed-use entertainment district adjacent to University of Tennessee's Neyland Stadium

  • Aviation services provider Bristow Group agreed to buy Berry Aviation from PE firm Acorn Capital Management for $105M

  • Walmart has agreed to acquire TV ads software firm Vibe.co for $1.4B

  • Retired Welsh soccer star Gareth Bale is looking to buy a controlling ​stake in a soccer club as part of a sports ‌investment vehicle with US PE firm Juggernaut Capital Partners

  • Apparel wholesaler SanMar acquired yoga clothing maker Alo's wholesale T-shirt division Bella+Canvas

  • $2B-listed supply chain software maker SPS Commerce is exploring ​a sale amid activist pressure 

  • Lending fintech SoFi acquired AI automated trading startup Composer

VC

  • AI inference startup Baseten raised a $1.5B round at a $13B valuation led by Sands Capital and Wellington Management 

  • Peregrine Technologies, full-stack AI platform for government and enterprise, raised a $250M Series D at a $6.8B valuation led by Fifth Down Capital, Sequoia, XYZ Ventures, and others

  • AI memory startup Engram raised a $98M funding round at a $600M valuation led by Kleiner Perkins, General Catalyst, and Sequoia

  • Allium, a blockchain data platform for enterprises, raised a $40M Series B led by Amplify Partners

  • Tsuga, an observability startup that runs in customers' cloud accounts, raised a $35M Series A led by Singular

  • Probook, an AI OS for home service businesses, raised $40M in funding including a $34M Series A led by a16z and a $6M seed round led by Sequoia

  • Piers Morgan Uncensored, a talent-driven global media company, raised $27M at a $145M valuation led by Raine Ventures and Antenna Group

  • JustAI, an AI-native marketing platform, raised a $17M Series A led by Base10 Partners 

  • Tetrix, an AI investment platform for alternative asset LPs, raised a $15M Series A co-led by White Star Capital and Innovation Endeavors

  • Lama AI, a fintech AI-agent platform for banking, raised a $12M Series A led by EJF Ventures

Access the complete VC deal flow and data on Fundable

IPOs / Listings / Issuances / Block Trades

  • China Resources New Energy Holdings raised $3.6B at a $20B valuation in China's biggest IPO which saw ~$1T in retail bids

  • Israel is considering US IPOs of state-owned defense giants Israel Aerospace Industries and Rafael Advanced Defense Systems, which are valued at an estimated $34B and $20B respectively

  • TDR Capital-backed gas station operator EG Group confidentially filed for a US IPO that could raise $1B at a $9B valuation

  • SoftBank-backed used-car marketplace Carro is considering filing confidentially for a $500M dual US and Singapore IPO

  • Vedanta Resources plans to raise ~$400M in an 11.9% IPO of its US unit CopperTech Metals to develop its Zambian copper mining complex

Debt

  • SpaceX saw over $90B of demand for its $25B debut bond sale

Bankruptcy / Restructuring / Distressed

  • A bankruptcy judge blocked a $100M shareholder lawsuit against Sorrento Therapeutics' advisers and insiders that alleges its chapter 11 plan was a self-dealing fraud

  • Businesswoman Michele Kang and Ares will take control of struggling French soccer club Olympique Lyonnais from John Textor's bankrupt Eagle Football for $30M

  • OTB Hospitality, the operating company of On the Border Mexican Grill & Cantina, voluntarily filed for chapter 7 liquidation

  • Pulp and paper maker Georgia-Pacific is exploring a second bankruptcy to resolve asbestos claims

  • Dallas car dealership Simple Auto sued bankrupt subprime auto lender PrimaLend Capital Partners for lending fraud 

Funds / Secondaries

  • Abu Dhabi's AI investment fund MGX raised $50B from regional and global investors to accelerate spending on AI infrastructure and technology

  • UK investment firm Pantheon raised $4B for its fifth global infrastructure fund 

  • VC giant Menlo Ventures raised $3B for a set of funds dedicated to backing AI startups

  • $1.5B AUM Hong Kong hedge fund Ovata will shut down as management joins multi-strat giant ExodusPoint

  • Allianz Global Investors raised $745M for its third APAC private credit fund

  • Morgan Stanley restricts redemptions at private credit fund 

  • Power trader e360 Power shut down its flagship hedge fund after volatility hit performance

Crypto Sum Snapshot

  • Ethereum Foundation cut 20% of staff amid a leadership shakeup

  • Minnesota bans crypto ATMs after scammers drain $1M

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

Exec’s Picks

  • Women's sports are no longer a niche investment. With global revenues on track to surpass $3B in 2026, Mizuho brought together three generations of elite female golfers to discuss the surge in growth and opportunity. Check out their insights.

  • WSJ shared some interesting trends on CEO pay which is slowly breaking a new threshold: $200M.

  • WSJ also published a rare look into the secretive Wall Street powerhouse that's seizing the AI spotlight: Jane Street.

Financial Services Recruiting 💼

If you're a junior banker looking for your next career move, check out Litney Partners, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).

We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking.

We're currently seeking talent for some incredible roles. Head over to Litney Partners to drop your resume / create your profile and we'd love to get in touch!

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*DISCLAIMER: Investment advice provided by Autopilot Advisers, LLC ("Autopilot"), an SEC-registered investment adviser. Past performance does not guarantee future results. Investing carries risks, including loss of principal. As always, be smart out there. Litquidity is compensated to promote AutoPilot. Compensation details available upon request.