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Good Morning,

Warren Buffett will step down as Berkshire CEO, Trump said he won't fire J Pow, short sellers are betting against private credit lenders, PE fundraising fell to the lowest in a decade, and UK banned retail degens from levering up on crypto.

MainGrid Infrastructure recently spunoff from Chicago Atlantic to offer targeted exposure to opportunities in digital infrastructure. Read more below!

Let's dive in.

Before The Bell

As of 5/2/2025 market close.

Click here to learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

  • US stocks rallied on Friday as investors reacted to a strong jobs report and easing recession fears

    • All three major indexes rose for a second-straight week

    • S&P and Nasdaq recovered all losses from 'Liberation Day' one month ago

    • S&P rose for a ninth-straight day in its best streak in twenty years

  • UK's FTSE 100 rose for a 15th-straight day in its best streak ever

  • Oil hit its lowest since January 2021

  • Taiwan dollar surged 5% to a 2-year high vs US dollar

Earnings

  • ExxonMobil beat Q1 earnings estimates but missed on revenue as production growth and cost cuts in the Permian and Guyana offset declining oil prices amid tariff-driven demand concerns (CNBC)

  • Chevron met Q1 earnings estimates but missed on revenue as falling oil and rising OPEC+ supply drove a 30% profit decline (CNBC)

  • Apollo beat Q1 earnings and revenue estimates on record fee-related earnings and 17% YoY AUM growth, though a 28% rise in cost of funds weighed (RT)

  • What we're watching this week:  

    • Today: Palantir, Berkshire Hathaway, Ares, Ford

    • Tuesday: Brookfield, Celsius, Supermicro, Marriott, AMD, Rivian 

    • Wednesday: Uber, Applovin, Walt Disney, Carvana, DoorDash, Barrick Gold, LandBridge, Texas Pacific Land

    • Thursday: Shopify, Peloton, DraftKings, Coinbase, Warner Bros

    • Friday: Honda 

  • Full calendar here

Prediction Markets

  • Is this priced in yet?

  • Trade your predictions on a range of events, only on Kalshi. Sign up with code LIT and get a $20 bonus when you trade $100.

Headline Roundup

  • Warren Buffett will step down as Berkshire CEO (CNBC)

  • US unemployment rate held at 4.2% (CNBC)

  • Eurozone inflation held steady at 2.2% (BBG)

  • Trump won't sack J Pow (RT)

  • China exempted ~25% of US imports from tariffs (BBG)

  • Fed is reviewing confidential ratings for US big banks (WSJ)

  • PE fundraising fell by 25% in 2024 to the lowest in a decade (ALT)

  • Short sellers are betting against private credit lenders (BBG)

  • US equity funds saw outflows for a third-straight week (RT)

  • Speculators are the most bearish on dollar since September (BBG)

  • Investors are returning to high-yield EM sovereign bonds (BBG)

  • Oaktree co-CEO sees deep discounts arising in private credit (BBG)

  • Lightspeed became latest VC to become RIA (BBG)

  • Blackstone-backed hedge fund Antara will liquidate as founder departs (BBG)

  • Two Point72 macro PMs departed (BBG)

  • Temu stopped China exports to US (WSJ)

  • Trump will give TikTok another extension if needed (BBG)

  • Thinking Machines Lab-founder Mira Murati will get non-dilutable control of startup in historic a16z-led funding round (TI) 

A Message from MainGrid Infrastructure

We're MainGrid Infrastructure,  a digital infrastructure investment that's positioned at the forefront of the transformative growth in AI and Bitcoin. We develop high-efficiency data centers, built on some of the cheapest power in the U.S. We generate monthly distributions, offer tax advantages, and are positioning toward a full portfolio exit within the next 12 months.

Since launching in September 2023, the fund has distributed over 20.5% net on an annualized basis.1

In partnership with Exec Sum, we've opened our MainGrid Infrastructure Fund to all accredited investors.

Why Invest?

As AI accelerates demand for computing power, infrastructure behind digital assets is becoming core real estate. With MainGrid, you invest in data center sites generating yield through bitcoin mining today, with potential for >2x upside through strategic exits.

About Us

MainGrid Infrastructure recently completed its spin-off from Chicago Atlantic, a private markets firm with ~$1.9 billion in capital under management.2

Want to Learn More?

Submit your interest here and the MainGrid Investor Relations team will share more info on the opportunity.

1. Distribution payments are not guaranteed, and we may pay distributions from sources other than cash flow from operations, including return of capital. 2. Capital under management represents total committed investor capital, total available leverage including undrawn capital, and capital invested by co-investors and managed by the firm, as of 12/31/2024.

Deal Flow

M&A / Investments

  • Shell is studying merits of buying BP

  • Agri commodity trader Bunge's $8.2B acquisition of Glencor-backed Canadian peer Viterra stalled amid delays in Chinese regulatory approval

  • A group comprising infrastructure investor I Squared Capital and pipeline firm Enbridge is nearing a deal to acquire a majority stake in the Matterhorn Express Pipeline, at a $5B valuation, including debt

  • J&J-backed medtech firm HistoSonics is exploring a sale at a $2.5B valuation after receiving takeover interest from Medtronic, GE HealthCare and Johnson & Johnson

  • Gold Fields will acquire Gold Road Resources in a $2.4B cash deal at a 12% premium over its previously rejected offer to secure full ownership of their JV

  • Apax Partners is the frontrunner to acquire Finastra's treasury and capital markets business for ~$2B, including debt as part of an auction led by Vista Equity Partners

  • Columbia Banking System is acquiring Pacific Premier Bancorp in a $2B stock deal, with plans to write down $867M of Premier's loans and securities

  • European PE firm EQT is exploring a strategic investment in sports-focused PE firm Arctos Partners

  • Family office Redwood Holdings agreed to acquire UK-based Reading Football Club

  • Business payments firm Corpay is in talks to make a cash offer for UK-based financial services provider Alpha Group International

VC

  • AI coding startup Anysphere raised a $900M round at a $9B valuation from Thrive Capital, a16z, and Accel and others

  • Chaos Industries, a next-gen defense and security systems startup, raised a $275M Series C led by NEA and Accel

  • Doppel, an AI-powered social engineering defense platform, raised a $35M Series B led by Bessemer Venture Partners

  • ChiroHD, a cloud-based practice management software provider for chiropractors, raised $26M in growth capital led by Mainsail Partners

  • Trek Health, a payment and insurance workflow automation platform for mental health providers, raised an $11M Series A led by Madrona

  • Replenysh, a recycling logistics startup, raised an $8M Series A led by M13 

  • Portuguese home services app OSCAR raised a $6.6M pre-Series A led by Indico Capital Partners and Lince Capital

IPO / Direct Listings / Issuances / Block Trades

  • Shein's London IPO plans stalled amid US tariffs

  • Indian budget hotel chain Oyo Hotels postponed IPO plans for a third time after opposition from SoftBank; the firm is seeking a $7B valuation in a listing

  • State Bank of India plans to raise ~$3B in its first share sale in seven years

  • Greek fintech firm Qualco is aiming to raise $111M in an Greece IPO

  • Saudi hospital operator Specialized Medical Co. plans to sell a 30% stake in a Saudi IPO

  • Israeli trading platform EToro plans to re-launch its US IPO this week

  • Malaysia's Capital A, the owner of budget carrier AirAsia, is exploring a Hong Kong listing once it exits distress status

  • Carlyle sold its entire 10.44% stake in India's PNB Housing Finance 

Bankruptcy / Restructuring / Distressed

  • Accessories retailer Claire's is deferring interest payments on its debt through a PIK arrangement to conserve cash as tariffs bite

Fundraising

  • Gyrus Capital raised ~$790M for a continuation fund for Essential Pharma, with commitments from AlpInvest and StepStone

  • Atlas Merchant Capital raised $150M for a fund to invest in US regional banks

Crypto Sum Snapshot

  • Father of crypto entrepreneur rescued from kidnappers after having finger severed

  • UK will ban retail traders from borrowing to buy crypto

  • Check out our Crypto Sum newsletter for the full stories on everything crypto!

Exec’s Picks

  • SS&C Intralinks is for the visionaries. The value creators who make global markets thrive. SS&C Intralinks pioneered the first virtual data room (VDR). Today, they power the world's most advanced financial technology ecosystem with bank-grade security to fuel funds, M&A and banking.

    Learn more.

  • In honor of Warren Buffett, Sam Ro wrote a short piece reminding readers of the timeless investing lessons of Warren Buffett.

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.