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Good Morning,

Zuckerberg is offering $100M+ compensation packages to poach AI talent. Yes. You read that right.

On a related note, Meta effectively took control of startup Scale AI to solidify Alexandr Wang's place as the youngest self-made billionaire.

Crazy developments in the AI space…

Tune in to a conversation with Vikram Malholtra and Brett Linzey at Mizuho to discuss investing opportunities in a somewhat forgotten space: America's aging demographic.

Let's dive in.

Before The Bell

As of 6/10/2025 market close.

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

Markets

  • US stocks drifted higher as traders await US-China trade talks

  • US corporate CDS volatility fell to its lowest level ever

  • Europe investment-grade corporate CDS volatility fell to the lowest level since mid-2021

Earnings

  • GameStop missed Q1 revenue estimates but beat on earnings as digital downloads and online gaming trends continued to erode physical game sales; the firms plans further store closures following ~600 shutdowns last year (RT)

  • What we're watching this week:  

    • Today: Oracle, Chewy, Victoria's Secret

    • Thursday: Adobe

  • Full calendar here

Prediction Markets

  • The Technocrats?

  • 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

  • Zuckerberg is personally recruiting talent for AI 'superintelligence' team with $100M+ pay packages (AX)

  • China and US agreed on a preliminary trade framework (CNBC)

  • US appeals court ruled tariffs can stay in place longer (BBG)

  • Scott Bessent is emerging as contender to succeed J Pow (BBG)

  • World Bank warned 2020s face weakest global growth since 1960s (BBG)

  • US SMB sentiment increased for the first time YTD (BBG)

  • UK shed the most jobs since Covid (BBG)

  • Ted Pick is 'super pumped' as deal pipelines stay resilient (RT)

  • Moelis' incoming CEO is optimistic about the dealmaking environment (RT)

  • Citi expects IB and trading revenue to climb despite US tariff 'anxiety' (RT)

  • Europe's IPO drought has stock exchanges battling for listings (BBG)

  • Australia moves to speed up IPO process to counter listings slump (FT)

  • Asia investors are seeking ~40% discounts for PE secondaries stakes (BBG)

  • Indian corporate bond funds saw the most inflows in over two years (BBG)

  • Taiwan life insurers' $700B bet on US is backfiring (BBG)

  • Retail investors are using AI to build portfolios (BBG)

  • Jamie Dimon called Wells Fargo asset cap 'grossly unfair' (BBG)

  • CoreWeave and Palantir get meme stock comparisons as shares soar (BBG)

  • Wall Street giants scale up tax-loss harvesting strategies in SMA boom (BBG)

  • France's Mistral launched Europe's first AI reasoning model (RT)

  • Nvidia and HPE will build a new supercomputer in Germany (RT)

  • Accenture trained 500k employees to use GenAI in consulting workflows (BBG)

  • Tesla's robotaxi will debut this month (RT)

  • US lifted power-usage forecast by 92% amid data center usage (BBG)

  • US oil output set for first annual drop since Covid (FT)

  • Internship postings rose 13% YoY (BBG)

A Message from Mizuho

Markets are in a state of flux. From tariff threats to AI announcements to stock market swings, the current economic environment is defined by uncertainty and volatility. These topics have dominated headlines, absorbing the attention of companies and investors alike.

Amid this noise, a more durable trend – with arguably greater long-term implications – is taking shape. By 2030, Americans aged 75 and older will make up 10% of the population, up from 7.5% today. When Americans over age 65 are added in, this number rises to a whopping 21%.

This shift will have profound implications for the US economy. Vikram Malholtra, Senior US Real Estate Equity Research Analyst, and Brett Linzey, Senior US Industrials Equity Research Analyst, explore how these changes present significant opportunities for investors, transforming sectors and unlocking new growth potential.

Read More

Deal Flow

M&A / Investments

  • Meta will acquire a 49% stake in enterprise AI data startup Scale AI for $14.8B and will poach its CEO for its 'superintelligence' AI team

  • Insurance giant Brown & Brown agreed to acquire insurance broker Accession Risk Management for $9.8B in cash and stock

  • KKR, Brookfield, and French gas supplier Air Liquide are potential bidders for Macquarie-owned South Korean industrial gas firm DIG Airgas, which could fetch a $3.6B valuation

  • Tencent Music Entertainment will acquire Chinese podcasting platform Ximalaya for $1.3B in cash and newly issued shares amid plans to become China's Spotify

  • Toyota and Daimler Truck will merge their truck units, Hino Motors and Mitsubishi Fuso, under a new holding company; as part of the deal, Hino will issue shares and transfer its Hamura plant to Toyota for $1B

  • Oakley Capital is close to acquiring a controlling stake in UK corporate intelligence firm G3 at a $338M-$406M valuation

  • Netherland's PGFO agreed to acquire Dutch grain unit Cefetra from German trading group BayWa for $143M

VC

  • Musk's xAI is in talks to raise ~$20B at a $120B-$200B valuation

  • Eight Roads, a VC fund backed by Fidelity's billionaire Johnson family, is selling its Chinese technology holdings at 60%-80% discounts to their peak $1B combined valuation, amid US-China tensions 

  • Bedrock Ocean, a startup creating robots to map the seafloor, raised a $25M Series A-2 led by Primary and Northzone

  • Lithuanian AI startup Sintra raised a $17M seed round led by Earlybird VC

  • Somnee, a company building a sleep technology platform, raised a $10M seed extension round led by Khosla Ventures

  • ReSpo.Vision, a Polish deep tech sports startup democratizing soccer analytics, raised a $4.8M funding round led by Vinci and Smartlink

IPO / Direct Listings / Issuances / Block Trades

  • Blackstone plans to raise $1.1B in an IPO of Spanish casino operator Cirsa

  • Chinese condiments giant Foshan Haitian started taking orders for a $1.2B Hong Kong listing

  • Swedish green steel startup Stegra is considering an IPO to help fund expansion plans  

  • Space and defense tech startup Voyager Technologies raised $383M at a $1.75B valuation in an upsized IPO priced above a marketed range

  • French industrial conglomerate ECM Group plans to raise ~$50M at a $230M valuation in an IPO of its Semco Technologies subsidiary

Debt

  • Warner Bros. Discovery plans to buy back up to 40% of its $36B in bonds amid its company split, using a $17.5B bridge loan from JPMorgan to refinance the debt

  • Platinum Equity put a sale of Spanish waste management firm Urbaser on hold and kicked off a $2.6B debt sale to a dividend recap

  • Singapore-based Uber-rival Grab Holdings plans to raise $1.25B in a convertible bond sale to fund M&A 

  • A Nevada copper and molybdenum project drew $896M in financing support from US Export-Import Bank to back mine construction plans

Bankruptcy / Restructuring / Distressed

  • SK Capital Partners-backed industrial nylon manufacturer Ascend Performance Materials won court approval to pay up to $2.5M in bonuses to eleven execs as it restructures under Chapter 11

  • KKR-backed auto parts supplier Marelli plans to file for Chapter 11 bankruptcy to restructure its debt, with Strategic Value Partners set to take control under a creditor-led deal

  • Bondholders of telecoms company EchoStar's hired Centerview Partners amid a potential bankruptcy filing

  • Walgreens, Authentic Brands, WHP Global and Marquee Brands are evaluating bankrupt Rite Aid's IP and loyalty program

  • Kourtney Kardashian and PE firms are expressing interest in Rite Aid's Thrifty ice cream brand

Fundraising / Secondaries

  • Churchill Asset Management, the PE-focused credit arm of asset manager TIAA, raised $1.5B for its second co-investment fund

  • Spanish lower-MM investor Queka Real Partners closed its second fund at $222M

  • Corporate carve-out investor Hypax raised $137M for its debut fund

Crypto Sum Snapshot

  • 'Bitcoin Family' hid crypto codes etched onto metal cards on four continents after recent kidnappings

  • Guggenheim expands crypto foray with Ripple debt product tie-up

  • Webull partnered with Kalshi to offer wagers on future Bitcoin prices

  • Michael Saylor blasted Jim Chanos for calling to short Strategy

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

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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.